Reported by Star-Bulletin staff & wire
Thursday, December 12, 1996
Reported by Star-Bulletin staff & wire
Thursday, December 12, 1996
W. Allen Doane has been promoted to chief executive of A&B-Hawaii Inc. effective Jan. 1, the company announced today. Doane will retain his titles as president and chief operating officer of the Alexander & Baldwin Inc. subsidiary. Doane promoted to CEO
of A&B-HawaiiJohn C. Couch, current chief executive, will remain chairman of the subsidiary. He also is chairman, president and CEO of the parent.
In other A&B news, the company said it authorized the purchase of up to 3 million of its own shares, replacing an earlier stock buyback program.
The company has 45.3 million shares outstanding, trading on the Nasdaq stock exchange. The company now may buy up to 6.6 percent of those shares and said the timing and amounts will depend on various factors.
A&B also announced that A&B Properties Inc. purchased the downtown Stangenwald Building for $2.8 million from Merchant Street Holdings Inc. The building used to be A&B's corporate headquarters.
Allan Ikawa, president of Big Island Candies Inc., was chosen employer of the year for 1996 by the Rotary Clubs in Hawaii. Rotary group honors
Big Island executiveRotary, which has 34 clubs in the islands, said the award is based on vocational service and Rotary affiliation is not a factor.
The statewide Rotary organization, Rotary District 5000, said Ikawa was selected because of his concern for employees, service to industry and community service.
WASHINGTON - Thirty-year, fixed rate mortgages averaged 7.57 percent this week when they posted the first increase in nearly two months, according to a national survey released today by the Federal Home Loan Mortgage Corp. Fixed-rate mortgages
increase to 7.57%The average was up from 7.44 percent last week and the highest since Nov. 14, when rates averaged 7.59 percent.
Until today, rates had fallen each week since reaching 7.88 percent Oct. 17.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.52 percent, up from 5.47 percent last week.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.06 percent this week, up from 6.96 percent a week earlier.
The rates do not include add-on fees known as points.