Reported by Star-Bulletin staff & wire
Tuesday, March 4, 1997
Reported by Star-Bulletin staff & wire
Tuesday, March 4, 1997
BankAmerica Corp. today said it has completed its acquisition of one of the state's largest mortgage lenders, Honolulu Mortgage Co. BankAmerica completes
purchase of Honolulu MortgageBankAmerica purchased all of the assets and operations of Honolulu Mortgage from Jacksonville, Fla.-based Homeside Lending Inc. for an undisclosed price.
The buyer said it will retain all of Honolulu Mortgage's 98 employees.
San Francisco-based BankAmerica said it will merge Honolulu Mortgage with the Hawaii operations of its BankAmerica Mortgage group, which has about 16 employees. Both will operate as Honolulu Mortgage.
With $300 million in loan originations last year, Honolulu Mortgage is the state's third largest mortgage lender behind Bank of Hawaii and American Savings Bank.
Wayne Berry, senior vice president of BankAmerica Mortgage, said the company plans to expand in Hawaii and may open new offices on the neighbor islands. Honolulu Mortgage now has three locations on Oahu and a satellite office on Kauai.
The state is seeking development proposals for a 1.39-acre commercial site in Waipahu next to the state's Kau'olu senior community. State seeks proposals for
Waipahu locationDevelopers can propose a medical office complex, assisted living facility, or any commercial or housing project that complements the seniors facility which has 221 apartments, a civic center and library. The state Housing Finance and Development Corp. is evaluating proposals submitted earlier by private developers to build two more housing projects for a nearby site. That project will include as many as 144 units of housing for seniors and possibly 60 units of special-needs housing.
Winning proposals are expected to be announced in April or May.
CHICAGO -- United Airlines said it has reached tentative labor pacts with unions representing its pilots and machinists. United Air reaches deal
with pilots, machinistsThe carrier, the operating subsidiary of UAL Corp., said today the agreements with the Air Line Pilots Association and the International Association of Machinists and Aerospace Workers included two mid-term wage increases of 5 percent for both groups of employee owners. The first would become effective in July, while the second would be in effect in July of 1998.
The company said in the year 2000, the agreements also restore wage rates for the two groups to levels that existed before July of 1994, when the pilots, machinists, salaried and management employees agreed to wage reductions in exchange for stock in UAL through an employee stock ownership plan.
SEATTLE -- Microsoft Corp. programmers were hustling to fix a dangerous security flaw in its Internet Explorer browser that could allow a Web site operator to secretly run programs or destroy files on someone else's personal computer. Microsoft races to fix bug
in 'Net browserAlthough the company said it had no customer reports of security breaches, a computer security expert said the problem was extremely serious because it bypasses the widely used software's security measures.
Simson Garfinkel, an author of Internet security books, said the flaw could result in all sorts of mischief, such as preventing another person's computer from starting up or sending e-mail from another person's account.
Microsoft officials said they were testing a solution and expected to have it quickly posted on the company's World Wide Web site. Internet Explorer is used by millions of people worldwide.
