First Hawaiian First Hawaiian Bank is stepping aside from its role as one of the three trustees of the Queen Liliuokalani Trust, carrying through on an offer it made in November to make room for a native Hawaiian trustee.
yielding trustee post
to native Hawaiian
The bank has held the
Liliuokalani post since '66By Russ Lynch
rlynch@starbulletin.com
The bank's involvement came through its 1966 acquisition of Cooke Trust Co., which had been a court-appointed trustee of the estate since 1937.
David M. Peters, chairman of the estate's board of trustees, said First Hawaiian's decision to leave to create a position for someone of Hawaiian descent is historic and continues the bank's commitment to developing and supporting Hawaiian leadership. Peters and fellow trustee Thomas K. Kaulukukui Jr. will be looking for someone to fill that role.
Peters said the bank did not have to step aside but did so on its own initiative.
Walter A. Dods Jr., chairman and chief executive officer of First Hawaiian, said in a statement: "In this promising era for native Hawaiians, it is proper that their leaders play a more active role in managing their inheritance and charting their own future."
The bank also wants to give up its role of manager of the trust's assets, to give the trustees a chance to select whomever they want for that work.
The changes will not take place until the state probate court gives its approval.