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Oldest isle bank branch having 100th birthday

Bank of Hawaii, which recently finished a $1.5 million renovation of its Lihue branch on Kauai, will celebrate the branch's 100th anniversary Saturday.

Festivities will run from 9 a.m. to 1:30 p.m. and will include inflatable rides, live entertainment, a "Kauai Idols" talent competition and free refreshments and house plants.

The branch at 4455 Rice St. was established in August 1903, and is Bank of Hawaii's first branch and the oldest existing branch of any financial institution in the state. Renovation of the 5,600-square-foot, two-story structure began last September and was completed in February by Lihue-based general contractor Unlimited Construction Services Inc. and Honolulu-based Luersen Architects.

Meanwhile, Bank of Hawaii said Vice President Kirk Nakamoto has been appointed its new Kauai district sales manager, effective May 1. He will oversee all six bank branches on the island, replacing Curtis Tom, who was named Maui district sales manager earlier this year.

FAA lowers Hawaiian Air penalties

Hawaiian Airlines trustee Joshua Gotbaum has filed a motion in U.S. Bankruptcy Court seeking approval of a settlement agreement between the carrier and the Federal Aviation Administration.

The deal concerns civil penalties for compliance with FAA security requirements that occurred before the airline filed for bankruptcy in March 2003.

The FAA initially had filed a claim for $117,248 but reached a settlement for $26,475. The settlement is part of a larger effort by the FAA to resolve outstanding civil enforcement actions against all airlines.

Morgan Stanley to cut Hawaii fund

Morgan Stanley's asset-management unit plans to trim seven retail mutual funds from its lineup, with most of the cuts coming from its municipal-bond fund offerings, according to regulatory filings yesterday.

The largest fund slated to be liquidated is the Morgan Stanley Fund of Funds-International Portfolio, with assets of about $73 million. The smallest fund to go is the $14 million Morgan Stanley Hawaii Municipal Trust.

The firm also said in a news release it plans to liquidate six institutional funds, and discontinue four separately managed account portfolios. A spokeswoman for the firm said the changes won't result in any staff reductions.