DENNIS ODA / DODA@STARBULLETIN.COM
Ohana Pacific Bank opened yesterday in the former American Savings Bank building at 1357 Kapiolani Blvd. Pictured at the opening ceremony was Woon Ik Chung, left, bank chairman, and Woon Seok Hyun, bank president.
Another Honolulu bank opens
Ohana Pacific Bank joins Pacific Rim Bank in starting up in Hawaii
Ohana Pacific Bank officially became part of the Korean community and Hawaii's fifth state-chartered bank yesterday when it opened its doors following a Hawaiian blessing.
Ohana Pacific Bank will be open from 9 a.m. to 5 p.m. Monday through Thursday, 9 a.m. to 6 p.m. on Friday and 9 a.m. to 1 p.m. on Saturday. Its telephone number is 237-6551.
The bank, which last week received its charter from the state Division of Financial Institutions, celebrated its opening with more than 50 customers, investors, dignitaries and executives. Ohana Pacific, located at 1357 Kapiolani Blvd., Suite 102, plans to cater to the Korean community and small businesses.
Yesterday's opening drew Hawaii Chief Justice Ronald Moon; Tae Hyun Kang, consul general of the Republic of Korea in Honolulu; Dong Yern Kim, South Korea's deputy consul general in Honolulu; and Donald Kim, general chairman of the Centennial Committee of Korean Immigration.
"We look forward to a long and happy partnership with small business in Honolulu, and not only in the Korean community," said Woon Seok Hyun, president and chief executive of Ohana Pacific. "I am most grateful to this community for supporting us and to the regulators who expressed their confidence in us."
Nick Griffin, commissioner of the state Division of Financial Institutions, said the opening of Ohana Pacific, as well as Pacific Rim Bank in February, reflects a trend that has been present on the mainland.
"We're catching up with a trend that has been in place on the mainland for the last couple of years," Griffin said. "Whether it will continue is anybody's guess."
Ohana Pacific cleared its last hurdle when it received notification from the Federal Deposit Insurance Corp. on Friday that its FDIC insurance would be effective yesterday, in time for the bank's opening.
Ohana Pacific, which has between 12 and 15 employees, raised $14 million from 250 investors to get off the ground. No investor owns more than 5 percent of the stock. Woon Ik Chung has been appointed chairman of the board.