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POSTED: Wednesday, June 24, 2009

Territorial to go public in mid-July

NEW YORK » Territorial Savings Bank's holding company said yesterday it expects to go public in mid-July following the expiration yesterday of its subscription offering period.

Territorial Bancorp Inc. said the number of shares to be sold in the stock offering will be based on final appraisal, which has not been completed and which is subject to regulatory approval. The shares, which initially will be priced at $10, will trade under the symbol of TBNK on the Nasdaq Global Select Market.

Territorial, which has 24 branches statewide, would become the first Honolulu-based company to go public since Hoku Scientific in August 2005.

State wants Superferry case moved

The state Department of Transportation has filed a motion in federal Bankruptcy Court in Delaware to change the venue of the Hawaii Superferry case to Honolulu.

A hearing on the motion will be July 1.

The state argued in the filing that the change is necessary to protect its interest and for the convenience of the parties.

“;At their essence, these debtors are nothing more than the product of a public/private partnership to develop and operate a transit system solely within Hawaii,”; the motion said. “;Just as one would expect a regional transit authority to file its bankruptcy case in its own region, the same is expected of these cases.”;

The filing said the prominent interest in the state is due to the Harbors Operating Agreement that is funded through approximately $40 million of state appropriations.

HawTel blasts Sandwich Isles' offer

Hawaiian Telcom called Honolulu-based Sandwich Isles Communications' $400 million bid to buy the telephone company out of bankruptcy “;a lowball offer”; and said the proposed purchaser does not have the support of HawTel, the unsecured creditors' committee or the International Brotherhood of Electrical Workers, Local 1357.

The state's largest telephone provider, which has filed its own reorganization plan that would reduce the company's debt to $300 million from $1.1 billion, said in a federal Bankruptcy Court filing that Sandwich Isles does not have any committed financing to fund the proposed acquisition or a credible strategy for obtaining it.

Sandwich Isles, which claims it is proposing a superior restructuring alternative, is seeking to buy HawTel's assets for about $250 million in cash, plus approximately $150 million in a HawTel-financed note.

A hearing on Sandwich Isles' motion to file a competing reorganization plan is set for July 1.

More Bankoh ATMs at McDonald's

Bank of Hawaii has completed the installation of five automated teller machines at McDonald's restaurants on Guam, a first for the restaurants.

Fourteen more Hawaii installations also have been completed, bringing to 56 the number of Hawaii's McDonald's (out of 74 statewide) with Bankoh ATMs.

“;Our ongoing investments to expand and improve our network reflect our commitment to building value for the customers in West Pacific and Hawaii communities,”; said Bob Makahilahila, bank senior vice president over ATMs.

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ON THE MOVE

;  » PCF Virtual has hired Lisa Gouveia as a new account coordinator. She was previously an intern account coordinator at Matsumoto & Clapperton and a concierge at Grand Wailea Resort & Spa.

» Mauna Lani Bay Hotel & Bungalows has appointed Kerstin Busse to be its director of sales. Busse has more than 11 years experience in the luxury resort industry and previously worked at the Four Seasons Resort Hualalai on the Big Island.