Standard Financial
shutting its doors

First Hawaiian will take over
the institution's financial
obligations

By Russ Lynch
Star-Bulletin

First Hawaiian Bank will take over the $17.8 million of deposits at Standard Financial Corp. and buy some of its $16 million in loans.

The terms of the transaction, which is expected to close next spring subject to regulatory approvals, were not disclosed.

Standard Financial, in business in the islands since 1945, will close its three branches when the deal is completed, the two companies announced yesterday. Standard's main office is at 705 S. King St. and the branches are in Kalihi and Waipahu.

Customer accounts will move to the nearest First Hawaiian branch and terms and conditions will remain the same, the companies said.

Walter A. Dods Jr., First Hawaiian Bank chairman and chief executive officer, said the bank will do its best to find jobs at First Hawaiian for Standard Financial's 10 employees.

Dods said the Standard Financial customers will gain the advantage of being able to access their accounts at any of First Hawaiian's 56 branches in the islands or through its 150-plus automated teller machines.

Allan Totoki, Standard Financial chairman, said his institution was squeezed by costs for new technology and regulatory compliance which made it difficult for a small company to compete with the bigger financial companies.

First Hawaiian is a subsidiary of Honolulu-based BancWest Corp., which also owns California-based Bank of the West and has total assets of $16.7 billion.