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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, January 19, 2001

Bank plans to close Kapiolani branch

Bank of the Orient said today it will close its Kapiolani branch at the end of business March 14 and transfer all the Kapiolani accounts to its main branch in the Davies Pacific Center downtown, where they will be accessible March 15.

Employees of the Kapiolani branch, which is in the Ala Moana Pacific Center at 1585 Kapiolani Blvd., will be transferred to other Bank of the Orient offices, the bank said. San Francisco-based Bank of the Orient, which bought the deposits of Bank of Honolulu in October, said it has been evaluating and restructuring its operations and determined that it needed to consolidate the two branches.

Haseko to sell 125 acres in Kona

Haseko Homes Inc. is offering a 125-acre, fee-simple parcel of residential land across from Keahole Airport in Kona for nearly $4 million. Known as Puuhonua Estates II, the site is zoned to allow 500 residential units and a small commercial development, according to real estate representative Colliers Monroe Friedlander. Haseko bought the property from Hasegawa Komuten (Hawaii) Inc. for $2.7 million in May, about the same price Hasegawa paid in 1988. Haseko said it is selling all of its noncore assets to focus on developing the Ewa plain of Oahu.

Mortgage rates up over 7 percent

WASHINGTON -- Rates for 30-year and 15-year mortgages ticked up this week after hitting their lowest levels in 21 months last week. The average interest rate on 30-year, fixed-rate mortgages rose to 7.02 percent, up from 6.89 percent last week, according to mortgage broker Freddie Mac. Fifteen-year mortgages rose to 6.63 percent last week, up from 6.49 percent. One-year adjustable-rate mortgages averaged an initial rate of 6.64 percent, down from 6.65 percent.

In other news . . .

Century 21 All Islands said it has purchased real estate company Personalized Sales & Service on Kauai and will continue to operate the company at 3254 Waikomo Road in Koloa. The new firm will take the name Century 21 All Islands and handle property management, vacation rentals, commercial leasing and property sales. Century 21 now has seven offices and about 175 sales associates, brokers and staff.

American Savings Bank, Hawaii's third-largest bank, has hired Starr Seigle Advertising to be its advertising and marketing agency. Starr Seigle is a division of Starr Seigle Communications, the largest ad agency in Hawaii.