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Maui home sales jumped 40 percent last month

Single family home sales continued to soar on Maui during September with 104 properties changing hands, a 40.5 percent increase over 74 sales during the same period one year ago. But the number of condominium sales in September slowed by 7.7 percent to 132 sales from 143 sales recorded that month last year.

Median sales prices for single family homes and condominiums continued to move ahead in September, with the median cost of a single family home reaching $486,000, an 11.2 percent increase over September 2002's median of $437,000

Condominium prices jumped 46.2 percent to a median of $232,500. The Kihei neighborhood showed the most sales activity in both condominium and single family home categories in September, recording 35 single family home sales and 50 condominium sales.

The Big Island and Kauai also saw increases in number of homes and condominiums sold for September, as well as property prices. Those figures were reported Oct. 7.

Hawaii's first Krispy Kreme nears

WAILUKU >> Famed doughnut company Krispy Kreme is opening its first store in the state on Maui.

A public ground-breaking ceremony is scheduled for 2:30 p.m. today at 433 Kele Street near Lexus of Maui.

About 70 to 100 dozen of Krispy Kreme's "Original Glazed" doughnuts are being flown in from Oregon on a Hawaiian Airlines jet for the occasion.

The company, founded in 1937 in Winston-Salem, N.C., operates more then 320 stores in 42 states, Australia, Canada and the United Kingdom.

An estimated 7.5 million Krispy Kreme doughnuts are made very day and more than 2.7 billion are produced each year.

First Hawaiian rated 'outstanding'

The Federal Deposit Insurance Corp. recently rated First Hawaiian Bank "outstanding" for its performance under the Community Reinvestment Act.

The Community Reinvestment Act is a federal law that encourages banks to meet the credit needs of the entire community, including low and moderate-income neighborhoods. The FDIC and other financial regulators periodically access CRA compliance and rate institutions either outstanding, satisfactory, needs to improve or substantial noncompliance

American Savings Bank and Bank of Hawaii also received top CRA ratings in 2002 when they were last evaluated. Only 17 percent of all financial institutions nationwide earn this rating.

Central Pacific Bank, City Bank, Finance Factors Ltd. and GECC Financial Corp. were issued "satisfactory" ratings during their last FDIC examination period, according to an FDIC Web site.

HEI to pay 62-cent dividend

Hawaiian Electric Industries Inc. said it will pay a dividend of 62 cents a share on Dec. 10 to shareholders of record Nov. 10. HEI has paid dividends continuously since 1901 and for the past six years has maintained the 62-cent quarterly level.

City Bank parent posts dividend

CB Bancshares Inc., holding company of City Bank, announced today that stockholders will receive a cash dividend of 36 cents per share for the second consecutive quarter .

The dividend, which will be paid Dec. 29, is an increase of 25 cents per share, or 230 percent, from the same quarter last year.

[ HAWAII INC. ]

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NEW JOBS

>> Maui Memorial Medical Center has appointed Wesley P. Lo to chief financial officer and Hubert Biete to the newly created position of regional engineering director for Maui Memorial Medical Center, Kula Hospital and Lanai Community Hospital. Lo previously served as Maui Radiology consultants chief financial officer. Biete was previously engineering director for Castle Medical Center.

>> Dawn Krause has been appointed to development manager at Bishop Museum. She will secure corporate sponsors for exhibits, programs and events; manage the corporate membership program; and assist in preparing grant proposals and activities related to fund development. She most recently served as Mission Houses Museum development director, where she established a new department and strategic fundraising plan. Prior to that, she owned and managed retail stores Calico General Store and The Basket Affair.

ON THE BOARD

>> Lanakila Board of Directors has elected Masaichi Tasaka to chair for 2003. He is a retired Kuakini Health System president and served on the Lanakila board for the past 13 years. In addition, Island Insurance President Linda Gilchrist has been elected to vice chair; Rehabilitation Hospital of the Pacific medical director Dr. Thomas Au to secretary; and Shea & Company's CPA's Inc. President Phyllis Shea has been re-elected to treasurer.