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First Hawaiian parent buying another bank

First Hawaiian Bank's parent company, which is finalizing its $1.2 billion acquisition of a Fargo, N.D.-based bank, said yesterday that it has signed a definitive agreement to purchase a Stockton, Calif.-headquartered bank for $245 million.

The acquisition of closely held USDB Bancorp will allow BancWest Corp., parent of First Hawaiian and Bank of the West, to expand in California's Central Valley. USDB has 19 Union Safe Deposit Bank branches in San Joaquin and Stanislaus counties and will become part of Bank of the West, which has 11 branches in those counties.

USDB, which posted net income of $12.6 million in 2003, had total assets of $1.2 billion, deposits of $852 million and net loans of $631 million as of the end of last year.

The transaction, which is expected to close in the third quarter, has been approved by the board of directors of both banks but still requires regulatory approvals.

USDB has about 450 employees and is owned by about 200 shareholders, including about 50 company managers and employees.

In March, BancWest said it was acquiring Fargo, N.D.-based Community First Bankshares Inc., which has branches in several states. That deal is also set to close in the third quarter.

Charter service to be dropped

One less charter air carrier will be flying between Honolulu and Las Vegas.

Georgia-based World Airways Inc. announced yesterday that the U.S. Department of Transportation will not renew the public charter prospectus of TM Travel beyond Sunday, citing noncompliance with federal regulations.

World Airways first provided charter passenger service to TM Travel Oct. 8, anticipating that the contract would generate $7.3 million in revenue last year and $31 million this year and next year. Through the end of this month, revenues will total $5.7 million, World Airways said in a statement.

"Although we're disappointed that TM Travel did not meet DOT regulations and that our contract has come to an end, it had fallen well short of our original revenue expectations," said Randy Martinez, World Airways president and chief executive. Martinez said he believes prospective new commercial passenger business and existing military business will offset the loss.

TM Travel passengers planning upcoming travel should contact the company directly, World Airways said.

Bank of Japan bullish on economy

The Bank of Japan refrained from pumping extra cash into the world's second-biggest economy for a third month amid evidence the nation's export-led recovery is spreading.

Governor Toshihiko Fukui and his eight policy board colleagues decided unanimously to leave the upper limit of the target for reserves available to lenders at 35 trillion yen ($321 billion) and keep interest rates at almost zero at a one-day meeting, the bank said in Tokyo.

Japan grew at its fastest pace in more than 13 years in the final three months of 2003, fueled by higher business spending and stronger overseas sales at companies including Sharp Corp. Increasing confidence at home has spurred consumer spending, which makes up more than half the economy.

Imports rose 6.5 percent in March, their biggest gain since October 2000, suggesting rising consumer spending will help sustain growth. Consumer confidence was the highest it's been since December 2000, the government said yesterday.

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[Hawaii Inc.]

Promotions

>> State Farm Insurance promoted the following new agents: Laura Kunewa, Kahala Mall; Toni Lathrop-Lee, Mililani Town Center; Rosten Tsuha, South King Street; and Sue Ann Yonemura, Ward Plaza. Kunewa and Lathrop-Lee were previously field consultants; Tsuha was a financial and insurance service and products adviser; Yonemura was a field specialist and staff assistant.

>> Bishop Museum has promoted Mike Shanahan to education director, Carolyn Kaichi to planetarium manager, Thomas Cummings Jr. to culture education manager, Kay Fullerton to science education manager and Hi'ilani Shibata to education operations manager. Shanahan oversees the education department. Kaichi manages the planetarium's daily operations and acts as a space science information resource. Fullerton oversees the museum's Holoholo Science Program. Shibata supervises scheduling at the main campus, Bishop Museum Kalia and Hawaii Maritime Center and for after-hours programs.

>> Bank of Hawaii has promoted the following to vice president: Raylette M. Dacosin, also collections and recovery department consumer collections manager; Pom Luxton, Downtown Honolulu residential loan center; Randy A. Muraoka, wholesale residential lending; Kirk W.M. Nakamoto, Waikiki branch; Lester T. Nakamoto, Lahaina branch; and Hiroko M. Stroble, Treasury investment officer.