First Hawaiian
parent finalizes
two deals

First Hawaiian Bank's parent said today it has completed two acquisitions that will make it the seventh-largest bank holding company in the western United States.

BancWest Corp. bought Community First Bankshares Inc., the parent of Community First National Bank and Community First Insurance Inc., for $1.2 billion. It also purchased USDB Bancorp, the parent of Union Safe Deposit Bank, for $245 million. BancWest, which last month reported a 4.4 percent rise in third-quarter earnings to $117.2 million, said at the time it expected the deals to close today.

The transactions will expand BancWest's operations into 10 additional states and increase its presence in California's Central Valley. The branches of both its new banks will be transformed into BancWest subsidiary Bank of the West.

BancWest, a subsidiary of French banking giant BNP Paribas SA, now will have about $49 billion in assets and more than 530 branches in 17 Western and Midwestern states, Guam and Saipan. The transactions will introduce the Bank of the West brand into 10 new states -- Arizona, Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Utah, Wisconsin and Wyoming. It also will add to the bank's presence in San Joaquin and Stanislaus counties in California.