Honolulu Star-Bulletin Business /2005/05/10/

[ FAST FACTS HAWAII ]

Central Pacific added to S&P SmallCap 600

The pending acquisition of Riggs National Corp. by PNC Financial Services Group is creating an opening on the Standard & Poor's SmallCap 600 index that will be filled at the end of this week by Hawaii's Central Pacific Financial Corp.

Central Pacific Financial Corp. is the state's fourth-largest financial institution, with assets of about $4.7 billion and market capitalization of slightly more than $1 billion. Its main subsidiary is Central Pacific Bank, which operates 37 branches and more than 90 ATMs statewide.

The S&P SmallCap 600 index is a capitalization-weighted index that measures the performance of selected U.S. stocks with small market capitalizations.

Central Pacific Financial also is listed on 25 other indexes, but this is the first time it has been named to an S&P index.

A&B Properties wins top award

A&B Properties Inc. has been named "2005 Developer of the Year" by the Hawaii chapter of the National Association of Industrial and Office Properties. It was the second time that the Alexander & Baldwin Inc. subsidiary has been selected for the award, also called the Ku Ho 'okela Award, since the chapter inaugurated its annual Kukulu Hale Awards program eight years ago.

First Hawaiian Bank Chairman Walter A. Dods Jr. was selected to receive the chapter's Holo Pono Lifetime Achievement Award, and philanthropist and retired businessman Robert R. Midkiff was honored with its Outstanding Service Award. The association also recognized nine projects and real estate transactions for its Kukule Hale Awards of Excellence:

» Iolani School Phase I and Punahou School Case Middle School (new projects, nonprofit);
» Abner Park Hale Kaneohe Courthouse and Windward Community College Paliku Theater and Hale Palanalila (new projects, public/government);
» Kailua Town Center Phase I and Cycle City Hawaii (new projects, commercial);
» Hawaii Theatre Center (renovation, nonprofit);
» University of Hawaii John A. Burns School of Medicine (lease transaction);
» Alakea Corporate Tower (sales transaction).

Verizon still processing the bills

Hawaiian Telcom, formerly Verizon Hawaii, now is independent of New York-based Verizon Corp., but for a while, at least, the former parent company still will be collecting and processing customer payments.

Bills paid by mail must be sent to a California address that will be included in the monthly statements. As usual, customers also can pay their bills by phone, by automatic payment plan or in person at any of Hawaiian Telcom's eight retail stores. But the changeover also means that online payment is unavailable. The company said the online capability will be offered again soon.

Daiei Inc. will reduce workforce nearly 25%

Daiei Inc., a Japanese retailer undergoing a government-led rescue, plans to reduce its workforce by nearly 25 percent in the next three years through attrition and the sale of subsidiaries to cut costs.

Daiei, Japan's third-largest retailer, expects the number of workers to fall to 14,005 by the end of February 2008, from the 18,380 it currently employs, according to a plan the company submitted to Japan's Ministry of Economy, Trade and Industry.

Daiei, based in the western Japanese port city of Kobe, is pursuing its third bailout in as many years with help from the government's Industrial Revitalization Corp. of Japan.

The IRCJ said in December that the agency plans to close as many as 53 of Daiei's 245 supermarkets and general merchandise stores.

[Hawaii Inc.]

New Jobs

Servco Pacific Inc. has hired Keith "Kale" Kippen and Whit Michel. Kippen has been hired as the Waipahu Auto service manager and will oversee the service department's daily operations. Michel has been hired as finance and insurance program and compliance manager, and will supervise all retail finance and insurance programs.

» First Insurance Company of Hawaii Ltd. has hired Peter F. Junker as pricing and business development vice president. He has more than 30 years of risk management experience. He previously served as a Marsh Risk & Insurance Services broker.

Promotions

» Central Pacific Bank has promoted Keith K. Masuda to private banking officer and vice president, Craig I. Miyamoto to bank loan officer and vice president, and Teresa K. Ubando to the bank's Kaneohe and Windward branch area manager and assistant vice president.

» State Farm Insurance has appointed Kevin Takahashi agent at City Square Shopping Center in Kalihi. He previously served as the company's Kapolei office life specialist.

On the board

» Alexander & Baldwin Inc. has elected Douglas M. Pasquale to its board of directors. Pasquale is Nation Health Properties Inc. president and chief executive. He previously served as Richfield Hospitality Services Inc.'s Regal Hotels International-North American division president and CEO.