Honolulu Star-Bulletin Business Briefs /2005/06/29/

[ FAST FACTS HAWAII ]

Water heaters targeted to ease power drain

Hawaiian Electric Co. has signed a $3.9 million contract to provide a program to help maintain Oahu power during unusually heavy use by turning off home hot water heaters.

Under a two-year contract, conglomerate Honeywell International Inc. will install remote-controlled switches on electric water heaters in more than 12,500 homes, with a provision for a two-year extension. HECO would be able to temporarily turn off the heaters during a power emergency or during peak demand, especially during late summer. Hot water heaters consume up to 40 percent of the energy used by a home.

Customers who have a hot water heater with at least 40 gallons can sign up for the program and get back $3 monthly from their electric bill.

Central Pacific stock rated 'hold'

Analyst Brian Conn of Sandler O'Neill & Partners rated Central Pacific Financial Corp. as a "hold" in new coverage, with a 12-month target price of $39 a share.

The company's stock closed up 58 cents yesterday at $36.37, near a 52-week high of $38.79 set Feb. 7.

[Hawaii Inc.]

NEW JOBS

» Dr. William T. Perryman has joined Hawaiian Eye Center's Hilo Office. He replaces Dr. Kenneth Mondal, who has cared for patients in the area for three years. Perryman received his medical degree from the University of Oklahoma and completed his residency at Georgetown University Medical Center in Washington, D.C. He has been in practice for more than 30 years.

» Finance Factors has hired Michael Hirao as company vice president, commercial loan officer. He will be responsible for business development, underwriting and administering a wide range of commercial real estate loans. He previously served as Central Pacific Bank's real estate loan division vice president and senior loan officer.

» Catholic Charities Hawaii has appointed Lisa Sakamoto as vice president-finance. She will be responsible for helping lead the organization's future financial growth and overseeing its fiscal responsibilities. She has over 20 years experience in managing accounting and finance service.

» A&B Properties Inc. has hired Darren S. Lake as project manager. He will be responsible for managing the planning and development of commercial and residential real estate projects statewide. He previously served as a Zifkin Realty & Development associate broker.

ON THE BOARD

» The Hawaii Restaurant Association has elected Bill Tobin 2005 chairman. He is a Tiki's Grill & Bar managing partner.

» Chaminade University has appointed Bennette M. Evangelista to its board of regents. She is Actus Lend Lease LLC's vice president and community relations regional director. She previously served as Central Pacific Bank's senior vice president and senior management.

» Alexander & Baldwin Inc. has elected Douglas M. Pasquale to the company's board of directors. He is Nationwide Health Properties Inc.'s president and chief executive. He previously worked for Richfield Hospitality Service Inc.

» James C. McWhinnie has been elected to the board of Meritas, an international alliance of more than 165 full-service law firms. He is a partner at Damon Key Leong Kupchak Hassert.

» Kahala Senior Living Community Inc. has appointed Philip H. Ching to its volunteer board of directors. He has over 35 years of experience in the banking industry.

» Mayor Mufi Hannemann has appointed Iris Okawa to the Honolulu Liquor Commission. She previously formed her own law corporation in Honolulu last year.

» The Hawaii Bankers Association has installed officers for the new fiscal year: President Constance H. Lau, American Savings Bank president and CEO; Vice President Donald G. Horner, First Hawaiian Bank president and CEO; Secretary-Treasurer Clint L. Arnoldus, Central Pacific Bank CEO.

» The Wahiawa Lions have installed new officers for 2005-2006: William Cable, president; Douglas Wheeler, immediate past president; Rene Mansho, first vice president; Greg Iris, second vice president; Bonifacio Balanay, third vice president; Jason "Brock" Brockington, secretary; Harry Kwon, treasurer; Tino Bagasol, tail twister; Russell Wheeler, lion tamer; and directors Seri Bently, Bennie King, Hugh Noguchi and Roy Shinsato.