Finance Factors gets FDIC edict

Finance Factors has entered into a consent order with the Federal Deposit Insurance Corp. and the Hawaii Division of Financial Institutions to improve key capital ratios.

The depository financial services loan company said it already has exceeded the capital ratios required in the order and that as of Dec. 31 it had a Tier 1 Capital ratio of 9.54 percent and a Total Risk-Based Capital ratio of 13.76 percent, which exceeds the FDIC requirement of 9.0 and 13.0, respectively.

“;The economic recession and the downturn in the real estate market had negatively impacted a number of our borrowers, resulting in loan defaults that adversely affected company performance,”; Finance Factors President Steven Teruya said.

Horizon to begin China service

Horizon Lines, Hawaii's second-largest ocean shipper, will begin weekly trans-Pacific service from China to the West Coast in December.

The new service, which comes after the expiration of a space-charter agreement with Maersk Line, will use five 2,824-TEU, 23-knot ships that now call at Guam in Horizon's domestic service and continue onto China. The company is still evaluating port options and schedules.

Brian Taylor, senior vice president of international services, will oversee the Asia expansion. Taylor was formerly vice president for Hawaii, Guam and Micronesia.

Kauai, A&B partner on housing

Kauai County has paid $2.5 million to acquire a 75-acre parcel in Eleele from Alexander & Baldwin Inc. to provide affordable housing opportunities. The transaction included a donation by A&B because it sold the parcel to the county at a sales price below fair market value.

The parcel, situated along Kaumualii Highway, is adjacent to and east of the Kauai Habitat for Humanity's 'Ele'ele i Luna affordable housing project.

The county has hired land-planner R.M. Towill to master-plan the site, which is expected to be developed with smart growth and green building practices.

Outrigger Tours to lay off 50

Outrigger Tours and Travel Inc. has filed a notice of closure with the state Department of Labor and Industrial Relations. The Honolulu-based company said it intends to shut down on or about April 30. All 50 of the company's employees will be terminated as a result of the closure.

Cutter expands on Ala Moana

Cutter Management Co. has signed a multiyear lease for 900 Ala Moana Blvd. for its Cutter Chrysler, Jeep and Dodge dealership and renewed its lease for its Cutter Volkswagen and Mazda dealership at 800 Ala Moana Blvd.

The parcel on the 900 block is the former New City Nissan site. Both parcels are on the mauka side of Ala Moana Boulevard between Ward Avenue and Cooke Street.

Disney holding Honolulu auditions

The Walt Disney World Resort is holding auditions for musical theater singers and dancers at the Dole Cannery today and tomorrow. Disney is looking for male and female Polynesian and jazz dancers for its Spirit of Aloha Dinner Show at Disney's Polynesian Resort near Orlando, Fla., and aboard the Disney Cruise Line.

Applicants must be at least 18 years old and willing to relocate to Florida for the full length of their contracts. Disney asks applicants to bring a current head shot and resume. All auditions will be held at Ballet Hawaii at Dole Cannery, 650 Iwilei Road, Suite 295. For additional information, visit disneyauditions.com or follow @DisneyTryoutHI on Twitter.

On the Move

» First Insurance Co. of Hawaii has promoted Melissa Current to manager from executive underwriter of surety and fidelity department. She has 11 years of experience in the financial services industry, including leadership roles at the Hartford and the Insurance Co. of the West.

» TD Food Group has promoted Deana Teixeira to restaurant general manager of Pizza Hut in Pukalani, Maui. She has seven years' experience with the company, including as wait staff, shift manager and assistant restaurant manager.

» Catherine Ostrem has joined Kahala Associates as a Realtor. She has more than 15 years of real estate experience and was previously with East Oahu Realty and Coldwell Banker.

» Wealth Strategy Partners has announced Stephan Dimond as a new financial representative. He graduated from the University of Hawaii Shidler College of Business in 2008.

» Hawaii Theatre Center has named Dawn Tolosa as assistant box office manager. She is a former employee who was a box office manager, assistant box office manager and part-time staff in the box office.