HONOLULU--(BUSINESS WIRE)--Dec. 22, 2008--Bank of Hawaii Corporation (NYSE:BOH) today announced that the Company
does not plan to participate in the Treasury's Capital Purchase Program.
The program is part of the federal government's Troubled Assets Relief
Program approved by Congress to strengthen the banking system by
providing banks with additional capital to increase lending capabilities.
"After careful consideration by management and our Board of Directors,
we have decided not to participate in the Capital Purchase Program,"
said Allan R. Landon, Chairman and CEO. "Bank of Hawaii has the
resources to meet the needs of our customers and support our growth. We
believe that Bank of Hawaii is safe, balanced and prepared to face the
challenging operating conditions as the economy slows without government
investment."
As of September 30, 2008, the Company's capital position was "well
capitalized" by all regulatory standards. The Company's Leverage Ratio
was 7.27 percent and the Tier 1 Capital Ratio was 11.14 percent.
As a benefit to customers, the Company is voluntarily participating in
the FDIC's fee-based expanded insurance program that provides, without
limitation, a guarantee on all of Bank of Hawaii's transaction accounts
through December 31, 2009.
This news release contains "forward-looking statements", such as
expectations for our operations and business prospects. Actual results
might differ significantly due to a variety of factors. More information
about these factors is contained in Bank of Hawaii Corporations' Annual
Report on Form 10-K for the year ended December 31, 2007, filed with the
U.S. Securities and Exchange Commission.
Bank of Hawaii Corporation is a regional financial services company
serving businesses, consumers and governments in Hawaii, American Samoa
and the West Pacific. The Company's principal subsidiary, Bank of
Hawaii, was founded in 1897 and is the largest independent financial
institution in Hawaii. For more information about Bank of Hawaii
Corporation, see the Company's web site, www.boh.com.
CONTACT: Bank of Hawaii Corporation
Media Inquiries:
Stafford Kiguchi, 808-694-8580
Mobile: 808-265-6367
Stafford.Kiguchi@boh.com
Investor/Analyst Inquiries:
Cindy Wyrick, 808-694-8430
Cindy.Wyrick@boh.com
Source: Bank of Hawaii Corporation
