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FDIC APPROVES FIRST HAWAIIAN CENTER PROJECT

    HONOLULU, Sept. 15, /PRNewswire/ -- The Federal Deposit Insurance Corp. (FDIC) in Washington, D.C. today announced that it has approved First Hawaiian Bank's (NASDAQ: FHWN) request to temporarily relocate its Main Branch at 165 South King Street to the First Hawaiian Tower at 1132 Bishop Street.  With this approval, First Hawaiian Bank will proceed with its plans to build the new 420,000 square-foot First Hawaiian Center at its present downtown site bounded by Bishop, King, Merchant and Alakea streets.
     The FDIC approval stems from a Section 106 process involving structures which may be eligible for consideration as historically significant.  Commenting on the FDIC decision, First Hawaiian Chairman and Chief Executive Officer Walter A. Dods, Jr., said that, "we are extremely pleased that this decision will allow us to move ahead with our plans to redevelop our present downtown block.  We have discussed this project with every relevant community group and government agency and all have received it favorably.  Today's approval by the federal government reconfirms our belief that this project is good for downtown Honolulu and for our local community."
    First Hawaiian Center will house the Bank's administrative offices as well as the downtown branch of The Contemporary Museum, and will provide 43 percent open space as compared to the current downtown site. Dods said that the bank's Main Branch will be located to First Hawaiian Tower within the next several weeks, and construction for First Hawaiian Center will begin once the Main Branch relocation is completed.  The project is scheduled for completion in 1996.
    First Hawaiian Bank is one of the state's largest banks and the principal subsidiary of First Hawaiian Inc., with $7 billion in assets. Other subsidiaries include Pioneer Federal Savings Bank, the fourth largest savings bank in Hawaii; First Hawaiian Creditcorp, the state's second largest financial services loan company; and First Hawaiian Leasing, which is engaged primarily in commercial equipment and vehicle leasing.
    -0-             09/15/93
    CONTACT: Brandt Farias, 808-525-6112
    (FHWN) CO:  FIRST HAWAIIAN INC.; FEDERAL DEPOSIT INSURANCE CORP. IN:  FIN ST:  HI


-- LA025 -- X247 09/15/93
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Publication:PR Newswire
Date:Sep 15, 1993
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