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FIRST HAWAIIAN BANK ACQUIRES INSURED DEPOSITS OF EASTWEST BANK

 FIRST HAWAIIAN BANK ACQUIRES INSURED DEPOSITS OF EASTWEST BANK
 HONOLULU, Oct. 2 /PRNewswire/ -- First Hawaiian Bank (NASDAQ-NMS: FHWN) today announced that First Hawaiian has acquired certain loans and insured deposits of EastWest Bank, N.A. The Office of the Comptroller of the Currency declared EastWest Bank insolvent and closed it today, naming the Federal Deposit Insurance Corp. (FDIC) receiver of the failed institution.
 Walter A. Dods Jr., chairman and chief executive officer of First Hawaiian, stated that the acquisition reflects First Hawaiian's commitment to the Hawaii community. "We are pleased to step forward to offer EastWest Bank customers the same strength, security and service we provide to our existing customers." Dods noted that First Hawaiian has been ranked among the top 10 banks in the country for safety and profitability for the past three years by BusinessWeek magazine.
 He also added that due to EastWest Bank's small relative size, with $3.4 million in assets, the acquisition would have "no adverse impact on First Hawaiian operations or earnings."
 EastWest Bank operated a branch, at 1001 Bishop St. in Honolulu and a branch in Kihei, Maui. Downtown customers will be served by First Hawaiian's Bishop Branch, while Maui customers will be served by First Hawaiian's Kihei Branch. First Hawaiian will continue to honor EastWest Bank customer checks. EastWest Bank customers with questions may contact First Hawaiian Bank's Bishop Branch in Honolulu at 808-525-5380 or in Maui at 808-875-0055.
 -0- 10/2/92
 /CONTACT: Lisa Halvorson of First Hawaiian Bank, 808-525-6111/
 (FHWN) CO: First Hawaiian Bank; EastWest Bank N.A. ST: Hawaiian IN: FIN SU: TNM


JB-KJ -- LA033 -- 6287 10/02/92 21:42 EDT
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Publication:PR Newswire
Date:Oct 2, 1992
Words:273
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