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FIRST HAWAIIAN BANK ACQUIRES PHOENIX FINANCIAL SERVICES

 HONOLULU, Oct. 27 /PRNewswire/ -- First Hawaiian Bank (NASDAQ-NMS: FHWN) today announced that it has reached a definitive agreement to acquire Phoenix Financial Services, a mortgage brokerage firm.
 The acquisition is subject to approval from the Federal Deposit Insurance Corp. (FDIC), and the merger is expected to close before the end of 1993. The terms of the sale were not disclosed.
 Gary K. Kai, senior vice president of First Hawaiian Bank and head of the bank's Retail Loan Group, said that the new subsidiary will continue to operate as Phoenix Financial and will provide a niche market for the bank.
 "Phoenix Financial has an excellent track record in the mortgage brokerage business. The new subsidiary will complement First Hawaiian's mortgage lending operations, which include residential real estate services through First Hawaiian Bank, First Hawaiian Creditcorp and Pioneer Federal Savings Bank."
 Phoenix Financial has operated since 1986 and has two offices on Oahu. Nancy Sato, president of Phoenix Financial, will serve as executive vice president of the company, and all 25 employees will be retained. First Hawaiian Vice Presidents Terence Kimura and Edmund Kido will serve as executive vice president and senior vice president, respectively, of Phoenix Financial.
 First Hawaiian Bank is one of the state's largest banks and the principal subsidiary of First Hawaiian Inc. (NASDAQ symbol FHWN), with $7.1 billion in assets. Other subsidiaries include Pioneer Federal Savings Bank, with 19 branches statewide; 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- 10/27/93
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN)


CO: First Hawaiian Bank; Phoenix Financial Services ST: Hawaii IN: FIN SU: TNM

NY-JL -- LA054 -- 7618 10/27/93 20:13 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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