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FIRST HAWAIIAN BANK CLOSES PURCHASE OF PHOENIX FINANCIAL SERVICES

 HONOLULU, Dec. 1 /PRNewswire/ -- First Hawaiian Bank today announced that it has closed the purchase of Phoenix Financial Services, a mortgage brokerage firm. 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 Services. "The new subsidiary will provide a niche market for the bank in the mortgage brokerage business and will complement First Hawaiian's mortgage lending operations," Kai said. First Hawaiian Inc. currently provides 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 in Oahu. Nancy Sato, president of Phoenix Financial, will serve as executive vice president of the new company, and all 25 employees will be retained.
 First Hawaiian Bank is one of the state's largest banks and the principal subsidiary of First Hawaiian Inc. (NASDAQ: 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- 12/1/93
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN)


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


JL-MF -- LA032 -- 9552 12/01/93 19:38 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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