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FIRST HAWAIIAN CLOSES PURCHASE OF PIONEER FEDERAL SAVINGS BANK; BECOMES $7 BILLION INSTITUTION

 HONOLULU, Aug. 6 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN) today announced it has completed its merger with Pioneer Fed BanCorp Inc., the holding company of Pioneer Federal Savings Bank. The announcement was made jointly by Walter A. Dods Jr., chairman and chief executive officer of First Hawaiian Inc. and Lily K. Yao, president and chief executive officer of Pioneer Fed BanCorp Inc.
 First Hawaiian paid approximately $87 million for Pioneer Fed BanCorp, or $34 in cash for each share of stock. The sale represents the purchase of Hawaii's oldest savings and loan by the state's oldest bank. First Hawaiian plans to operate Pioneer Federal Savings Bank as a separate subsidiary, continuing to focus on Pioneer's traditional business of residential mortgage lending and retail deposit gathering.
 "We are pleased to welcome Lily Yao and Pioneer Federal's employees to the First Hawaiian family," Dods said. "This is a merger that will benefit Pioneer Federal's employees, customers and the local community." Dods said Yao will continue in her present position, all of Pioneer's branches will be maintained and that Pioneer Federal's name and 257 employees will be retained. Pioneer's property management subsidiary, Pioneer Properties Inc., was liquidated prior to closing to comply with federal regulations.
 Commenting on the purchase, Yao added that "the acquisition will provide Pioneer Federal with the strength of First Hawaiian's financial position, and it brings together two long-time kamaaina companies to provide quality financial services to Hawaii's people."
 Pioneer Fed BanCorp Inc. has total assets of approximately $600 million and operates 19 full-service offices on Oahu, Maui, Hawaii and Kauai. It is a federally chartered stock savings bank that was first chartered in 1890 by King David Kalakaua as Pioneer Building and Loan Association.
 First Hawaiian Inc. is a bank holding company. With the acquisition, it now has $7 billion in total assets. Its major subsidiaries include First Hawaiian Bank, one of the two largest financial institutions in Hawaii; 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- 8/6/93
 /CONTACT: Walter A. Dods Jr., chairman and CEO of First Hawaiian, 808-525-6100; or Lily K. Yao, president and CEO of Pioneer Federal, 808-522-6777/
 (FHWN)


CO: First Hawaiian Inc.; Pioneer Fed BanCorp Inc. ST: Hawaii IN: FIN SU: TNM

JB-EH -- LA013 -- 0375 08/06/93 15:08 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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