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FIRST HAWAIIAN INC. TO ACQUIRE PIONEER FEDERAL SAVINGS BANK

 HONOLULU, Feb. 18 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN) holding company for First Hawaiian Bank, today announced it has signed a definitive agreement to acquire Pioneer Fed BanCorp Inc. (NASDAQ: PFBC), the holding company of Pioneer Federal Savings Bank. Both companies are headquartered in Honolulu. The announcement was made jointly today 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 will pay $34 per share for each outstanding share of Pioneer Fed BanCorp. The price is based upon a factor of 1.4 times Pioneer Fed BanCorp's anticipated book value at closing. The aggregate purchase price will be approximately $87 million. The sale represents the purchase of Hawaii's oldest savings and loan by the state's oldest bank.
 The transaction is subject to approval by Pioneer's shareholders, the Federal Reserve Board and the Office of Thrift Supervision. Once the transaction is completed, a process expected to take from six to nine months, First Hawaiian plans to operate Pioneer Federal Savings Bank as a separate subsidiary, continuing to focus on its traditional business of residential mortgage lending.
 "Pioneer Federal is a very well-managed, local company with a strong track record in the residential real estate lending market," Dods said. "This acquisition will provide a niche market for First Hawaiian and will help us to better serve the people of Hawaii." Dods also said Yao will continue in her present position and that Pioneer Federal's 266 employees will be retained.
 Commenting on the purchase, Yao added that the acquisition will be beneficial for Pioneer Federal's employees, customers and the local community in general. "The acquisition will provide Pioneer Federal with the strength of First Hawaiian's financial position, as well as offer economies of scale and provide opportunities for cross- referral of First Hawaiian's full array of personal, business and investment services."
 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. has total assets of $6.6 billion and 62 branches throughout Hawaii. Other major subsidiaries include First Hawaiian Creditcorp Inc., the state's largest locally owned financial services loan company, and First Hawaiian Leasing Inc., which is engaged primarily in commercial equipment and vehicle leasing.
 -0- 2/18/93
 /CONTACT: Walter A. Dods Jr., chairman and CEO of First Hawaiian, 808-525-6100; or Lily Yao, president and CEO of Pioneer Fed BanCorp, 808-522-6777/
 (FHWN PFBC)


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

MS-JL -- LA065 -- 8201 02/18/93 20:11 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:464
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