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FIRST HAWAIIAN REACHES AGREEMENT TO SELL FOUR BRANCHES TO BANK USA

 HONOLULU, March 1 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN) today announced that it has reached a definitive agreement to sell four First Hawaiian Bank branches to Bank USA, N.A. The sale is subject to approval by the Office of the Comptroller of the Currency and the Commissioner of Financial Institutions for the State of Hawaii. The terms of the sale were not disclosed.
 The divestiture of the branches was mandated by the Federal Reserve Board and U.S. Department of Justice as part of the terms of First Hawaiian's acquisition of First Interstate of Hawaii Inc., which was completed in 1991. The four First Hawaiian branches, which were former First Interstate branches, are Kuapa Kai Branch at 377 Keahole St. in Hawaii Kai; Rice Branch of 4444 Rice St. in Lihue, Kauai; Market Branch at 2005 Main St. in Wailuku, Maui; and Lahaina- Pakui Branch at 256 Papalaua St. in Lahaina, Maui. These branches represent total assets of some $58 million. A fifth branch, Pali Branch at 30 Aulike St. in Kailua, was also required to be divested. First Hawaiian is holding discussions with another financial institution for a possible sale of this branch.
 Previously First Hawaiian had agreed to sell the five branches to Royal Pacific Bank, N.A. However, Royal Pacific Bank failed to obtain regulatory approval, and the agreement was terminated.
 Walter A. Dods Jr., chairman and chief executive officer of First Hawaiian Inc., said that while First Hawaiian had originally intended to keep all First Interstate branches, the divestitures were required before the merger with First Interstate could be approved, and the company was pleased to have reached this agreement with Bank USA.
 George K. Noguchi, chairman and general counsel of Bank USA, N.A., said that the bank is looking forward to expanding its operations, which focus on services to small business and minority groups, through the acquisitions of these branches.
 First Hawaiian Inc., with $6.5 billion in assets, is a bank holding company whose principal subsidiary is First Hawaiian Bank. Other subsidiaries include First Hawaiian Creditcorp Inc., the state's largest locally owned financial services loan company; and First Hawaiian Leasing Inc., which is primarily engaged in commercial equipment and vehicle leasing.
 -0- 3/1/93
 /CONTACT: Howard Karr of First Hawaiian, 808-525-6111; or George Noguchi, chairman and general counsel of Bank USA, N.A., 808-536-1822/
 (FHWN)


CO: First Hawaiian Inc.; Bank USA, N.A. ST: Hawaii IN: FIN SU: TNM

JL-LS -- LA028 -- 1703 03/01/93 21:31 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:417
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