First Hawaiian Bank facts for kids
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Formerly
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BancWest Corporation |
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| Public | |
| Traded as |
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| Industry | Banking |
| Founded | 1858 |
| Headquarters | First Hawaiian Center Honolulu, Hawaii, US |
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Area served
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United States (Hawaii, Guam, and Northern Mariana Islands) |
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Key people
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Robert S. Harrison (CEO & president) |
| Revenue |  US$709 million (2016) |
| US$230 million (2016) |
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Number of employees
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2,000+ (2022) |
First Hawaiian, Inc. is a company that owns banks. Its main bank is called First Hawaiian Bank. This bank started way back in 1858 in Honolulu, Hawaiʻi. It's the oldest and biggest bank in Hawaiʻi!
First Hawaiian Bank has its main office in the First Hawaiian Center building in Honolulu. It has 57 branches across Hawaiʻi, plus three branches in Guam and two in Saipan. The bank helps people and businesses with their money. They offer services like savings accounts, loans, and managing investments.
In 2016, First Hawaiian became a public company, which means its shares could be bought and sold on the NASDAQ stock market. It quickly became one of America's largest banks. Later, in 2019, a big French bank called BNP Paribas sold its ownership in First Hawaiian Bank.
Contents
A Long History of Banking
The story of First Hawaiian Bank began in 1858. Two local businessmen, Charles Reed Bishop and William A. Aldrich, started a banking business called Bishop & Co. It was the very first successful bank in the independent Kingdom of Hawaiʻi.
Their first office was in a basement room on Kaʻahumanu Street. On their opening day, they took in over $4,700 in deposits! Many years later, in 1895, Samuel M. Damon bought Bishop & Co. from Charles Bishop.
Growing Across the Islands
As the years passed, the bank grew. In 1910, Bishop & Co. opened its first branch outside of Honolulu, in Hilo. The next year, in 1911, they opened a branch on Kauaʻi in Waimea. By 1919, Bishop & Co. became an official corporation, changing its name to the Bank of Bishop & Co.
During the 1920s, the bank continued to expand. It bought the Bank of Honolulu in 1922. New branches opened in Kona in 1923 and on Lānaʻi in 1924.
New Names and More Growth
In 1929, the bank merged with several other banks, including First National Bank of Hawaii. After these mergers, the bank changed its name to Bishop First National Bank of Honolulu.
The bank's name changed a few more times over the years. In 1933, it became Bishop National Bank of Hawaii at Honolulu. Then, in 1956, it was simply Bishop National Bank of Hawaii.
A company called Cooke Trust Company bought the bank in 1966. A few years later, in 1969, the bank got its current name: First Hawaiian Bank. The very next year, in 1970, First Hawaiian Bank opened its first branch outside of Hawaiʻi, in Dededo, Guam.
Expanding Services and Locations
In 1975, First Hawaiian Bank helped out Hawaii Thrift & Loan, which was having money troubles. They turned it into a new company called First Hawaiian Creditcorp.
The 1990s were a busy time for First Hawaiian Bank. They acquired several other banks. In 1991, they bought First Interstate Bank of Hawaii. Then, in 1992, they acquired East West Bank, which had branches in Honolulu and on Maui.
In 1993, First Hawaiian bought Pioneer Federal Savings Bank. This bank continued to operate on its own for a few years.
Building a New Home
In 1996, First Hawaiian Bank expanded to the mainland United States. They acquired 31 bank branches in Oregon, Washington, and Idaho from U.S. Bancorp. They created a new company called Pacific One Bank to manage these branches. In the same year, they also acquired American National Bank in Washington state.
While all these changes were happening, First Hawaiian Bank built its brand new headquarters in Honolulu. This building is called the First Hawaiian Center. It stands at 429 feet (131 meters) tall, making it the tallest building in Hawaiʻi!
Mergers and New Ownership
In 1997, Pioneer Federal officially joined First Hawaiian Bank. The next year, First Hawaiian Creditcorp also merged into the bank.
In 1998, First Hawaiian merged with a bank from San Francisco called Bank of the West. The new, bigger company was named BancWest Corporation. The original First Hawaiian, Inc. shareholders owned 55% of this new company, while Banque Nationale de Paris (BNP) owned 45%.
In 2001, First Hawaiian Bank acquired more branches in Guam and Saipan from Union Bank of California. Later that year, BNP Paribas bought 100% of First Hawaiian Bank and its parent company, BancWest. However, First Hawaiian Bank and Bank of the West continued to operate as separate banks.
On December 23, 2015, First Hawaiian Bank announced that its parent company, BNP Paribas, was thinking about selling shares of First Hawaiian Bank to the public. This happened on August 4, 2016, when shares of the company began trading on the NASDAQ.
By 2018, BNP Paribas started to sell off its shares in First Hawaiian. By January 2019, BNP Paribas had sold all of its remaining ownership in First Hawaiian Bank.
See also
- BNP Paribas, First Hawaiian Bank's previous parent company
- BancWest (Bank of the West), First Hawaiian Bank's previous parent company before it was fully acquired by BNP Paribas
