Bank of Hawaii has added two former BankAmerica executives to its board.
The main subsidiary of Pacific Century Financial Corp. said this week that it tapped Martin A. Stein, a former BankAmerica Corp. vice chairman; and J. Richard Fredericks, formerly a senior managing partner at BankAmerica's NationsBanc Montgomery Securities unit, to be directors.
"They're both leaders in their fields, and their knowledge and individual strengths are going to add a lot to our board," said Lawrence M. Johnson, chairman and chief executive officer of Pacific Century, in an interview Tuesday. The move would increase the bank's board to 21.
Mr. Stein, who was in charge of technology and operations at BankAmerica, would bring crucial big-bank technology expertise to Pacific Century, Mr. Johnson said. Mr. Fredericks, meanwhile, would supply a dose of mergers and acquisitions know-how.
Mr. Johnson said he reached Mr. Stein through Richard Rosenberg, the former BankAmerica chairman and a longtime acquaintance of Mr. Johnson's.
"Technology is one of our biggest challenges," said Mr. Johnson, who described Honolulu-based Pacific Century as a "$15 billion-asset, money- center bank."
The fact that it operates in several Pacific Rim countries, foreign currencies, and time zones required someone with Mr. Stein's expertise, he said.
"Our business is complex for our size-we needed Marty's experience in technology and international operations," Mr. Johnson said.
Pacific Century also needs Mr. Fredericks' expertise in mergers and acquisitions, Mr. Johnson said.
"We have done a number of Pacific Rim and mainland acquisitions over the last three to five years, and we obviously intend to do more," Mr. Johnson said. However, he added, "we don't have any deals on the front burner right now."
As Montgomery's top commercial banking adviser, Mr. Fredericks was involved in several high-profile bank deals, including Wells Fargo & Co.'s acquisition of First Interstate Bancorp. and BankAmerica's purchase of Continental Bank Corp.
Mr. Fredericks was also a prominent banking industry analyst for nearly 20 years, and Pacific Century was one of the bank stocks he covered.
"I've known these guys for a million years, and they've been a great company," Mr. Fredericks said in an interview. "I'm really interested in helping them."
Mr. Fredericks, who last month pared his role at Montgomery to consultant, said that he and Mr. Stein would also contribute a mainland perspective to Pacific Century, which has operations in both California and Arizona.
Mr. Stein, who resigned from BankAmerica in the wake of its Sept. 30 merger with NationsBank Corp. of Charlotte, N.C., was not available to comment.
His appointment will take effect May 28; Mr. Fredericks will take his board seat March 26. The two men also have been nominated to the holding company's board.
The nominations, which if approved would increase the parent company's board to 13 members, are to be on the ballot at Pacific Century's April 23 annual meeting.
