First Hawaiian Bank in Honolulu will be spun off rather than sold.
The $19 billion-asset bank
BNP Paribas said in December that it was exploring alternatives for the bank, including a possible sale or an initial public offering to boost capital and accelerate timelines for having a recommended Tier 1 capital ratio of 11.5%.
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BNP Paribas is considering selling or spinning off one of its two U.S. banking subsidiaries as it aims to boost capital.
December 24 -
The $18.7 billion-asset company said in a press release Monday that Eric Yeaman will also become its chief operating office on June 22.
June 15 -
The $99 million-asset thrift said in a recent press release that Best Hometown Bancorp, a holding company it created, raised $8.3 million as part of an initial public offering tied to its mutual-to-stock conversion. Home Federal also plans to change its name to Best Hometown Bank.
July 1
First Hawaiian will not receive any of the proceeds from selling shares, which are held by a unit of BNP Paribas.
BNP Paribas bought a 45% stake in First Hawaiian in 1998 before taking over full ownership in 2001. The company also owns the $77 billion-asset Bank of the West in San Francisco.
First Hawaiian has 57 branches in its home state, along with a total of five locations in Guam and the Northern Mariana Islands.
