Don't throw this baby out with the bathwater.
That was the message First Hawaiian Inc. was trying to get across in the wake of news reports detailing the exposure of U.S.-based banks to declining East Asian economies.
In a press release, the parent company of First Hawaiian Bank announced it had virtually no exposure to these markets.
John K. Tsui, president of First Hawaiian, said the bank's outstanding loans to borrowers or guarantors based in Hong Kong, Indonesia, China, the Philippines, South Korea, Singapore, Taiwan, and Thailand-combined-total less than $12 million.
That's about 0.1% of First Hawaiian's total assets of $7.9 billion.
"Because of the turmoil in the currency and financial markets in many nations in Asia, investors have naturally been evaluating how much exposure different companies have in those nations.
We want to reassure the public that First Hawaiian's involvement in these affected Asian markets is almost nil," Mr. Tsui said.