HONOLULU Pacific Century Financial Corp. announced late Wednesday that its Pacific Century Bank has agreed to sell its nine Arizona branches to Zions Bancorp of Salt Lake City.
The sale will bring the Honolulu holding company, whose flagship is Bank of Hawaii, a pretax gain of $20 million to $23 million net of expenses resulting from the transaction. It is expected to close in the second quarter.
Pacific Century announced in November that it would sell a scattered Arizona branch network as it seeks to focus its mainland efforts on California.
The branches had approximately $225 million in loans and $400 million in deposits at the end of the third quarter, and employ 75 people.