HONOLULU - Pacific Century Financial Corp. said late Friday that it had appointed Michael E. O'Neill, former chief financial officer and vice chairman of BankAmerica Corp. and no stranger to tough banking situations, to the position of chairman and chief executive officer.

At the Hawaii-based holding company and its flagship, Bank of Hawaii, Mr. O'Neill, 54, replaces chairman and chief executive officer Lawrence M. Johnson. In August, Mr. Johnson, 60, announced his intention to retire once his position was filled after worsening credit problems at the company hit earnings and caused its share price to crater over 30%.

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