Bank of Hawaii has hired State Street Corp. to provide custody services for its $8 billion trust portfolio.
Beginning next May, State Street will handle custody, securities processing, trust accounting, fee processing, and disbursement processing for Hawaiian Trust Co., the bank's $12 billion-asset subsidiary.
Boston-based State Street already is a custodian of trust assets for as many as 30 smaller financial institutions. Honolulu-based Bank of Hawaii will be its largest trust client.
Separately, Fifth Third Bancorp, Cincinnati, said it will provide custody services for First National Bank of Lewis County, Vanceburg, Ky. The size of the contract was not disclosed. Fifth Third is one of the largest custodians in the Midwest, with more than $100 billion of assets under custody.