Bank of Hawaii
A Honolulu-based regional commercial bank and Hawaii's largest locally owned banking institution.
Last updated October 26, 2026
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Overview
Bank of Hawaii is an American regional commercial bank headquartered in Honolulu. Its banking history began in the late nineteenth century, when Charles Montague Cooke, Joseph Ballard Atherton, and Peter Cushman Jones established the institution in the Kingdom of Hawaii's successor political environment. The bank received its charter in 1897 and developed through a combination of branch expansion, acquisitions, and participation in the economic growth of the Hawaiian Islands and the wider Pacific. The institution is commonly described as Hawaii's second-oldest bank and the state's largest locally owned bank. Its ownership and operating identity have remained closely associated with Hawaii, even though the organization expanded extensively into the continental United States and the Pacific during the late twentieth century. The bank has historically served households, businesses, government-related entities, and institutional customers in markets with distinctive geographic and economic characteristics. Its local scale has given it a substantial branch, automated teller machine, customer, and account presence in Hawaii, while its competitors have at times held more deposits by dollar value. Bank of Hawaii's principal business activities are organized around retail banking, commercial banking, investment services, and treasury operations. Retail banking includes deposit accounts, consumer lending, residential and other personal financial products, and everyday payment services. Commercial banking serves businesses and public-sector or institutional customers with credit, deposits, cash-management, and related services. Investment services and wealth-management activities address investment administration and advisory needs, while treasury functions manage funding, liquidity, interest-rate exposure, and balance-sheet activities. The company underwent a major strategic correction around 2000 and 2001. Rapid expansion and credit problems contributed to a sharp decline in its share price and changes in senior management. Under outside chairman and chief executive Michael E. O'Neill, the organization sold or closed many operations outside its core territory. It exited mainland U.S. banking, disposed of or closed much of its international financial-services network, and refocused on Hawaii, Guam, and American Samoa. The corporate parent, previously known as Pacific Century Financial Corporation, adopted the Bank of Hawaii Corporation name in 2002. Leadership subsequently passed from O'Neill to Allan R. Landon, who guided the organization through the 2008 financial crisis without federal assistance, and then to Peter S. Ho. Ho became president in 2008 and assumed the chair and chief executive roles when Landon retired in 2010. Bank of Hawaii remains a publicly traded regional bank whose competitive proposition is based on local market knowledge, a long operating history, relationship banking, and a broad service network across Hawaii and selected Pacific territories.
History
Bank of Hawaii traces its origins to the 1890s. Charles Montague Cooke, working with his brother-in-law Joseph Ballard Atherton and business partner Peter Cushman Jones, founded the bank in 1893. It was formally chartered in 1897 by James A. King, the interior minister of the Republic of Hawaii. The bank's early development followed the expansion of commerce and settlement across the islands. It opened its first Kauai branch in 1903 and enlarged its island presence through acquisitions, including First Bank of Hilo in 1922 and Bank of Maui in 1930. The Bank of Maui itself represented an earlier strand of Hawaiian banking consolidation. Charles Dexter Lufkin organized First National Bank of Wailuku in 1901, followed by Lahaina National Bank and First National Bank of Paia. These institutions were combined into Bank of Maui before that bank was later absorbed by Bank of Hawaii. Such transactions helped create a statewide institution with a deeper branch network and broader customer base. Bank of Hawaii began extending its reach beyond Hawaii in the mid-twentieth century. It opened a Pacific Islands branch at Kwajalein in 1959, followed by locations in Palau and Guam. It absorbed Bank of American Samoa in 1971 and participated in joint ventures and acquisitions across the Pacific, including banking businesses in Tahiti, New Caledonia, Vanuatu, Fiji, Papua New Guinea, the Solomon Islands, Tonga, Samoa, Korea, Singapore, and Japan. The organization also pursued mainland expansion, acquiring First National Bancorp of Arizona in 1987 and later entering California through the acquisition of CU Bancorp and California United Bank. The holding-company structure changed several times. Hawaii Bancorporation was formed in 1971, became Bancorp Hawaii in 1979, and changed its name to Pacific Century Financial Corporation in 1997. During the same broad period, the bank expanded rapidly outside its traditional territory. By the beginning of the 2000s, however, credit problems, weak performance, and the complexity of the expansion produced a severe strategic and management challenge. A major decline in the company's stock led to leadership changes, including the departure of Lawrence M. Johnson and the appointment of Michael E. O'Neill as an outside chairman and chief executive. O'Neill's response was a substantial retrenchment. Bank of Hawaii sold mainland branches, divested its credit-card unit, disposed of holdings and subsidiaries in multiple Pacific markets, and closed offices in several Asian financial centers. In 2002, after difficulty finding buyers for some Central Pacific assets, it closed branches in the Marshall Islands and Federated States of Micronesia and transferred its interest in the National Bank of Solomon Islands to the Solomon Islands government. The holding company was renamed Bank of Hawaii Corporation that year, restoring the principal operating brand as the corporate identity. Allan R. Landon, previously chief financial officer, became president and later chairman and chief executive after O'Neill's departure. Landon transferred the presidency to Peter S. Ho in 2008 and retired in 2010. Ho then combined the chair, president, and chief executive positions. Under Landon, the bank is described as having navigated the 2008 financial crisis without federal assistance. In its current form, Bank of Hawaii is a focused regional institution whose core franchise is concentrated in Hawaii, with additional operations in American Samoa and Guam. Its business remains centered on retail banking, commercial banking, investment services, and treasury activities.
- 2010
Peter Ho becomes chairman and chief executive
[1]Peter S. Ho assumed the chair and chief executive roles following Allan R. Landon's retirement.
- 2002
Corporate name restored
[1]Pacific Century Financial Corporation changed its name to Bank of Hawaii Corporation.
- 2001
Strategic retrenchment
[1]The company sold mainland branches, divested its credit-card division, and began withdrawing from numerous international markets.
- 2000
Management reset
[1]A stock-market decline associated with credit problems and rapid expansion prompted senior-management changes.
- 1997
Name changed to Pacific Century Financial Corporation
[1]Bancorp Hawaii adopted the Pacific Century Financial Corporation name during its expansion period.
- 1987
Mainland expansion begins
[1]Bancorp Hawaii acquired First National Bancorp of Arizona and entered continental U.S. banking.
- 1971
Holding company established
[1]Hawaii Bancorporation was formed as the bank's holding company, while Bank of American Samoa was absorbed.
- 1959
First Pacific Islands branch
[1]The bank opened a branch at Kwajalein, beginning a major period of Pacific expansion.
- 1930
Bank of Maui amalgamation
[1]Bank of Hawaii combined with Bank of Maui, extending its island banking network.
- 1922
First Bank of Hilo acquisition
[1]The bank acquired First Bank of Hilo and its four branches.
Products and positioning
A locally rooted, full-service regional bank serving Hawaii and selected Pacific markets through relationship banking and broad retail, commercial, investment, and treasury capabilities.
Banking services
Retail banking
Bank of Hawaii's retail business serves individuals and households through deposits, consumer lending, residential finance, payment services, branch banking, and digital or self-service channels. Its extensive Hawaii network supports everyday banking relationships and gives the institution a high local presence.
Business banking
Commercial banking
Commercial banking provides businesses, institutions, and public-sector customers with lending, deposits, treasury management, cash-management, and related financial services. The unit is designed around relationship banking and the operating needs of Hawaii and selected Pacific markets.
Investment and wealth management
Investment services
Investment services address investment administration, advisory, brokerage, and wealth-related needs for individuals and organizations. The business complements the bank's deposit and lending relationships with longer-term financial planning and asset services.
Bank treasury
Treasury services
Treasury is one of the bank's principal operating segments and manages balance-sheet, liquidity, funding, and interest-rate-related activities. It supports the institution's overall financial resilience and the delivery of banking products to customers.
Brand decisions
2002
Restore the Bank of Hawaii corporate identityStrategyBackground
Following the strategic withdrawal from mainland and international businesses, the holding company no longer reflected the broader Pacific Century expansion strategy.
Action taken
Pacific Century Financial Corporation changed its name to Bank of Hawaii Corporation.
Aftermath
The change aligned the holding company with the established local banking brand and its narrower regional focus.
2001
Refocus on core Pacific marketsStrategyBackground
Credit problems, weak performance, and rapid expansion beyond the bank's traditional territory created pressure to simplify the organization and reduce noncore exposure.
Action taken
The company sold its Arizona and California branches, divested the credit-card division, sold or closed operations in several Pacific and Asian markets, and concentrated on Hawaii, Guam, and American Samoa.
Aftermath
The retrenchment reduced the geographic scope of the organization and preceded the 2002 restoration of the Bank of Hawaii corporate name.
2001
Sale of credit-card divisionM&ABackground
The credit-card business was outside the simplified core strategy adopted after the company's performance decline.
Action taken
Pacific Century Financial Corporation sold the division to American Express; the transaction value was not specified in the reference material.
Aftermath
The sale formed part of the company's broader disposal of noncore businesses.
Recent events
Sources3 sources
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