Connect with us

Hawaii

Central Pacific's deal talks for American Savings in Hawaii stall

Published

on

Central Pacific's deal talks for American Savings in Hawaii stall


The CEO of Central Pacific Bancorp in Honolulu said the bank recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

Adobe Stock

Central Pacific Bancorp in Honolulu, reportedly in talks this year to buy Hawaiian Electric’s American Savings Bank, said deal discussions are now on ice.

“While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions,” Central Pacific Chairman and CEO Arnold Martines said Wednesday during the $7.4 billion-asset bank’s third quarter earnings call.

Advertisement

He said Central Pacific recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

He did not name American Savings. When asked by an analyst for more detail, Martines said, “At this point, we cannot comment on this further. We just can’t comment further about it.”

Citing unnamed sources, Bloomberg in September reported that Central Pacific was in discussions with multiple alternative asset managers to help buy the $9.3 billion-asset American Savings from Hawaiian Electric, the utility under scrutiny for its role in the August 2023 Lahaina wildfires that devastated a town on the island of Maui and killed more than 100 people.

Central Pacific reported third-quarter net income of $13.3 million, or 49 cents per share. Those results compared with net income of $13.1 million, or 49 cents, a year earlier.

Excluding the expense hit related to the deal talks, Central Pacific said its adjusted net income was $15.7 million, or 58 cents per share.

Advertisement

Earlier this year, Bloomberg reported that Hawaiian Electric was looking to sell American Savings to create a cash buffer against dozens of lawsuits across state and federal courts. Many of the complaints accused the utility of sparking the blazes that ultimately caused more than $5 billion of property damage.

After that report, Evercore ISI analyst Michael Lonegan noted that the bank was in a strong financial position and had suffered minimal direct impact from the fires. “We would value the bank in the range of $600-$800 million in these circumstances,” Lonegan said.

American Savings, also based in Honolulu, on Wednesday reported third-quarter net income of $18.8 million, up from $11.4 million a year earlier. As a unit of Hawaiian Electric, it does not hold an earnings call.

“We remain well-positioned to support our customers and community for the long term, with a strong capital and liquidity position, strong credit quality, and ample lending capacity,” Ann Teranishi, president and CEO of American Savings, said in the bank’s earnings release.

Hawaiian Electric is scheduled to report earnings and hold a call with analysts on Nov. 8.

Advertisement

Earlier this month, authorities culminated an investigation with a report blaming the Lahaina fire on Hawaiian Electric. The report from the Maui Fire Department and the Federal Bureau of Alcohol Tobacco, Firearms and Explosives said the disaster was started from a blaze caused by broken power lines.

“We deeply regret that our operations contributed to the fire. … We have looked closely at our protocols and actions that day and have made many changes in our operations and resilience strategies to ensure we fulfill our commitment to keep the public safe, especially in extreme weather events, which are becoming more frequent and severe,” Hawaiian Electric said in a statement.

American Savings is not the only Hawaiian bank on the potential sale block. The $17.4 billion-asset Hope Bancorp in Los Angeles agreed in April to an all-stock deal valued at $78.6 million to buy Territorial Bancorp in Honolulu. Hope said its offer priced Territorial at $8.82 per share and that it expected to close the transaction by Dec. 31. 

The seller’s shareholders are slated to vote on the pending sale to Hope on Nov. 6. Approval is hardly a sure thing, however, given there is a competing offer on the table. An investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon made a competing offer in August. Its initial cash bid valued Territorial at $12 per share. It has since upped that to $12.50 per share. 

More than 100 banks announced plans to sell in 2024. That put the industry ahead of last year’s total of 98 deals, according to updated data from S&P Global Market Intelligence.

Advertisement

One of the biggest transactions of the year was announced this month. Atlantic Union Bankshares in Richmond, Virginia, said it would acquire Sandy Spring Bancorp in Olney, Maryland, for $1.6 billion of stock. It marked the third-largest bank acquisition announced this year by deal value.

Winter Haven, Florida-based SouthState Corp.’s May announcement that it would pay $2 billion in stock to acquire Independent Bank Group in McKinney, Texas, was the largest bank deal to date in 2024. Kansas City-based UMB Financial’s April plan to purchase Heartland Financial USA in Denver in an all-stock transaction valued at just under $2 billion was second.



Source link

Hawaii

Hawaii baseball’s Ryan Inouye has friendly duel with former team Hawaii Pacific

Published

on

Hawaii baseball’s Ryan Inouye has friendly duel with former team Hawaii Pacific


HONOLULU — Hawaii Pacific coach Dane Fujinaka joked with his staff that it was a lose-lose situation.

When HPU Sharks all-time saves leader Ryan Inouye took the mound in the ninth inning for the University of Hawaii against his former team Wednesday, there were plenty of mixed emotions in the Les Murakami Stadium visitors’ dugout.

“It was like we either come back and make a push here, and our guy obviously has to wear it,” Fujinaka said. “Or he shuts it out like he did, and we lose.”

The 5-foot-9 Kailua High graduate with the unorthodox right-handed mechanics limited the Sharks to a single to record his first save in a Kelly green uniform, as UH beat its crosstown opponent 4-1.

Advertisement


[Note: See below for more photos of Hawaii-Hawaii Pacific baseball.]

Inouye, his face a neutral mask minutes later, resolved to keep his emotions the same way as he stepped on the turf.

“Gotta keep it the same even though I know a lot of the guys over there,” he said.

Advertisement

Afterward, he greeted old teammates and coaches and was warmly received.

Inouye posted 20 saves over the last three years with Division II HPU, including the program single-season record of 13 en route to second-team All-West Region honors in 2025. He learned last season that he had a year of eligibility restored from his time at Menlo at the front end of his college career. But by rule he also would not be able to apply it at the D-II level.

Once the season ended, Fujinaka reached out to UH pitching coach Keith Zuniga and head coach Rich Hill.

“I said, ‘Hey, is there any interest here? I think you guys like perfect fit. He lives five minutes away. He’s a different arm that a lot of your league hasn’t seen.’”

“It was an easy phone call, and he was out of Division II eligibility, so he wouldn’t have been able to come back to us anyway,” Fujinaka added. “I’m just really happy that that UH, Rich gave him a chance to continue playing.”

Advertisement

It was his seventh appearance for the Rainbow Warriors, but first since March 8 against Cal Poly.

Hill acknowledged it was “weird” to put Inouye in a situation to face his old friends. He was the last of seven pitchers to see work in the mid-week bullpen game.

“He went to war with those guys for a few years. But they understand,” Hill said. “And he loves his teammates and he loves his coaches on both sides. I don’t think that entered into it at all. He was just trying to execute pitches and get a save for his team.”

Four UH pitchers — Derek Valdez, Saul Soto, Jack Berg and Zac Tenn — took a combined no-hitter into the seventh, when the Sharks’ Owen Wessel singled to right off Tenn.

Shortstop Elijah Ickes threw Wessel out at home on Ethan Murakoshi’s fielder’s choice. Jayden Gabrillo scored on a wild pitch by Tsubasi Tomii to give the Sharks a momentary lead.

Advertisement

Ben Zeigler-Namoa started a four-run rally in the bottom of the frame with a single to right. Kody Watanabe tied the game with an infield single and catcher Jake Redding drew a bases-loaded walk for the go-ahead score.

After UH faced ex-‘Bows pitcher Rylen Bayne in the bottom of the eighth — Bayne got through old teammates Zeigler-Namoa, Ickes and Draven Nushida cleanly — it was Inouye’s turn to face old friends.

He got Blake Helsper to foul out with a nice sliding catch by third baseman Tate Shimao just in front of the UH dugout.

Noah Hata singled up the middle, but Inouye struck out Carter Jones on eight pitches and Gabrillo grounded out to first to end the game.

Inouye was teammates with all the batters he faced, save Helsper.

Advertisement

“Definitely wanted to get all of them out,” Inouye said. “But Noah got a hit, so he’s definitely gonna hold that one over me.”

UH (13-10, 3-6 Big West) now readies for Cal State Fullerton (11-13, 5-4) in a three-game series starting Friday.

Hill said he appreciated the closely played contest that tested his team’s nerve when the Sharks got on the board first late in the game. HPU hadn’t beaten UH since 1986.

“It felt like the game meant something,” Hill said. “It’s good for our guys to be in that situation heading into Cal State Fullerton. You can’t replicate that in practice.”

As for Fujinaka, it was encouraging to see some of his eight pitchers on the day work their way out of jams, a known trouble spot for his group.

Advertisement

His message to the players was, “Look, guys, like, we can play alongside anybody in the country, as long as we continue to throw strikes, play defense, do the fundamental stuff that we talked about all year.”

HPU (12-14, 10-10 PacWest), which beat Chaminade 11-7 on Tuesday, hosts Fresno Pacific in a four-game series at Hans L’Orange Park next Wednesday.

The Sharks have weathered a literal storm or two.

They had a four-game home series against Westmont washed out by the first of two Kona low storms to hit Oahu. HPU’s practice site at Keehi Lagoon was inundated by knee-deep water — something Fujinaka had never seen.

They will attempt to make three of the Westmont games up on the road, Fujinaka said, in a tough 11-games-in-12-days stretch in mid-April.

Advertisement

Hawaii pitcher Ryan Inouye threw a pitch against his former team, Hawaii Pacific, in the ninth inning. (Spectrum News/Brian McInnis)

Hawaii third baseman Tate Shimao, sitting, made a sliding catch in foul territory near the UH dugout against Hawaii Pacific. (Spectrum News/Brian McInnis)

Former Hawaii pitcher Rylen Bayne threw a pitch for HPU against his old team. (Spectrum News/Brian McInnis)

Hawaii’s Jake Redding got caught in a rundown short of home plate as HPU catcher Brock Wirthgen stood in his way. (Spectrum News/Brian McInnis)

Brian McInnis covers the state’s sports scene for Spectrum News Hawaii. He can be reached at brian.mcinnis@charter.com.

Advertisement





Source link

Continue Reading

Hawaii

Video in Hawaii doctor’s trial shows moments after wife alleges husband tried to kill her

Published

on

Video in Hawaii doctor’s trial shows moments after wife alleges husband tried to kill her


Police bodycam video played in court during the trial of a Hawaii doctor accused of trying to kill his wife a year ago showed the moments officers arrived on the scene. Gerhardt Konig has pleaded not guilty to the attempted murder of his wife. Warning: this video is disturbing.



Source link

Continue Reading

Hawaii

Green requests federal disaster declaration for storm assistance – Hawaii Tribune-Herald

Published

on

Green requests federal disaster declaration for storm assistance – Hawaii Tribune-Herald


Gov. Josh Green on Tuesday asked President Donald Trump to declare a major disaster to help Hawaii recover from the back-to-back Kona low storm systems, with the hope that the federal government will provide up to 90% in funding.

The first storm hit on March 10, followed by a second Kona low on Thursday that the governor’s office said brought “catastrophic flooding, landslides, infrastructure damage and emergency evacuations across multiple islands.”

“These storms have impacted every county in our state and stretched our emergency response capabilities,” Green said in a statement Tuesday. “This request is about getting our communities the support they need to recover quickly and safely.”

If approved, Trump’s declaration would trigger the Federal Emergency Management Agency to provide support for residents in the form of housing assistance, disaster unemployment assistance, crisis counseling and legal services.

Advertisement

There would also be federal funding for debris removal, emergency protective measures and permanent repairs to roads, bridges, utilities and public facilities.

Green also hopes for federal assistance to strengthen infrastructure and reduce the risks of future disasters across the state.

The storms knocked down trees, and triggered mudslides and rockfalls that blocked highways, isolated communities and disrupted emergency access statewide.

The first storm caused more than $400 million in damage, followed by the second, which, combined, is expected to exceed more than $1 billion in damage.

Otake Camp in Waialua was hit especially hard, and the Hawaii National Guard continues to help with debris removal and clearance operations, along with National Guard recovery and emergency operations statewide, Green’s office said.

Advertisement

“The scale of damage we are seeing — from washed-out highways to overwhelmed water systems — makes clear that federal partnership is essential,” Green said in his statement. “We are doing everything we can at the state and county level, but this is exactly the type of event where FEMA support is critical.”

On the North Shore, water “buffaloes” have been deployed in Waialua, Haleiwa and at Sunset Elementary to provide drinkable water.

The state and city have also set up a mobile clinic at Haleiwa’s Ali‘i Beach Park, while Kaiser Permanente has also deployed a mobile clinic to Kula on Maui to help patients from Kula Hospital who had to evacuate because of storm damage.





Source link

Advertisement
Continue Reading

Trending