Hawaii
Central Pacific's deal talks for American Savings in Hawaii stall
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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.
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
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
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.
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
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.
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
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
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.
One of the biggest transactions of the year was announced this month.
Winter Haven, Florida-based
Hawaii
Ambassadors of aloha: Food events aim to boost tourism with unique Hawaii-made products
HONOLULU (HawaiiNewsNow) – It’s shaping up to be a slower-than-usual summer for Hawaii’s tourism industry, but business leaders hope events that market the islands’ unique local food and products can turn that around.
The state expects total visitor arrivals to grow only about 2 percent this year. Numbers slid half a percent in April from the previous year, with the largest market, West Coast tourists, falling nearly 5 percent. The statewide hotel occupancy rate averaged 76.4 percent.
Economists blame higher airfares, rising inflation, fewer international visitors and uncertainty following the March kona low storms.
State-supported events like the Hawaii Lodging & Tourism Association’s (HLTA) Hawaii Hotel and Restaurant Show and DBEDT’s Hawaii Made Conference aim to boost tourism by promoting products you can only find in Hawaii.
“We’re going to continue to struggle, but we can’t stop promoting. We can’t stop advocating,” said HLTA President/CEO Mufi Hannemann. “If you can travel during these times, you’re going to come and have a wonderful experience in Hawaii whether you’re just coming for sun and surf or you’re coming here to immerse in our culture or to do business, this is the place to come.”
And those who do come are spending more.
At the Hotel and Restaurant Show this week, local food manufacturers hoped to secure more buyers in the hospitality industry.
Many rely on business and leisure visitors trying their products while in Hawaii and taking them back home where they promote it.
“The traceability that you want to know where your food is coming from,” said June Rees, general manager of Kauai Shrimp, which has 40 ponds off the coast of Kekaha. You’ll find their shrimp on many menus across the islands.
“There are a lot of people that heard about us but never tried, so this show gives us exposure to the new restaurant or chef that have heard about the name but never really tried the product.”
But fewer tourists mean less sales and slower business growth and investment.
Jina Wye is the founder of Okonokai, which makes snacks from native seaweed grown off the Kona coast on Hawaii Island.
“It’s like a superfood that everyone should be eating everyday,” she said. “There’s a lot of just missing infrastructure for manufacturing, but that’s something that we’re working on. It’s actually why I’m part of this whole like DBEDT pavilion because the state is really working hard to develop more infrastructure.”
For the family behind Aloha Star Coffee Farm, getting their award-winning premium kona coffee into airports, hotels and restaurants is key.
“Getting the opportunity to find the market niche that we need,” said Karina Rodriguez, co-owner of Aloha Star Coffee. “We are small, that sometimes we don’t have all the resources for marketing and, and going to the biggest stores, and we are working on that.”
Food entrepreneurs will get another chance to promote their products at DBEDT’s Hawaii Made Conference this Tuesday at the Sheraton Waikiki. Click here to register and for more information.
The 16th Hawaii Food & Wine Festival is another event that promotes local chefs and restaurants while promoting tourism. It spans three weekends from Oct. 16 to Nov. 8 across three islands. Find information here.
Copyright 2026 Hawaii News Now. All rights reserved.
Hawaii
Meeting set to discuss Kona airport master plan – West Hawaii Today
Hawaii
Thieves target temporary water meters across Oahu
HONOLULU (HawaiiNewsNow) – A piece of equipment designed to provide temporary water access across Oahu is now being targeted by thieves, prompting concerns from officials over rising losses and illegal water use.
The Board of Water Supply rents out temporary meters for construction sites, public events and emergency use when potable water is needed in areas without direct service.
But officials say some of the devices are being stolen despite heavy security measures.
At installation sites, the meters are wrapped in thick steel chains and secured with multiple heavy-duty padlocks to deter tampering and theft.
“For somebody to try and take it, because you saw the chain, it’s the big links. They’re thick links, so you’d have to come with a grinder or an extremely heavy-duty bolt cutter. So it’s not impossible to remove it, but it requires quite a bit of effort to remove it,” said Kathleen Pahinui, public information officer for the Board of Water Supply.
According to the agency, about 22 temporary fire hydrant meters have been illegally removed over the past two and a half years. Eight of those thefts occurred in just the past three months.
Officials say the motive behind the thefts is not confirmed, but potential drivers include scrap value or misuse of the meters to divert water for unauthorized use.
“And we don’t want people basically stealing water because then we all end up paying for that theft,” Pahinui said.
Each temporary meter costs about $3,000 to replace, and the Board of Water Supply says responsibility for protecting the device falls on the permit holder once it is installed.
“The person who has the contract with us has to replace it,” Pahinui said.
State Sen. Brenton Awa said one stolen meter on the North Shore had been serving the Haleiwa Seed Bank, where volunteers are planting coconut and ulu trees for the community.
“We set this up with the Board of Water so that we’re within the rules, we’re paying for the water, for the project, for the community. And then it just wasn’t here one day,” Awa said.
“It’s a piece of metal on the side of the road. Who’s going to steal this thing? But apparently… it’s worth something,” Awa added.
Under Hawaii law, scrap yards are prohibited from purchasing municipal, utility or state owned equipment without proper documentation.
Recyclers say materials commonly found in the meters, including brass and bronze, typically sell for about $2 to $3 per pound depending on grade. While the scrap value is relatively low, companies say functioning used meters can resell for hundreds of dollars.
The Board of Water Supply is urging the public to report any suspicious activity involving temporary meters by calling (808) 748-5000.
Copyright 2026 Hawaii News Now. All rights reserved.
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