Hawaii
Controversial bid for Territorial in Hawaii wins shareholder backing
Adobe Stock
Shareholders of Territorial Bancorp in Honolulu on Wednesday voted in favor of a sale to Los Angeles-based Hope Bancorp, ending a contentious and protracted campaign to derail the deal and paving a path to close it by the end of this year.
The deal, announced in April, faced major hurdles in recent weeks after an investor group stepped in with a
The combination still needs regulatory approval.
“We expect our combination with Bank of Hope to strengthen Territorial for the long term, providing many advantages for our customers and employees as we become part of a larger organization with greater resources, enhanced technology platforms, and an expanded array of banking products and services,” Territorial Chairman and CEO Allan Kitagawa said in a press release after the vote. “We greatly appreciate the hard work of our employees and their unwavering commitment to delivering outstanding service as we progress toward the closing of this transaction.”
The $17.4 billion-asset Hope agreed in April to an
However, an investor group led by
“We think our offer is clearly superior,” Landon said in an interview ahead of the vote.
Territorial’s shares traded above $11 on Wednesday.
Landon said the Hope offer came before the Federal Reserve made clear that it planned to cut interest rates and provide relief to community banks such as Territorial, whose securities portfolios and earnings have been under pressure. The Fed lowered its benchmark interest rate by 50 basis points in September and signaled more reductions could follow.
Territorial swung to a third-quarter net loss of $1.3 million, or 15 cents per share, from year-earlier net income of $880,000, or 10 cents per share. Territorial holds older bonds and other assets at low rates and had to pay more for deposits over the past couple years. As a result, its third-quarter net interest income decreased by nearly $2.6 million from a year earlier to $7.5 million.
However, with rates now declining, Landon said the bank’s earnings are poised to recover, and Territorial was worth more than the Hope offer implied.
Before the vote, Yakira Capital Management, one of Territorial’s largest shareholders, urged the bank to consider the Blue Hill offer, calling it financially superior.
“We continue to question why the board is so vehemently against an offer that provides approximately 25% more value for shareholders,” the Westport, Connecticut-based investment manager said. It owns more than 1% of Territorial’s shares.
That statement came on the heels of proxy advisor Institutional Shareholder Services supporting consideration of the Blue Hill offer.
However, ISS reversed its position ahead of the vote, and proxy advisor Glass Lewis also recommended that shareholders get behind the Hope deal.
In a letter to shareholders last week, Territorial’s board said it remained committed to the Hope deal. The board said the Blue Hill bid presented too many uncertainties and ultimately did not appear stronger than the Hope package when all factors were considered.
The $2.2 billion-asset bank’s board said that the Blue Hill offer was made on behalf of investors who had not presented sufficient evidence that they had the financial wherewithal to follow through on their offer or the expertise to secure regulatory approvals.
Territorial also said it would have to pay Hope a $3 million termination fee to pursue the investor group’s offer — an expensive risk given uncertainty about whether the competing offer was sound.
The Blue Hill-led group in October provided an addendum to its offer to provide additional details about the “seven seasoned bank investors backing the proposal, whose individual expressions of interest in acquiring Territorial shares total $134 million,” according to a press release at the time. “That is $26 million more than the amount required to tender for 100% of Territorial’s shares at a price of $12.50 per share.”
The investors collectively manage $3.4 billion “and comprise a mix of funds, family offices and private investors who have executed hundreds of transactions like this,” according to the group’s press release.
Territorial’s shareholder vote was webcast Wednesday afternoon Eastern time. Executives, who were not immediately available to comment, said on the webcast that a majority of shareholders voted in favor of the Hope sale. They said a precise tally would follow in a forthcoming Securities and Exchange Commission filing.
A Blue Hill spokesman said Wednesday the group would await the SEC filing before commenting.
Hawaii
Kanakaʻole, Zane ʻohana transform Hawaiian cultural practices into captivating visual arts | Maui Now
This powerful new exhibition will feature the work of Nālani Kanakaʻole, Sig Zane, and Kūhaʻoʻīmaikalani Zane—a Hilo-based family of artists whose creative practices are deeply rooted in hula ʻaihaʻa.
Hula ʻaihaʻa is the low-postured, vigorous, bombastic style of hula that Kanakaʻole was known for as kumu hula of Hālau o Kekuhi. The hula springs from the eruptive volcano personas of Pele and her sister Hiʻiaka, characteristic of Hawaiʻi Island’s creative forces.
The Bishop Museum, the State of Hawaiʻi Museum of Natural and Cultural History, on Oʻahu is presenting “Ea Mai ʻEiwa: Patterns of Practice” in the J. M. Long Gallery beginning on Saturday, April 18, 2026.
The exhibition title references “Kūhaʻimoana,” a chant describing the migration of shark gods from Kahiki (ancestral homeland) to Hawaiʻi. “Ea Mai ʻEiwa” reflects the strength, resilience, and environmental knowledge embodied in these ancestral stories.
Bringing together new and existing works alongside botanical specimens and cultural treasures from Bishop Museum’s collections, the exhibition weaves themes of migration, community resilience, and environmental stewardship—offering insight and inspiration for today.
“This exhibition demonstrates that the gap between historic collections and contemporary art is actually a lot smaller than people think,” said Sarah Kuaiwa, Ph.D., Bishop Museum curator for Hawaiʻi and Pacific Cultural Resources. “Audiences will see how the artists use the same materials as pieces in Bishop Museum collections but in different forms. The resonance between the artist’s work with mea kupuna (ancestors) is what makes ‘Ea Mai ʻEiwa’ a uniquely Bishop Museum exhibition.”
Kuaiwa curated the group exhibitions along with co-curator, kumu hula Kauʻi Kanakaʻole, and Bishop Museum exhibit designer, DeAnne Kennedy.
The artists’ work across visual and performing arts is continually charged and sustained by hula. From Nālani Kanakaʻole’s art direction and choreography to Sig Zane’s photography and textile design, and Kūhaʻoʻīmaikalani Zane’s graphic design and immersive installations, each artist channels ʻike (knowledge, wisdom) carried through generations.
“Through repetition, deep study, and consistent practice, mastery is achieved. As practitioners of hula, the artists have continued to deepen their understanding of the natural and spiritual world, which has in turn inspired their art practices,” Kuaiwa said. “They aim to produce art in various visual media not only to educate, but to also be aesthetically celebrated and enjoyed.”
“Patterns of Practice” was suggested by Sig Zane as a way of representing how the artists hone their skills.
“‘Kūhaʻimoana,’ for me, has many layers to it,” Kūhaʻoʻīmaikalani Zane said. “On a first take, it’s a migratory chant that compares migrations to waves of ocean-navigating sharks. That metaphor sets out the tone of connectivity between our natural environment and the beings that inhabit it.”
“‘Kūhaʻimoana’ is an example illustrating metaphorical depth within Hawaiian poetry,” said Sig Zane. “The importance of navigation surfaces in day-to-day cultural practices. This archaic chant reveals nuanced content, giving us a peek into hierarchy, dualities, and familial belief systems.”
Kanakaʻole passed away in January this year, so Kauʻi Kanakaʻole hopes that “Ea Mai ʻEiwa: Patterns of Practice” reflects Kanakaʻole’s philosophy of practice and piques curiosity within people about others’ stories, history, and culture.
“She intentionally taught hula with depth of language, craft, and art form to encompass a full-on lifestyle commitment,” Kanakaʻole said. “This was her everyday; the way she learned, grew, and inspired.” “I would love for guests to leave (the exhibition) with a mixture of awe, appreciation, and curiosity.”
Highlights of the “Ea Mai ʻEiwa: Patterns of Practice” exhibition include:
- Nālani Kanakaʻole’s kite installation, “Kūhaʻimoana,” her last large-scale installation before her passing
- Botanical specimens from various locations across Hawaiʻi Island, chosen to represent their hula ʻahu (altar) and sources of inspiration the artists frequently draw from
- Uniquely colored kūpeʻe (sea snails) shells made into adornments, as well as adornments made to look like kūpeʻe shells
- Kapa (barkcloth) made from the 19th century with dynamic designs
- ʻAwa (kava, Piper methysticum) cups and kānoa (kava bowl) associated with the aliʻi
- New and archival sketches and rubylith artworks by Sig Zane from 1990 to present
- A collection of family photos from the Kanakaʻole ʻOhana
- Memorabilia and ephemera from the theatrical performance, “Holo Mai Pele” (1995-2000)
“Ea Mai ʻEiwa: Patterns of Practice” will be presented in both ʻŌlelo Hawaiʻi and English, and will be on view until Sept. 20, 2026.
For more information, visit bishopmuseum.org.
Hawaii
Large section of Aloha Stadium demolished as project proceeds – West Hawaii Today
The demolition of Aloha Stadium on Oahu took a big step forward Thursday with the first section of seating pulled down from the steel structure.
Half of the elevated deck-level seating on the stadium’s makai side was severed and toppled backward as part of demolition work that began in February.
The other half of the upper makai-side seating is slated to come down Tuesday, followed by similar sections on the mauka side and both end zones, though the concrete foundations for lower-level end-zone seating are being preserved for a new, smaller stadium to rise on the same site.
A private partnership, Aloha Halawa District Partners, led by local developer Stanford Carr, is replacing the 50,000-seat Aloha Stadium, which opened in 1975 and was shuttered in 2020, with a new stadium featuring up to 31,000 seats.
AHDP is using $350 million of state funding toward the cost of the new stadium, which could be $475 million or more, and will operate and maintain the facility on state land for 30 years with a land lease.
The development team also is to redevelop much of the 98-acre stadium property dominated by parking lots with a new mixed-use community that includes at least 4,100 residences, two hotels, an office tower, retail, entertainment attractions and open spaces expected to be delivered in phases over 25 years and costing close to or more than $5 billion or $6 billion.
Earlier parts of stadium demolition work led by Hawaiian Dredging Construction Co. included removing four covered multistory spiral walkways leading to the upper level from the ground, and concourse bridges.
Demolishing the stadium is projected to be done by August, according to Carr.
Building the new facility is expected to be finished in 2029.
Hawaii
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