Posted on: Thursday, December 20, 2001

Paris firm absorbs BancWest

Advertiser News Services

BancWest Corp., parent company of First Hawaiian Bank and San Francisco-based Bank of the West, officially became a wholly owned subsidiary of BNP Paribas of Paris yesterday.

Earlier this month, the Federal Reserve Board approved a $2.5 billion deal that allowed BNP Paribas to acquire the 55 percent of BancWest stock it didn't already own.

All outstanding Banc-West shares, with the exception of those owned by BNP Paribas, have been converted into the right to receive a $35-per-share cash payment.

BancWest stockholders who have stock certificates will receive instructions from Mellon Investor Services LLC on how and where to forward their certificates for payment.

"This change rewards our stockholders for their support of BancWest and positions our company, under its new ownership, for dramatic growth in the Western United States," said Walter A. Dods, Jr., chairman and chief executive of BancWest.

"For our customers in Hawai'i and the West, however, it's business as usual at our branches. Both First Hawaiian and Bank of the West will remain community banks, with an emphasis on decentralized, personal service."

BancWest stock, which had been listed on the New York Stock Exchange, will no longer be publicly traded.

The company's headquarters will remain in Honolulu under existing management, and First Hawaiian Bank and Bank of the West will continue to operate as separate institutions using their present names.

BNP Paribas, with $709.2 billion in assets, owned 45 percent of BancWest prior to the Fed's approval. BancWest, with $19.8 billion in assets, is the No. 35 U.S. bank with 252 branches in seven states, Guam and Saipan.