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The Honolulu Advertiser
Posted on: Friday, April 26, 2002

Bankoh parent seeks name change

Advertiser Staff

Bank of Hawaii's parent, Pacific Century Financial Corp., will seek shareholder approval today to change its name to Bank of Hawaii Corp., a move the company said will reflect its new focus.

The Pacific Century name, adopted five years ago to showcase the bank's international reach, has fallen out of favor as the company sold or closed nearly all of its operations in Asia, the South Pacific and on the Mainland as part of a sweeping reorganization of the company and renewed focus on Hawai'i.

Chief executive officer Michael O'Neill made the announcement detailing dozens of changes and strategies, including the name change, more than a year ago at a meeting with analysts in New York.

The restructuring streamlined the company's operations and cost roughly 1,000 jobs, nearly all of which were in the overseas businesses.

The Honolulu-based bank holding company is seeking to regain its financial footing in Hawai'i after several years of falling profits from underperforming operations in Hawai'i around the Pacific.

The company also plans to elect directors and its auditors at today's meeting at its downtown headquarters.