Bankoh parent's board OKs buybacks

Advertiser Staff and News Services

Bank of Hawaii Corp. said yesterday that its board of directors has authorized an additional repurchase of common stock, bringing the total repurchase amount since last year to $800 million.

The bank holding company said yesterday that its directors approved the repurchase of up to an additional $230 million of the company's common stock.

The bank's board had previously announced stock buyback authorizations of $570 million.

The buybacks come as part of the company's strategic plan, announced in April 2001, that included selling nearly all of its overseas assets to focus its business on Hawai'i and increase the parent company's stock price.

The company said the money available to pay for the stock buybacks are proceeds from divested businesses and managed-asset reductions that improved the company's credit profile and reduced the amount of required capital.

Bank officials said that so far the company has repurchased a total of 19.9 million shares under its previously announced share repurchase authorizations at an average share price of $26.15 for a total of $519 million.

The remaining repurchase authority for the company is now approximately $281 million in common stock.

Bank of Hawaii Corp. is a regional financial services company serving businesses, consumers and governments in Hawai'i, American Samoa and the West Pacific.

The company's principal subsidiary, Bank of Hawaii, was founded in 1897.