New bank seeks OK to operate

Advertiser Staff

Pacific Rim Bank has become the first commercial bank to apply to operate in Hawai'i since 1989, the state Department of Commerce and Consumer Affairs announced yesterday.

The agency's Division of Financial Institutions and the Federal Deposit Insurance Corp. are jointly reviewing Pacific Rim bank's proposed managers and directors, capital plan, business strategy, financial projections, and policies and procedures.

Pacific Rim Bank's application comes amid a prolonged economic expansion in the state driven by strong real estate and visitor industries and healthy defense spending.

"A robust local economy and industry consolidation are certainly factors in the formation of new businesses, which includes new banks," said state Commissioner of Financial Institutions Nick Griffin in a written statement.

Longtime Honolulu banker Austin Imamura, a former executive vice president with Central Pacific Bank, was listed as Pacific Rim's agent.

Because of consolidation in the state's financial services industry, there are now four commercial banks, two savings institutions and one depository financial services loan company based in Hawai'i, according to the DCCA.

In September, Central Pacific Bank acquired crosstown rival City Bank.