Study ranks Bank of Hawaii No. 1
Bank of Hawaii Corp. was the nation's top performing bank last year, according to a study by a trade magazine.
The ABA Banking Journal, the monthly magazine for the American Bankers Association, rated Bank of Hawaii No. 1 when it comes to return on average total equity. The bank's return was 24.54 percent, topping the next best performer, Little Rock, Ark.-based Bank of the Ozarks, by a large margin.
Bank of Hawaii CEO Al Landon said the ranking is something the bank and its employees can be proud of, coming at a time when the nation's financial industry is facing tremendous upheaval. Bank of Hawaii was rated second in the magazine's study for 2007.
"We maintained our discipline, avoided subprime markets, and stuck to our job of taking care of customers in a difficult economic environment," Landon said.
WAHIAWA HOSPITAL NURSES OK PACT
Unionized nurses at Wahiawa Hospital have ratified a three-year contract that includes a 12 percent pay hike over the life of the agreement.
The contract covers 53 registered nurses at the Central O'ahu facility who ratified the pact shortly after a tentative agreement was reached on April 29.
In addition to the base pay increase, nurses secured shift differential increases for evening and night shift and on-call pay increases.
NORWEGIAN CRUISE LINES PROFITS UP
Norwegian Cruise Lines swung to a profit in the first quarter from a loss during the same period a year earlier, helped in part by cost savings it achieved by moving two of its three Hawai'i-based cruise ships to its international fleet.
NCL reported net income of $5.2 million in the first quarter, compared with a loss of $145 million in the same quarter a year earlier.
In addition to paying less for fuel in the first quarter, the company said it cut payroll and related costs by shifting the Pride of Hawaii and Pride of Aloha to foreign markets where it is cheaper to do business.
The Pride of Hawaii departed in February 2008, and the Pride of Aloha left last May. NCL continues to operate the Pride of America in Hawai'i.
CASTLE GROUP TAKES OVER 4 HOTELS
The Castle Group Inc. said it has taken over management of four hotels on Kaua'i and Moloka'i that had been run by the now-defunct Marc Resorts.
The Castle Group, through its subsidiary Castle Resorts & Hotels, assumed management contracts for the Molokai Shores on Moloka'i, and the Pali Ke Kua, Puu Poa and Hale Moi Cottages in Princeville, Kaua'i, the company said in a news release.
The properties previously were managed by Marc Resorts, which abruptly ceased operations last week and laid off nearly 40 workers.
The Castle Group, based in Honolulu, also reported financial results for the first quarter. The downturn in tourism contributed to a net loss of $47,623, compared with net income of $99,658 a year earlier, the company said in a news release.