Well-known Hawai'i economist Paul Brewbaker is leaving Bank of Hawaii after 24 years to focus on consulting work, including doing forecasts for the bank.

Bankoh yesterday confirmed the departure of Brewbaker, who is considered one of the state's top economists. It praised Brewbaker, but said that having eco-nomists as consultants instead of employing them is something that more banks are moving toward.

"This is a familiar arrangement with economic experts," said bank spokesman Stafford Kiguchi. "At the same time it will allow the bank to continue to benefit from Paul's considerable knowledge and expertise."

Brewbaker is frequently sought out for comment on economic and industry trends in newspaper articles and television reports. Besides having served as Bank of Hawaii's chief economist, Brewbaker also is chairman of the state Council on Revenues, which is a group that prepares revenue estimates for state government.

Brewbaker also served as a senior vice president of Bank of Hawaii, the second-largest bank in the state when ranked by assets. His work at the bank included research on financial and economic risk.

He declined comment yesterday, saying a consultancy agreement was scheduled to be completed today.

Kiguchi praised Brewbaker's work at the bank, which included publishing quarterly economic reports, helping with a construction forecast and a business confidence survey.

"Paul's served the bank well for many years and we look forward to the new relationship," Kiguchi said, noting the bank's current plans call for continuing key economic reports.

Brewbaker's move to a consultant role leaves the state's biggest banks without chief economists on staff.

At one time both Bank of Hawaii and First Hawaiian Bank, the state's largest bank, employed chief economists. But First Hawaiian Bank closed its economics department 11 years ago in a cost-cutting move and its then chief economist Leroy Laney became a consultant to the bank.

Laney continues to prepare economic forecasts for the bank and is a professor of finance and economics at Hawai'i Pacific University.