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Hawaii News

Bankoh shares rebound 10.7% as local banks bounce back

COURTESY BANK OF HAWAII / 2022
                                Bank of Hawaii’s stock rose Thursday after losing about a quarter of its value earlier this week. Shown is the Pearlridge Branch in Aiea.

COURTESY BANK OF HAWAII / 2022

Bank of Hawaii’s stock rose Thursday after losing about a quarter of its value earlier this week. Shown is the Pearlridge Branch in Aiea.

Bank of Hawaii, the hardest-hit of the five publicly traded local banks in the aftermath of the spreading global financial crisis, saw its stock rebound 10.7% Thursday as 11 of the largest U.S. banks infused $30 billion into the smaller San Francisco-based First Republic Bank.

First Republic had been exploring a potential sale after its credit rating was downgraded. The action by the large banks was meant to reflect their confidence in banks of all sizes, the larger banks said in a statement.

Bankoh, the state’s second-largest bank, rose $5.08 to $52.68 after losing about a quarter of its value during the first three days of this week.

Shares of First Hawaiian Bank, the state’s largest, rose 3.5%, or 73 cents, to $21.67.

Hawaiian Electric Industries Inc., which owns American Savings Bank, the state’s third largest, gained 1.6%, or 58 cents, to $37.89 to put its shares in positive territory for the week.

Central Pacific Bank, the state’s fourth largest, saw its stock rise for the third straight day in advancing 2.2%, or 43 cents, to $19.82.

Territorial Savings Bank, the state’s fifth largest, saw its stock jump 5.1%, or 99 cents, to $20.37 to also put its shares into positive territory for the week.

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