Fed to hold Bankoh-American Samoa hearing
The Federal Reserve Bank will hold hearings next week on Bank of Hawaii’s proposal to close its branches in American Samoa. The hearings will be held simultaneously Tuesday in Honolulu and American Samoa.
The Honolulu meeting will start at 10 a.m. at Tapa III Room in the Tapa Tower of the Hilton Hawaiian Village.
Those wishing to comment at the meeting must submit a written request no later than noon Friday to Tracy A. Basinger, Federal Reserve Board group vice president, via email at tracy.basinger@sf.frb.org. If email is not available, requests can be faxed to 415-393-1962. Contact Basinger for comment requirements.
Bank of Hawaii, which is the only U.S. bank in American Samoa, announced it would close its Tafuna and Utulei branches Nov. 30.
It stopped accepting loan applications and opening new accounts Feb. 15 and is allowing customers to use their accounts until March 15 when the branches will officially close for business.
Separately, American Samoa Congressman Eni Feleomavaega will be the keynote speaker during lunch at the FACE (Faith Action for Community Equity) third annual Equity Summit on Saturday at the University of Hawaii College of Business.
This lunch event is free and open to the public. For more information, contact Kim Harman at 375-9560.
Hawaii island, Kauai home prices rise
The median price of single-family houses increased by double-digit percentages on both Hawaii island and Kauai in February at the same time that the cost of buying a condominium decreased, according to data Tuesday from Hawaii Information Service.
Home prices on the Big Island rose 25.5 percent to $295,000 from $235,000, while on the Garden Isle residential prices gained 14.1 percent to $512,400 from $449,000. Condo prices on Hawaii island slipped 6.4 percent to $218,000 from $233,000 and fell by an even great amount on Kauai, declining 28 percent to $225,000 from $312,500.
Sales were mixed on both islands.
On Hawaii, single-family home sales gained 7 percent to 123 from 115 while condo sales dropped 7.3 percent to 38 from 41. On Kauai, residential sales tumbled 31.4 percent to 24 from 35 while condo sales edged up 5 percent to 21 from 20.
Isle coffee leaders seek aid against pest
Hawaii coffee industry leaders are seeking federal emergency assistance to defend against the coffee berry borer pest.
The Kona Coffee Farmers Association and the Hawaii Coffee Association sent a letter to President Barack Obama and Agriculture Secretary Thomas Vilsack asking for more help from the U.S. Department of Agriculture to defeat the destructive beetle discovered on Hawaii island in late 2010.
The letter dated Feb. 28 said the pest has increased exponentially whereby billions of beetles threaten Kona coffee farmers and potentially coffee growers on other islands despite more than two years of efforts combating the invasive insects.
"Clearly more expertise is rapidly needed," the letter said. "As a Hawaii-born citizen, Mr. President, you can understand the gravity of our situation as our agricultural business sector provides our diverse citizenry with the economic bases for life here on the Island of Hawaii."
Kona coffee is grown on more than 700 mostly small family farms. Last year all coffee in Hawaii was a $35 million crop produced by 830 farms, according to the USDA’s National Agricultural Statistics Service.
Fish importer told to stop operations
Hawaii Commissioner of Securities Tung Chan issued a preliminary order to cease and desist against Noel P. Manuel and his fish importing business, CNE Enterprises LLC, for allegedly violating state securities laws.
The order alleges "Manuel and CNE solicited investors, including members of Manuel’s church and extended family, to invest in CNE. Manuel allegedly told investors that their money was urgently needed to move fish that was being held in customs or waiting in the Philippines. Respondents allegedly promised investors fixed returns as high as 40 percent in one year," according to a news release from the commissioner.
"Investors never did receive the returns as promised, and some of the money they invested was allegedly used for non-business expenses such as retail purchases, payments to golf courses, food, payments to Manuel’s wife, and cash withdrawals," the new release said.
CNE personnel could not be reached for comment. A phone number for CNE has been disconnected.
January home prices up 9.7%, best gain since 2006
U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That’s up from an 8.3 percent increase in December and the biggest annual gain since April 2006. Prices rose in all states except Delaware and Illinois, and prices increased in 92 of the 100 largest metro areas, up from 87 in December.
Home prices also rose 0.7 percent in January from December. That’s a solid increase given that sales usually slow over the winter months.
Rising demand combined with fewer available homes is pushing up prices.
ON THE MOVE
Ellen Schultz is now vice president of operations at Honolulu HomeLoans. Schultz has worked in the mortgage lending industry for 33 years.
Deloitte’s Honolulu practice has announced a new partner and appointed a new director:
>> Joseph Young is an audit partner in audit enterprise and risk service function who transferred to Honolulu from the firm’s San Francisco office. Young has 14 years of experience in SEC public restraints, middle market companies and growth enterprises.
>> Joanna Kawamoto was promoted to audit director in audit enterprise and risk service function. She has 13 years of experience in a variety of industries in Honolulu, on the neighbor islands and in Seattle.
