Bank of Hawaii places fifth in ranking by Forbes

Bank of Hawaii has been named one of the top-performing banks in the country by Forbes magazine for the fifth year in a row.

The state’s second-largest bank, with $14 billion in assets, was ranked fifth among the top 100 largest U.S. banks and thrifts. Bankoh was ranked first in 2009 and 2010, and placed second in 2011 and 2012.

The rankings were based on return on average equity, net interest margin, nonperforming loans as a percentage of loans, nonperforming assets as a percentage of assets, reserves as a percentage of nonperforming loans, revenue growth and other factors.

First Hawaiian Bank, the state’s largest, was ineligible for the list because it is owned by Paris-based BNP Pari­bas.

HPU, Oceanic Institute finalize merger

Hawaii Pacific University has completed its merger with Oceanic Institute, the two entities announced Tuesday.

The merger was finalized Wednesday after a review and approval by the state Department of Land and Natural Resources and the office of the state attorney general. The merger, announced in July, also was approved by the boards of Hawaii Pacific University and Oceanic Institute.

"This is a merger that makes great sense for both OI and HPU," said HPU President Geoffrey Bannister. "Oceanic Institute’s successes in integrating and leveraging the research of various departments within the institute will help to inspire additional multidisciplinary research within the university. HPU will benefit through the ability of faculty and students throughout the university to study and conduct research at OI."

Oceanic Institute traces its roots to 1960 when the state leased land to the Pacific Foundation for Marine Research to develop an institute for marine education, marine science and ocean industry. Initially known as the Maka­puu Oceanic Center, it became the Oceanic Institute in 1972.

OI became an affiliate of HPU in 2003. Today the institute employs about 50 scientists, technicians and support workers, who are now employees of the university.

Honolulu second most desirable travel spot

Honolulu is the second most sought-after travel destination for 2014, according to the first State of Travel Report by online travel site Hotwire.com.

Las Vegas was ranked first.

The Hotwire list of 14 destinations, released in order of ranking, highlights the best month to visit each destination, average room rate per night and the percentage of savings that could be realized by visiting during off-peak times.

The best month to visit Las Vegas is June, with an average room rate of $84 at an off-peak savings of 6 percent.

September visits in Hono­lulu cost an average of $127 per night and save travelers 16 percent over peak season.

It would cost travelers to third-ranked New York an average of $181 per night during December, at an off-peak savings of 21 percent.

The survey of more than 2,000 adults in the U.S. was conducted in October.

Tents Hawaii sold to Canadian investor

Tents Hawaii Inc., based in Wai­pahu, has been sold to a private investor in Canada, according to Generational Equity, a Dallas-based mergers and acquisitions adviser.

The sale closed Thursday.

Tents Hawaii has been in business for nearly 40 years and provided tents and other rental items for large events, including the Hono­lulu Marathon, Pro Bowl Tailgate and Floating Lantern Festival, the news release said.

JPMorgan to pay $2.5B in Madoff fraud

NEW YORK » JPMorgan will pay more than $2.5 billion for missing obvious warning signs of Bernard Madoff’s massive Ponzi scheme.

Authorities said Tuesday that the nation’s largest bank will forfeit $1.7 billion to settle criminal charges. It also will pay a $350 million civil settlement to the government. The trustee recovering assets for Madoff investors also announced that the bank will pay $543 million to settle other claims brought on behalf of fraud victims.

The bank says it doesn’t believe employees knowingly assisted Madoff’s Ponzi scheme. It also says it has taken steps to do better in the future. The 75-year-old Madoff is serving a 150-year prison sentence after pleading guilty. His fraud was exposed in December 2008.

U.S. home prices tick up 0.1% in November

WASHINGTON » U.S. home prices barely rose in November from the previous month and year-over-year gains slowed, reflecting declines in sales in the fall.

Real estate data provider CoreLogic said Tuesday that prices increased just 0.1 percent in November from October. That’s down slightly from October and far below August’s 0.9 percent gain. The figures aren’t adjusted for seasonal patterns, such as cold winter weather that typically slows sales.

ON THE MOVE

Jack in the Box Hawaii has promoted Nick Domingo to district manager II from district manager I. Prior to that he was the restaurant manager at the Jack in the Box in Wahiawa.

Aston Hotels & Resorts has announced Matt Bailey as chief operating officer. He has more than 30 years of experience in the hospitality industry, including serving as managing director of the Grand Wai­lea resort on Maui and senior vice president of operations for Aston.

ABM Facility Services announced that Bernie "Uelani" Kodep has been named account manager. She has more than nine years of janitorial and housekeeping management experience and was previously an operations manager with Team Clean Inc.

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