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- First Hawaiian Bank Business Activity Report Shows Fourth Quarter Volume Up Almost 10%
First Hawaiian Bank Fourth Quarter 2010 Business Activity Report
SHOWS FOURTH QUARTER VOLUME UP ALMOST 10%
(Honolulu, Hawaii, January 17, 2011) – The inaugural First Hawaiian Bank Business Activity Report (BAR) showed a 9.24 percent increase in fourth quarter “same store sales” over the comparable period of 2009. For all of 2010, retail business sales increased by 6.42 percent over the previous year, according to Keith Nagata, senior vice president and Business Services manager.
“We monitor card spending across industry sectors and we’re pleased to see a positive growth trend in every quarter of 2010,” said Nagata. “The overall increase was clearly provided by the growth in our statewide tourism industry. Tourism is leading our recovery.”
According to the report, the 6 percent increase in year-over-year spending reverses a twoyear negative growth trend that began in 2008. The BAR monitors statewide card spending business activity at First Hawaiian Bank’s 7,500 merchant client locations throughout the state. The report tracks retail sales activity in 16 different economic sectors including automobile, retail, hotels, home improvement, restaurants, shipping and travel, among others, and provides a proxy for total economic activity.
Overall during 2010, First Hawaiian Bank processed $3.8 billion customer credit and debit card sales volume, the highest amount of card activity since 2007. First Hawaiian Bank is the largest bank provider of merchant card terminals and card processing of debit and credit transactions in the State.
First Hawaiian Bank with assets of $15.1 billion was founded in 1858 and is Hawaii's oldest and largest bank. It is the largest local merchant processor with close to 7,500 merchant locations. The bank processes all major U.S. credit cards as well as JCB and China Union Pay.
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