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- First Hawaiian Bank Fourth Quarter 2010 Guam Business Activity Report
First Hawaiian Bank Fourth Quarter 2010 Guam Business Activity Report
SHOWS GUAM’S BUSINESS SALES VOLUME UP 10%
(Hagåtña, Guam, February 11, 2011) – The First Hawaiian Bank Business Activity Report (BAR) showed a 10.25 percent increase overall for 2010 for “same store sales” over the prior year 2009. For the fourth quarter 2010, business sales increased by 5.82 percent over the comparable period in 2009, according to Laura-Lynn V. Dacanay, First Hawaiian Bank senior vice president Guam and CNMI region manager.
“According to card spending sales volume collected from First Hawaiian Bank merchants across 11 of Guam’s industry sectors, we were pleased to see a positive growth trend in 2010,” said Dacanay. “Our data is consistent with the region reporting hotel revenues up 11% over the previous year. Increased tourism and a stronger yen resulted in a 13.43 percent increase in the fourth quarter for our retail sector merchants.”
“We monitor our merchant card spending volume on a quarterly basis to provide a quick snapshot of the business activity and an indication of the direction of the region’s economy,” said Ray Ono, First Hawaiian Bank vice chairman. “We are optimistic that the positive trend will continue, leading to a more robust Guam economy.”
The BAR monitors card spending business activity at First Hawaiian Bank’s nearly 1,200 merchant client locations throughout Guam. The report tracks retail sales activity in 11 different economic sectors including shipping, retail, hotels, home improvement, restaurants, supermarkets and travel agents, among others, and provides insight for total economic activity.
Overall during 2010, First Hawaiian Bank processed $3.8 billion customer credit and debit card sales for Hawaii, Guam, Saipan and the mainland, the highest amount of card activity since 2007. First Hawaiian Bank is a major bank provider of merchant card terminals and card processing of debit and credit transactions in the region.
First Hawaiian Bank (fhb.com) with assets of $15.2 billion was founded in Hawaii in 1858 and is the leading bank in Guam with the largest share of loans and deposits in the region. The bank processes all major U.S. credit cards as well as JCB and China Union Pay for 7,500 merchant locations in Hawaii, Guam and Saipan.