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- First Hawaiian Bank First Quarter Business Activity Report
First Hawaiian Bank First Quarter 2011 Business Activity Report
FIRST HAWAIIAN BANK BUSINESS ACTIVITY REPORT
UP 10.17% IN THE FIRST QUARTER
(Honolulu, Hawaii, April 8, 2011) – The latest First Hawaiian Bank Business Activity Report (BAR) showed continued evidence of Hawaii’s economic recovery with a 10.17% increase in three months of the year “same store sales” over the first quarter of 2010, according to Keith Nagata, senior vice president and Business Services Division Manager.
“Each month during the quarter showed an increase over the previous year,” Nagata said. “This underscores the strength of Hawaii’s economic recovery. In fact, 14 out of the 16 sectors showed an increase over 2010. The early signs of the economic impact of the events in Japan do not appear to be as severe as first anticipated.”
The BAR tracks retail sales activity in 16 different economic sectors including automobile, retail, hotels, home improvement, restaurants, shipping and travel, among others. First Hawaiian Bank has over 7,500 merchant locations throughout Hawaii, Guam and CNMI and therefore is able to provide a broad measure of economic activity.
First Hawaiian is the largest local processor of merchant services. In 2010, the bank processed over $3.8 billion worth of credit and debit card sales transactions, more than any other local financial institution.
First Hawaiian Bank, with assets of $15.2 billion, was founded in 1858 and is Hawaii’s oldest and largest financial institution. The bank processes all major U.S. credit cards as well as JCB and China Union Pay.