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- First Hawaiian Bank Business Activity Report Up 8 Percent in the Second Quarter
First Hawaiian Bank Business Activity Report Up 8 Percent in the Second Quarter 2011
(Honolulu, Hawaii, July 14, 2011) – The second quarter First Hawaiian Bank Business Activity Report (BAR) showed an increase of almost 8 percent in “same store sales” over the comparable period of 2010, according to Keith Nagata, senior vice president and Business Services Division manager. This follows first quarter growth of 10.7 percent over the year-earlier period.
“Our state’s tourism sector continues to lead our recovery. Unfortunately, the vital construction industry continues to lag both the tourism and retail sectors,” stated Bob Harrison, president of First Hawaiian Bank. For the second quarter, 14 out of the 16 sectors in the BAR showed an increase over 2010.
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. For the first six months of 2011, the bank processed over $1.8 billion worth of credit and debit card sales transactions, a 10.9 percent increase over 2010 and more than any other local financial institution.
First Hawaiian Bank, with assets of some $15 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, China Union Pay and BC Global.