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- First Hawaiian Bank Guam Business Activity Report Up 5% in the Second Quarter
First Hawaiian Bank Guam Business Activity Report Up 5% in the Second Quarter - July 22, 2011
(Hagåtña, Guam, July 22, 2011) – The second quarter First Hawaiian Bank Business Activity Report (BAR) for Guam showed an increase of 5 percent in “same store sales” over the comparable period of 2010, according to Laura Dacanay, First Hawaiian Bank senior vice president and region manager, Guam and CNMI. This follows first quarter growth of 7.27 percent over the year-earlier period.
“Our tourism sector continues to lead our recovery. Hotels showed the largest percentage increase in transaction volume with a 26.95% gain to $6.3 million. This is impressive given the lingering effects of the tragedy in Japan on March 11th,” stated Dacanay. “For the second quarter, 7 out of the 11 sectors in the BAR showed an increase over 2010.”
The BAR tracks retail sales activity in 11 different economic sectors including retail, hotels, home improvement, restaurants, shipping and travel activities, 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 a major card processor of debit and credit transactions in the region. 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 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, China Union Pay and BC Global.