SOUTH PACIFIC ACQUISITIONS IMPROVE BANCORP HAWAII EARNINGS

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Friday, April 17, 1997

Bancorp Hawaii's just-announced 1997 first quarter earnings of 35.5-million U.S. dollars, represent an eight-and-a-half percent earnings increase compared to the same period last year.

Bancorp's Chairman and Chief Executive Officer, Lawrence Johnson, credits South Pacific acquisitions --particularly Banque de Tahiti and Banque de Nouvelle Caledonie-- as significant factors in the improved bottom line.

Last month, the Hawaii banking giant also acquired operations in Papua New Guinea, which have been re-named Bank of Hawaii (PNG), Limited. Branches in Port Moresby and Lae now are in operation.

Chairman Johnson, in announcing the quarterly earnings in Honolulu, said the "nations of the Pacific hold enormous potential" and Bankcorp Hawaii looks forward "to participating in their growth and development."

Bancorp's total assets at the end of March were 14-billion US dollars, an 8-point-4 percent growth compared to last year.

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