1/1
Swipe or click to see more
CINDY ELLEN RUSSELL
2015 AUGUST 28 BSN - HSA PHOTO BY CINDY ELLEN RUSSELL
The Bank of Hawaii located at 745 Kapahulu Ave will be closing on October 30, 2015.
Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Anyone wanna buy an aircraft?
Bank of Hawaii Corp. is exiting the aircraft leasing business and is disposing of six aircraft and a lease it has on another, according to a company filing Tuesday with the U.S. Securities and Exchange Commission.
The state’s second-largest bank, which had $15.25 billion in assets as of June 30, became active in aircraft leasing in the late 1980s, with the majority of the activity occurring in the 1990s.
In 1997 and 1999 the company became the lessor of six Embraer Model EMB 145 aircraft, the leases of which have now expired. In 1998 the company became the lessor of a Boeing 737-724, which is leased to a major U.S.-based global carrier with a 2018 lease expiration date. The bank did not reveal the airline’s name.
Bank of Hawaii disclosed in the regulatory filing that it will record an after-tax impairment charge of approximately $6 million when it reports third-quarter earnings next month.
The bank’s stock rose 22 cents, or 0.4 percent, to $62.86 Tuesday on the New York Stock Exchange. Bank of Hawaii’s shares are up 6 percent this year.
Bank of Hawaii’s filing was made after the stock market closed.