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Local bank joins Federal Reserve of San Francisco

By Erika Engle

LAST UPDATED: 03:41 p.m. HST, Jul 14, 2014

Honolulu-based Territorial Bancorp Inc., the holding company of Territorial Savings Bank, has joined the Federal Reserve Bank of San Francisco, the second Hawaii bank to do so.

"We are extremely pleased to be the 38th member bank and the only savings bank with the Federal Reserve Bank of San Francisco," said Allan Kitagawa, chairman, CEO, and president, in a statement. "As the newest member of the Federal Reserve Bank of San Francisco, we will continue to provide the same quality of service to our customers that we have in the past."

The Federal Reserve Bank of San Francisco is one of 12 regional federal reserve banks in the country.

Bank of Hawaii is the other Hawaii-based member-bank and its Chairman, President and CEO, Peter Ho, is the second-ever Hawaii banker to be elected to the San Francisco FRB's board of directors.

Hawaii National Bank Chairman, President and CEO Warren Luke previously served two terms, from January 1990 through December 1992, then again from January 1996 through December 2001, for a total of nine years.

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Territorial joins Fed Reserve Bank

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HonoluluHawaii wrote:
Good feather in the cap, so I guess FHB and/or ASB were either declined or did not apply.
on July 14,2014 | 10:08AM
inlanikai wrote:
Ok, so what is the significance of this if they are going to "continue to provide the same quality of service". C'mon S-A, a little explanation would be nice.
on July 14,2014 | 02:39PM
HD36 wrote:
Well, for one, they become part owners of the Federal Reserve Bank because they have to buy stock. The stock can't be traded, or used as collateral, but pays an annual 6% dividend. It's more like paying a membership fee based on the percentage of assets. Considering though, that the Federal Reserve Bank has $4 trillion dollars of toxic debt on their balance sheets they need to eventually sell on the open market, It's not the kind of corporation I would buy stock in. Although they can print money, they can't create real wealth.
on July 14,2014 | 08:13PM
zhiro wrote:
When TBNK went public in 2009 it offered depositors a chance to buy shares in the company for $10. The stock is now at $20.40.
on July 14,2014 | 03:56PM
HonoluluHawaii wrote:
Maybe some of them bought shares.
on July 14,2014 | 05:32PM
HonoluluHawaii wrote:
So if one bought 100 shares, they would have made an investment of $1,000 and now they have $2,040. Cool. Had to wait five years though.
on July 14,2014 | 05:34PM
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