Adama Materials raises $4.75 million

Adama Materials Inc., a Honolulu-based technology company, said it has raised $4.75 million in Series A equity financing. The fundraising was led by Artiman Ventures, along with Startup Capital Ventures and others, including Adama’s founders and a group of Hawaii-based angel investors, according to a news release from the company. Adama, a developer of nanotechnology-based advanced materials, has active projects with aerospace and composites companies.

Adama Materials was founded in 2008 by Donavan Kealoha, a graduate of UH’s Shidler School of Business, and Dr. Mehrdad Ghasemi Nejhad, graduate chairman of the UH’s Department of Mechanical Engineering. The two won first place and the technology prize at the 2008 UH business plan competition.

Bank of Hawaii opening in Kapolei

Bank of Hawaii today plans to celebrate the opening of its new Kapolei branch, across from Target. It is the bank’s 71st branch in Hawaii. The public is invited to attend the opening from 8:30 to 11 a.m. The new branch has a drive-through ATM. It also has a photovoltaic roof system to help supplement the branch’s energy needs and save on energy costs. The 4,861-square-foot branch was designed by MC Architects Inc. and was built by Hawaiian Dredging.

Charity costume party scheduled

The Gift Foundation of Hawaii’s annual costume party, supporting four local charities this year, will be held Oct. 29 at the Waikiki EDITION hotel.

The goal is to raise $250,000 at the annual fundraising event this year. To buy tickets for the event, "Lifestyles of the Rich and Infamous," go to www.thegiftfoundationofhawaii.org or call 457-0880. The event starts at 8 p.m., following a VIP reception. Proceeds support various programs of the Hawaii Youth Symphony, the Boys & Girls Club of Hawaii, the Hawaii Nature Center and Hawaii Literacy Inc.

Benefit payments flat

President Barack Obama and Democrats are pushing to give a $250 bonus to each of the Social Security program’s 58 million recipients who will not get an increase in retirement and disability benefits next year. The Social Security Administration said yesterday inflation has been too low since the last increase in 2009 to warrant a cost of living increase for 2011. The announcement marks only the second year without an increase. This year was the first.

Gannett stock drops 9 percent

McLean, Va. » The stock of Gannett Co., owner of USA Today and former owner of the Honolulu Advertiser, fell nearly 9 percent yesterday after third-quarter revenue missed analysts’ estimates on slumping demand for newspaper advertising. Sales were little changed at $1.31 billion, the company said. Analysts projected $1.32 billion. Newspaper sales declined 4.8 percent, led by a 5.1 percent slump in advertising revenue. Gannett’s stock plummeted $1.24, or 8.8 percent, to close at $12.85.

Ex-Countrywide CEO to pay $67.5M

LOS ANGELES » Former Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges that alleged he profited from doling out risky mortgages while misleading investors about the risks.

Two other former Countrywide executives also settled before trial next week on charges filed by the Securities and Exchange Commission. But employment agreements that protect the men from lawsuits involving the failed lender mean Bank of America Corp., which bought Countrywide in July 2008, will pick up most of the tab.

On the Move

» Ala Moana Hotel has appointed Vincent DiPietro as the new manager of Rumours Nightclub. He is a 15-year veteran of the hospitality industry, having worked at Restaurants Unlimited; Kincaid’s Fish, Chop & Steak House; Ryan’s Grill and as former owner-operator of the Livingroom Nightclub at Fisherman’s Wharf.

» Territorial Savings Bank has appointed Grant Arakaki as assistant vice president loan officer. He has been with the bank since 2005 and was previously a loan officer.

» Christine Camp has been named the 2011 chairwoman of YWCA’s 34th LeaderLuncheon. She is the founder, president and chief executive officer of Avalon Group, a Hawaii-based real estate development and consulting firm.