Bank of Hawaii is building a $2.5 million, 16,000-square-foot learning center and fitness room at its downtown Honolulu headquarters and is planning to open two new branches.
Peter Ho, chairman, president and CEO of the state’s second-largest bank, said yesterday following the company’s annual shareholders meeting, "The whole concept is we’re reinvesting in infrastructure; we’re reinvesting in our people."
The bank plans to open two new branches: a 3,500-square-foot branch in Moiliili at the site of the former Star Market that will be adjacent to CVS’ Longs Drugs; and a second branch in the Beretania area.
The Moiliili branch, which will open in June, will replace a smaller branch at 1010 University Ave. which has been in place for more than 25 years but has had some parking challenges.
"This will be our first cohabitation, if you will, with Longs," Ho said. "We’re absolutely thrilled to be working in concert with one of the great retail names here in the islands."
The second new branch will be finished either at the end of this year or early next year, Ho said, but he couldn’t disclose the exact location because it’s not finalized.
Bank of Hawaii also opened an in-store Safeway branch in Hilo last month.
And last October the bank opened a new 4,800-square foot branch in Kapolei Commons which replaced a smaller branch at Kapolei Shopping Center. Bank of Hawaii also renovated an in-store Safeway branch in Kapolei.
"In the six months that these two branches have been in operation together, we’ve been able to generate deposit growth of 12 percent, we’ve increased average daily transactions by 35 percent and the level of our new accounts opening on a daily basis have jumped 74 percent," Ho said.