Public meetings on utility merger planned

To address public questions about their proposed merger, Hawaiian Electric Co., Hawaii Electric Light Co., Maui Electric Co. and Florida-based NextEra Energy Inc. will host a series of 13 open houses around the islands.

At the meetings, senior executives and additional employees from NextEra and the local utility will be available to discuss the Florida utility’s performance relating to rates customers pay, grid modernization and supporting local communities, among other potential ramifications of the proposed merger. Each session will run from 5 to 8 p.m. and will begin April 7 on Maui, progressing through Molo­kai, Lanai and Hawaii island.

Oahu’s open houses will be on April 15 at the Kapo­lei High School Cafeteria and at the Pearl City High School Cafeteria, and April 16 at Ward Warehouse in the Kakaako Conference Room and at Windward Community College in Hale Akoa­koa. A full list of meeting dates and locations is online at 808ne.ws/1xdW4PV.

Horner buys Unity House union building

Don Horner, former chief executive officer of First Hawaiian Bank, has purchased the longtime home of the Unity House labor organization "as a family investment," he confirmed by email.

"The immediate plans are to lease the property back to the existing tenants and invest in some interior and exterior upgrade renovations to the existing building," he wrote.

Horner said longer-term options "will depend on the needs of the surrounding community." Options include a new midrise rental apartment building. The purchase price of the property at 1701 Ala Wai Blvd. was $2.1 million.

Horner dipped his toes into real estate development with the $1.75 million purchase of a 12,819-square-foot property in 2012. Horner’s Malu Investment I LLC designed a single-story retail development on the makai corner of Kuhio and Kapa­hulu avenues across from the Hono­lulu Zoo parking lot.

Hawaii called lousy state for retirement

Hawaii is not the state in which retirement dreams come true, according to a new report.

Personal finance site Bankrate.com ranks Hawaii 44th of the 50 states for retirement suitability according to local weather, cost of living, crime rate, quality of health care, tax burden and well-being for seniors. Wyoming is the best state for retirees, while Arkansas is the worst, Bankrate found.

Wyoming’s tax rate was rated No. 1 in the nation. The Cowboy State has the fifth-lowest crime rate and the eighth-best weather. It is ranked 19th for cost of living, 20th for community well-being and 37th in health care quality.

Hawaii’s cost of living netted the state last place at 50th, while the crime rate ranked 26th and health care quality ranked 20th. Hawaii’s only No. 1 ranking was for community well-being.

The winning state for weather was New Mexico, followed by Cali­for­nia, Colo­rado, Nevada and Arizona. Hawaii’s weather was ranked 32nd.

Bankrate compiled the ranking using data from the Gallup-Healthways Well-Being Index, data on personal wellness among people 65 and older, and personal opinions gathered by Princeton Survey Research Associates.

HEI raises $104.5M through stock sale

Hawaiian Electric Industries Inc. said Monday it has settled the remaining portion of its obligations under underwriting agreements with JPMorgan Chase Bank, National Association, London branch, by delivering 4.7 million shares of common stock for $104.5 million in cash.

The agreement, entered into in March 2013, was for the sale of 6.1 million shares of HEI’s common stock plus an additional 900,000 shares to cover over-allotments. The underwriters offered all the shares of HEI’s common stock to the public at an initial public offering price of $26.75 a share.

The proceeds will be used to fund HEI’s equity contribution to subsidiary Hawaiian Electric Co. for the reduction of debt and for general corporate purposes.

Former Fed governor Gramley dies at 88

Lyle Gramley, a Federal Reserve governor who helped battle a recession and inflation of more than 10 percent during President Ronald Rea­gan’s first term in the 1980s, has died. He was 88 and died of natural causes Sunday at his home in Potomac, Md., his son Alan said.

Gramley served the Federal Reserve for a quarter-century as an economist, research director and governor. He joined the president’s Council of Economic Advisers in 1977, and President Jimmy Carter nominated him three years later to the Board of Governors. There Gramley became one of Chairman Paul Volcker’s main allies in the Fed’s fight to maintain independence under White House pressure to ease monetary policy during the 1981-1982 recession.

ON THE MOVE

First Hawaiian Bank has promoted the following bank officers: 

» Conrad Figueroa to senior vice president and regional manager from vice president and regional manager of Western Region Dealer Center in Cali­fo­rnia. He has 24 years of banking experience, including managing First Hawaiian Bank’s auto dealer activities in Southern Cali­for­nia.

» Glenn Goya to senior vice president and area manager from vice president and area manager of the Makiki Branch. He has 37 years of banking experience in Hawaii and previously served as branch manager for Li­liha and Manoa branches.

» Joyce Sakai to senior vice president and team leader from vice president and team leader of commercial real estate division. She has 27 years of banking experience and joined the bank in 2000 as a vice president and business banking officer in the Kapiolani Banking Region.

Northwestern Mutual has honored Marcus R. Boland with membership in its 2014 Forum Group, which recognizes individuals for a year of helping clients achieve financial security. This is the fifth time he has received the honor. Boland is a Hawaii financial representative affiliated with the Hawaii Group based in Hono­lulu.

Hawaiian Building Maintenance has promoted Damon Reyes to director of building services from assistant director of retail operations. He started with the company in 2003 in the window cleaning department and was later promoted to account manager where he oversaw most of HBM’s retail locations.

SHIP AHOY!

Today’s ship arrivals and departures:

HONOLULU HARBOR

KALAELOA BARBERS POINT HARBOR