The largest shareholder of holding company First Hawaiian Inc. will receive gross proceeds of $652.6 million after selling off the remaining 18.4 percent it owns of the state’s largest bank.

First Hawaiian disclosed the figure Wednesday, one day after announcing that an affiliate of French banking giant BNP Paribas intended to dispose of its remaining 24.9 million shares of First Hawaiian. The offer price was $26.25 and the sale is expected to close Friday. BNP had owned 100 percent of First Hawaiian Bank since 2001 before beginning to unwind its position.

The news sent First Hawaiian’s stock sinking 59 cents, or 2.2 percent, to $26.06 on Wednesday on heavy volume of 10.4 million shares that was nearly tenfold its daily average over the past year.

Several banking analysts have been citing BNP’s large stake in First Hawaiian as creating a so-called “overhang” on the shares because there was no clarity when BNP would sell off its sizable block of shares, which could put downward pressure on the stock.

Analyst Laurie Havener Hunsicker, who had raised her one-year price target on First Hawaiian to $28 from $27 last week after First Hawaiian beat fourth-quarter earnings estimates, raised her target price again on Wednesday to $30 and reiterated her buy rating after the BNP announcement. The headline on her report was “… Overhang is Eliminated; Best of Breed Bank is a Must Own Name.”

This was the fourth and final secondary offering from BNP since it began selling shares through an initial public offering in August 2016 to raise capital to satisfy regulatory requirements.

First Hawaiian’s stock, which plunged 22.9 percent last year, is up 15.8 percent this month.

BNP, owner of San Francisco­-based Bank of the West, acquired 45 percent ownership of First Hawaiian in 1998 when First Hawaiian and Bank of the West merged. BNP then bought the balance of First Hawaiian in 2001.

First Hawaiian will not receive any proceeds from the sale.

ON THE MOVE

Hawaii Lodging & Tourism Association has named Edgar Palafox as the senior director of operations. Prior to joining HLTA, Palafox served as a human resources manager at Goodwill Hawaii, an instructor at Hawaii Pacific University, a human resources manager at Hawaii Community Foundation and Cheap Tickets as well as a representative for the Hotel Employees & Restaurant Employees Union, Local 5.

Atlas Insurance Agency has announced the following:

>> Cedric Colling is the agency’s newest accounting associate. Colling’s responsibilities includes assisting in special projects and processing direct bill commissions.

>> Susan Ha has been hired as staff accountant. Ha responsibilities includes handling expense reports, accounts payable, audits, payroll and assisting in other duties.