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Territorial Bancorp Inc. said its board has adopted a ninth stock repurchase program that will allow it to repurchase up to $5 million of the company’s outstanding shares. This represents an estimated 1.92% of the outstanding shares of Territorial Savings Bank’s parent company.
The repurchase program permits shares to be repurchased in open market or private transactions at prices that management considers to be attractive and in the best interests of both the company and its stockholders.
Territorial, which made the announcement after the market closed Thursday, dipped 2 cents to $27.55 Friday.
First Hawaiian receives ‘outstanding’ rating
First Hawaiian Bank received a rating of “outstanding” in its most recent evaluation by the Federal Deposit Insurance Corp. for its performance under the Community Reinvestment Act of 1977. The FDIC’s highest performance rating is for the period from March 2016 to September 2018. The CRA encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. First Hawaiian said it is the only bank in Hawaii to receive an outstanding rating from the FDIC for nine consecutive evaluation periods that date back to 1995.
During the recent evaluation period, First Hawaiian made loans totaling $975.1 million to support affordable-housing projects, nonprofit organizations serving low- and moderate- income individuals, economic development and the revitalization and stabilization of low- and moderate-income areas.
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ON THE MOVE
>> The Maui AIDS Foundation has hired Ricky Jones as director of prevention/lab services and Josef Robinson as medical case manager.
>> Sherrie A. Robison has rejoined Coldwell Banker Pacific Properties’ Kapolei office as an independent agent. She was previously a Realtor associate at Silver Ridge Realty. Robison has more than 30 years of experience in the banking, real estate and legal industries.
>> The Nature Conservancy has announced that Chad Wiggins is the new program director for the organization’s Palmyra Atoll. He previously served as the Hawaii island marine program director for The Nature Conservancy. Wiggins started as a lone marine staff on Hawaii island for TNC Hawaii in 2008.
>> At Home Hawaii has announced that Ilima Yong has joined the company. She has six years of Realtor experience as well as more than 30 years in the stock market industry.