Bank of Hawaii Corp. said Wednesday it has priced its public offering of 7.2 million depositary shares for gross proceeds of $180 million. Each depositary share represents 1/40th ownership interest in a share of its 4.375% fixed rate, non-cumulative perpetual preferred stock, Series A. The offering is expected to close on June 15, subject to customary closing conditions.

The net proceeds after deducting underwriting discount and commissions, and before the payment of estimated expenses, will be about $176 million. Bank of Hawaii said it intends to use the net proceeds from the offering for general corporate purposes, which may include supporting asset growth, and repurchases of its common stock under its stock repurchase program.

Bankoh’s stock closed down 46 cents at $88.85 on Wednesday before the announcement.