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STAR-ADVERTISER / JUNE 2012
Territorial Savings Bank posted strong third-quarter results Thursday. Territorial Assistant Vice President and Branch Manager Laurie Imanaka
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Honolulu-based Territorial Bancorp Inc., the holding company parent of Territorial Savings Bank, has joined the Federal Reserve Bank of San Francisco, only the second Hawaii bank to do so.
"We are extremely pleased to be the 38th member bank and the only savings bank with the Federal Reserve Bank of San Francisco," said Allan Kitagawa, chairman, chief executive officer and president, said in a statement. "As the newest member of the Federal Reserve Bank of San Francisco, we will continue to provide the same quality of service to our customers that we have in the past."
The Federal Reserve Bank of San Francisco is one of 12 regional federal reserve banks in the country.
Bank of Hawaii is the other Hawaii-based member-bank, and its chairman, president and CEO, Peter Ho, is the second-ever Hawaii banker to be elected to the San Francisco FRB’s board of directors.
Hawaii National Bank’s chairman, president and CEO, Warren Luke, previously served two terms, from January 1990 through December 1992, then again from January 1996 through December 2001.
In March, Territorial’s 2013 application to become Hawaii’s first state-chartered bank was approved by the state Division of Financial Institutions. As part of that charter conversion, Territorial also had earlier applied with the Federal Reserve Bank of San Francisco to become a member bank.
The changes will lower the regulatory costs to Territorial and allow the bank to take advantage of the Division of Financial Institutions’ expertise with the regulation of financial institutions operating in Hawaii.