Bank of Hawai‘i Commemorates 125 years of Community Banking

 

In 1893, Charles Montague Cooke (1849–1909) with his brother-in-law Joseph Ballard Atherton and business partner Peter Cushman Jones founded Bank of Hawai’i.  In 1897, it was chartered in the Republic of Hawaii by Interior Minister James A. King and opened its main branch located at the corner of Fort and Merchant streets.

A decade after its founding, in 1903, the bank opened its first branch in Kauai. In 1922, the bank acquired First Bank of Hilo, which had four branches.

Charles Dexter Lufkin organized First National Bank of Wailuku in 1901. Five years later, he had organized Lahaina National Bank. Then he organized the First National Bank of Paia in 1913. Lastly, in 1917, First National Bank of Paia merged with Lahaina National Bank and First National Bank of Wailuku to form Bank of Maui. In 1930, Bank of Hawai‘i  amalgamated Bank of Maui.

From the beginning, Bank of Hawai‘i’s mission has been to provide banking services to the community. The bank’s growth depended on the growth of that community, which was directly related to the growth of Hawai‘i’s pineapple industry. During the first years of the 20th century, at roughly the same time the territory’s political leaders first pushed for statehood, advances in the efficiency of canning methods fueled the expansion of pineapple production. Sugar production increased as well, providing the seeds for Bank of Hawai‘i’s continued growth—waves of new immigrants and new businesses, both attracted by the flourishing pineapple and sugar industries. The growth in population greatly increased Bank of Hawai‘i’s potential customer base, which enabled it to become Hawai’i’s largest bank.

In the second half of the 20th century, the bank expanded into the Pacific Islands, Asia, and the U.S. mainland, and into a diversified, internationally oriented financial services institution.

In 1985, the company acquired Hawaiian Trust Company, founded in 1898, one year after the formation of Bank of Hawai‘i. Bancorp Hawaii Insurance Service, Ltd., formed in 1989, provided bankers professional liability insurance and, after 1992, workers compensation for Bancorp Hawaii and its subsidiaries.

In the years after the centennial of its founding, Bank of Hawai‘i returned its focus to markets in Hawaii, American Samoa, and the Western Pacific. Today, the Bank has 64 bank branches in Hawai’i alone. As of 2020, Bank o Hawai‘i was ranked No. 6 in the U.S. for Long-Term Deposits.

For 125 years, Bank of Hawai‘i (BOH) has had an unwavering commitment to their customers and communities, shown in areas as diverse as digital innovation to the generosity of BOH employees and foundation..

In recognition of its 125th anniversary, Bank of Hawai‘i is investing in community needs throughout 2022 including the planting of 6,500 trees (125 per week) on O‘ahu and Hawai‘i Island, in partnership with Hawaiian Legacy Reforestation Initiative. Bank of Hawai‘i is also funding a similar program through another organization in the West Pacific region. In addition, Bank of Hawai‘i is celebrating the official language of Hawai‘i by adding the ‘okina to its logo and name.

 

The 125th anniversary of  Bank of Hawai’i will be commemorated at the 2022 Preservation Honor Awards Ceremony and Reception on October 20, 2022.  

Sources:

Images of Old Hawai‘i: Bank of Hawaii

Further Resources:

View the Bank of Hawai’i timeline created to commemorate their quasquicentennial anniversary.