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FHB acquires Guam site for new branch
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Posted on Jul 23 2005
HAGÅTÑA, Guam—The First Hawaiian Bank has acquired a two-acre site on Marine Drive and plans to build a new branch to serve the Tamuning area.
The property, former site of Royal Lanes and Marty’s Restaurant, is just west of the intersection of Marine Drive and Chalan San Antonio. The site was acquired from Paul M. Calvo, Thomas J.M. Calvo, and the Estate of Edward M. Calvo. The purchase price was $2.4 million.
“This investment—as well as the millions more we will invest in construction—is visible evidence of our confidence in Guam’s future and our commitment to its people. This new branch will be even more convenient for our customers and the community,” said Senior Vice President John K. Lee, the bank’s Guam and CNMI regional manager. “It’s a prime central location with substantial frontage along Guam’s primary road in the island’s main business and commercial district.”
Lee said the bank intends to build a new 10,000-square-foot branch and that the facility will have parking for more than 100 vehicles. The bank expects to break ground early next year.
Lee noted that First Hawaiian Bank has continued to increase market share in recent years and, in the past year, added more deposits on Guam than all the other banks put together.
The new branch will replace First Hawaiian’s existing branch in Tamuning’s Photo Town Center, which was opened in 2002 after acquisition of the Guam and Saipan operations of Union Bank of California, which formerly had a branch at that location.
Honolulu-based First Hawaiian Bank ($10.8 billion assets) has operated on Guam since 1970 and has branches at Maite, Tamuning and Dededo. It has two branches on Saipan, where it has operated since 1997. First Hawaiian also has 56 branches in Hawaii. First Hawaiian Bank’s website is located at www.fhb.com.
