The Bank of Hawaii Corporation says it does not plan to participate in the Treasury's Capital Purchase Program.
The program is part of the federal government's Troubled Assets Relief Program approved by Congress to strengthen the banking system by providing banks with additional capital to increase lending capabilities.
The chairman and CEO Allan Landon said after careful consideration by management and the bank's Board of Directors BOH has decided not to participate in the Capital Purchase Program.
He said the Bank of Hawaii has the resource to meet the needs of customers and support the bank's growth, adding that the Bank is safe, balanced and prepared to face the challenging operating conditions as the economy slows without government investment.
According to a release from BOH as of September 30, 2008, the company's capital position was well capitalized by all regulatory standards.
