First Hawaiian Bank: A Socially Responsible Community Betterment Program
578 Words2 Pages
First Hawaiian Bank: A socially responsible community betterment program
First Hawaiian Bank "is a subsidiary of BancWest Corporation, a regional financial services holding company. BancWest Corporation is a subsidiary of BNP Paribas, a European leader in banking and financial services, with a significant and growing presence in the United States and Asia" (Inside FHB, 2012, First Hawaiian Bank). Despite this international connection, the Bank self-consciously styles itself as a uniquely Hawaiian bank and stresses the 'local' nature of the bank. It is Hawaii's oldest and largest bank. Banks have been subjected to a great deal of criticism in the wake of the 2008 credit crisis, given that the crisis originated in the subprime mortgage sector and was directly caused by the willingness of banks to extend credit to borrowers with questionable histories. However, FHB has been flourishing and has not had its reputation tainted: "First Hawaiian Bank, which saw market share grow to 35.31 percent this year from 34 percent in 2011, also reported deposits of $11.7 billion, nearly $1 billion more than the 2011 deposits of $10.8 billion" (Magin 2012).
First Hawaiian Bank has been widely praised for its charitable giving and community outreach. The Federal Deposit Insurance Corporation (FDIC) rated the bank's performance under the Community Reinvestment Act (CRA) as outstanding. The CRA "encourages banks to support the borrowing needs of all of its communities including