BUSINESS BRIEFS
CPB to open new branch in Kane'ohe
Advertiser Staff and News Services
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Central Pacific Bank broke ground yesterday for a new branch in Kane'ohe at the site of the former Times Coffee Shop in the Kaneohe Bay Shopping Center.
A Central Pacific Bank branch nearby will be closed and its staff moved to the new branch when it opens in late 2009.
"The new space is much larger and has lots more parking," said Blenn Fujimoto, the bank's vice chairman for the Hawai'i market. "We're confident our customers will appreciate the upgrade, and our branch employees are looking forward to the visibility and the comfort that comes with a larger location."
MESA STRIKES DEBT RESTRUCTURING DEAL
Mesa Air Group said it has reached a debt restructuring deal with some of its bondholders.The parent of go! airline was required to pay its bondholders about $90 million over the next two months, but the Phoenix-based carrier said yesterday that it was able to renegotiate the terms with investors who are owed about half of that amount.
The company said it is still negotiating with its remaining bondholders.
LUKE REMAINS ON BANK ADVISORY BOARD
Cathy Luke, president of Honolulu-based Loyalty Enterprises Ltd., has been reappointed to a three-year term on the Federal Reserve Bank of San Francisco's Economic Advisory Council.The council provides information on current and pending developments in the regional and national economy.
Loyalty Enterprises is a property management, insurance and financing firm.
LIBERTY MUTUAL SELLING POLICY RIGHTS
Liberty Mutual Group Inc. said it was selling its distribution of commercial property and casualty insurance for mid-sized businesses in Hawai'i as it switches over to sales through agents and brokers.It said it was selling policy renewal rights for Hawai'i and 10 other states to Chicago-based Hub International Ltd., which is extending offers to hire many of the sales and service staff who support the policies.
Liberty Mutual also said it was retiring the Wausau brand and creating a new unit, Liberty Mutual Middle Market, to better serve the property and casualty insurance and risk management needs of mid-sized businesses.
