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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PACIFIC CENTURY FINANCIAL CORPORATION
EXHIBIT TO CURRENT REPORT ON
FORM 8-K DATED November 30, 2000
Commission File Number 1-6887
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[PACIFIC CENTURY LETTERHEAD]
PACIFIC CENTURY FINANCIAL CORPORATION SEEKING POTENTIAL
BUYERS FOR ARIZONA BRANCH FRANCHISE
FOR IMMEDIATE RELEASE
Honolulu, Hawaii (November 30, 2000) -- Pacific Century Financial
Corporation has retained Credit Suisse First Boston to serve as the investment
banking firm in exploring the possible sale of the nine Arizona branches of its
subsidiary Pacific Century Bank (PCB), N.A.
Pacific Century Bank's nine Arizona branches are located in Phoenix
(Airport, Camelback, Central), Scottsdale, Tucson, Green Valley, Mesa, Prescott
and Yuma. As of September 30, 2000, PCB in Arizona had total deposits of $410
million and employs approximately 75 people.
Richard Dahl, President of Pacific Century Financial Corporation, said,
"The decision to explore the sale of these assets was a difficult one, and was
the result of planning efforts begun in early 2000. It was apparent that Pacific
Century's shareholders would be better rewarded by focusing on developing our
strong franchise in the small and middle market business of Southern
California." PCB has 19 branches in Southern California.
PCB entered the Arizona market in 1987 with the acquisition of five
First National Bank of Arizona branches. In 1997 four branches of Home Savings
of America were added to the network. Pacific Century Financial Corporation is a
$13.9 billion regional financial services company with locations throughout the
Pacific region. Headquartered in Honolulu, Hawaii, Pacific Century and its
subsidiaries provide varied financial services to businesses, governments and
consumers in four principal markets: Hawaii and West Pacific, South Pacific,
Asia and selected markets on the U.S. Mainland. Pacific Century's principal
subsidiary, Bank of Hawaii, is the largest commercial bank in the state of
Hawaii.
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