U N I T E D S T A T E S
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported) August 21, 2000
PACIFIC CENTURY FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6887 99-0148992
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(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
130 Merchant Street, Honolulu, Hawaii 96813
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number,
including area code) (808) 537-8037
<PAGE>
Item 5. Other Events
(a) Exhibit
99.1 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Date: August 22, 2000 PACIFIC CENTURY FINANCIAL
CORPORATION
/s/ Richard J. Dahl
(Signature)
Richard J. Dahl
President & Chief
Operating Officer
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PACIFIC CENTURY FINANCIAL CORPORATION
EXHIBIT TO CURRENT REPORT ON
FORM 8-K DATED August 21, 2000
Commission File Number 1-6887
Lawrence Johnson Announces Intention to Retire
as Chairman and CEO of Bank of Hawaii
Honolulu, Hawaii (August 21, 2000) - Lawrence M. Johnson today
announced that he intends to retire as Chairman and Chief
Executive Officer of Pacific Century Financial Corporation (PCFC)
and its principal subsidiary Bank of Hawaii (BOH).
Johnson, who has held these positions since August 1, 1994, said,
"This is a very difficult decision I've had to make, but it is a
necessary one." He explained, "The financial markets and our
shareholders need to regain confidence in our ability to increase
shareholder value. Although we have taken significant steps to
improve our return to shareholders they haven't been reflected in
our share price.
"I informed our board of directors a year ago of my intention to
retire early next year or sooner if our share price didn't start
to gain in value. I am keeping that promise. This is difficult
for me after my 42 years with this great company, but it's
something that is in the best interests of those who own the
company."
Johnson informed the Board of Directors he would stay on until a
successor is named and will help facilitate a smooth transition.
The Board will conduct a national search for a successor.
Richard Dahl, president and chief operating officer, is a
candidate for the position.
Mary Bitterman, President of KQED in San Francisco and lead
director of PCFC, said that "the board respects Larry's decision
and is grateful for his commitment to provide for an orderly
transition in leadership. We very much appreciate his long and
dedicated service to the bank, to its shareholders, customers,
and staff, and to the communities we serve East and West,
especially here at home in Hawaii."
She added, "Of his many qualities, I've always admired Larry's
compassion for his employees and his strong belief in Hawaii's
future. Not just in his role as chairman and CEO, but throughout
his career, he has involved himself in the community, doing what
he could to make Hawaii a better place. Unfortunately, Larry had
the distinction of heading our company during some of the worst
economic years since statehood. I respect him for the tough
decisions he's had to make and for continually looking ahead to
the future and helping to keep the Bank of Hawaii name in the
forefront. I know I speak for all of us on the board when I say
that he will be greatly missed."
Despite holding the reins during six years of tough economic
conditions within the state, Johnson is recognized for developing
an innovative and creative strategic plan called Bancorp 2000.
During his tenure he expanded the bank's franchise through the
acquisitions of California United Bank and First Federal Savings
and Loan Association of America. He also oversaw the rapid
growth of in-store bank branches, recognized the potential of the
Internet and positioned Bank of Hawaii to be the first local bank
to offer its customers true banking on the web.
Perhaps, the largest single undertaking in the bank's history, he
announced last year the launch of the New Era Redesign Program,
an aggressive plan to improve financial performance and enhance
ability to better service customers. Implementation of more than
1,000 new ideas, originated by hundreds of employees, will be
completed this year with the intended result to improve
annualized net operating income by $40 million after tax, once
implementation is completed.
Long known for his commitment to community and education, and in
celebration of Bank of Hawaii's 100th anniversary, Johnson
created a unique program for 100 local high school students,
whose family members had not had the opportunity to graduate from
college. Called the 2nd Century Scholars Program, it involves a
$5 million pledge by Bank of Hawaii to help ensure that these
students from all islands are able to get their college degrees.
This flagship community program has been one that Johnson
continues to have close personal involvement with. The bank
provides students with mentoring, SAT prep courses, college
application workshops, as well as numerous social activities.
Johnson, who is Bank of Hawaii's ninth chairman, succeeded Howard
Stephenson, who retired in 1994 as Chairman and CEO. Stephenson
had served in the company's top position from March 1, 1989 to
1994. He succeeded Frank J. Manaut.
Prior to his appointment as Chairman and CEO, Johnson served as
president of both PCFC and BOH since 1989, and executive vice
president of PCFC since 1980.
Johnson joined Bank of Hawaii in 1958 as a summer trainee and was
accepted into the management trainee program in 1963. His career
exposed him to a wide variety of areas including consumer
banking, marketing and sales.
He served as operations officer at the Kapahulu Branch and as
assistant manager at the Pearl Harbor and Ala Moana branches. In
1968, he was named manager of the Waikiki Branch and later became
an assistant vice president and vice president in 1970, making
him the youngest vice president in the company's history.
He was appointed district administrator in 1974, responsible for
all Leeward Oahu branches, and two years later he was responsible
for Bankoh's branches statewide. He was named senior vice
president in 1977 and executive vice president in 1980.
A Honolulu native, Johnson received a bachelor's degree in
business administration from the University of Hawaii and is a
graduate of the University of Hawaii Advanced Management Program
and the Pacific Coast Banking School at the University of
Washington, Seattle.
Throughout his career he has been active in the community and
currently serves on the boards of the East-West Center, Hawaii
Pacific University, Hawaii Community Reinvestment Corporation,
The Japan-America Society of Hawaii, and The Nature Conservancy
of Hawaii. He also served as conference chairman of the Pacific
Basin Economic Council 2000 International General Meeting and is
a member of the Japan-Hawaii Economic Council, and the Pacific
American Foundation Advisory Council. As appointed by President
Clinton in April 1996, he served on the Commission on United
States-Pacific Trade and Investment Policy.
A former chairman of the Hawaii Business Roundtable, Johnson has
also served as chairman of the board of the Hawaii Visitors
Bureau and the Hawaii Heart Association and president of the
Waikiki Improvement Association. He has served on the boards of
the Aloha Council - Boy Scouts, Aloha United Way, Chamber of
Commerce of Hawaii, Hawaii Community Foundation, and Hawaii
Convention Park Council.
Pacific Century Financial Corporation is a $14.3 billion regional
financial services holding company which serves four principal
markets: Hawaii, the West and South Pacific, Asia and selected
markets on the U.S. Mainland. Headquartered in Honolulu, Hawaii,
its unique trans-Pacific franchise includes more than 180
locations and extends from Singapore to New York. Bank of Hawaii
maintains a strategic alliance with the Bank of Queensland, which
enables the sharing of products and services, as well as
expertise and facilities. Bank of Hawaii's ownership in the
Australia-based bank is approximately 17 percent.
Pacific Century's largest market is Hawaii, and its principal
subsidiary is Bank of Hawaii. Founded in 1897, Bank of Hawaii is
the State's dominant financial institution, serving consumers,
small businesses and corporate clients with a wide range of
financial products and services, including investments, trust
services, leasing, mortgage and insurance. Bank of Hawaii has 76
branches in the state.
