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New local bank hopes to open by November
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Other states have competing financial institutions in the double digits at least, several with over 50 each. We might be a small state, but our economy isn't that tiny, and so it follows that there's more than enough room for another local player.
Former Central Pacific Bank executive Austin Imamura said consolidation in the local banking industry during the past several years prompted him to start a new bank in Hawaii. Imamura, who has been contemplating the idea for several years, has formed a group of local investors that is behind startup Pacific Rim Bank... "In 1990, we started off the decade with 26 financial institutions," said Imamura, who retired as executive vice president of Central Pacific three years ago. "When I retired in 2002, we had nine (institutions). So right now we've got a shortage and the economy's better and it's really the right time to start up. I believe there are other banks also entertaining the thought of entering the market, too."
Other states have competing financial institutions in the double digits at least, several with over 50 each. We might be a small state, but our economy isn't that tiny, and so it follows that there's more than enough room for another local player.
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