Bancorp Hawaii Inc

Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU's closing price of $14.375 on Tuesday. Bancorp, operating as California United Bank, has 21 branches in Southern California. Bancorp Hawaii has branches in the continental U.S. and the Pacific Rim. The company said the purchase fits in with its expansion plans.

The calls came in quickly to the top man's office last week when CU Bancorp announced that it planned to sell the local bank chain to Bancorp Hawaii Inc. for $183 million. Clients peppered CU Bancorp's chief executive, Stephen Carpenter, with the same questions: Is CU's management staying? Are loan decisions going be made out of state? Is the bank's name changing? Yes, local management is staying on the job. No, loan decisions will be made here. And no, the bank's name stays the same.

Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash, the companies said. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU's closing price of $14.375 on Tuesday. CU Bancorp shares rose as much as 1 3/8 to 14 5/8 in morning trading Tuesday, while Bancorp Hawaii shares rose 3/8 to 45 3/8.

Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash, the companies said. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU's closing price of $14.375 on Tuesday. CU Bancorp shares rose as much as 1 3/8 to 14 5/8 in morning trading Tuesday, while Bancorp Hawaii shares rose 3/8 to 45 3/8.

The calls came in quickly to the top man's office last week when CU Bancorp announced that it planned to sell the local bank chain to Bancorp Hawaii Inc. for $183 million. Clients peppered CU Bancorp's chief executive, Stephen Carpenter, with the same questions: Is CU's management staying? Are loan decisions going be made out of state? Is the bank's name changing? Yes, local management is staying on the job. No, loan decisions will be made here. And no, the bank's name stays the same.

Home Savings to Sell Arizona Branches: H.F. Ahmanson & Co. said its Home Savings of America subsidiary agreed to sell its four Arizona branches to First National Bank of Arizona, a unit of Bancorp Hawaii Inc. Terms were not disclosed. Irwindale-based Home Savings, the nation's largest thrift, said the sale is part of its strategy to concentrate on gathering assets in its key markets of California, Texas and Florida. The four branches have deposits of about $270 million.

Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU's closing price of $14.375 on Tuesday. Bancorp, operating as California United Bank, has 21 branches in Southern California. Bancorp Hawaii has branches in the continental U.S. and the Pacific Rim. The company said the purchase fits in with its expansion plans.