[4] In 1893, Charles Montague Cooke (1849–1909) with his brother-in-law Joseph Ballard Atherton and business partner Peter Cushman Jones founded Bank of Hawaii.
[16] BOH as Pacific Century Financial Corporation sold off its credit card division to American Express for an undisclosed amount in 2001.
[22] The following year, BOH as Pacific Century Financial Corporation acquired the Encino, California-based CU Bancorp with its California United Bank subsidiary for $183 million in stock and cash.
[23][24][25] Just shortly after the acquisition was finalized in 1998, California United and its 22 offices in Southern California was merged into Phoenix-based Pacific Century Bank and the headquarters for the newly combined Pacific Century Bank was moved to Encino.
[citation needed] After 14 years on the Mainland, BOH decided to abandon their activities on the Mainland in 2001 by selling all 9 Arizona branch offices of the Pacific Century Bank to Zions Bancorporation for an undisclosed amount[26][27] and all 20 California branch offices of the Pacific Century Bank to U.S. Bancorp for an undisclosed amount.
Ten years later, BOH continued its international expansion by absorbing Bank of American Samoa, which the Navy had established in 1914.
Three years later, BOH and Crédit Lyonnais established another joint-venture, Banque de Nouvelle Calédonie in Nouméa.
[42] The decision reflected PCFC's new strategic plan, which mandated a focus on the bank's core markets in Hawaii, American Samoa, and Guam.
[43][44] BOH sold its operations in Papua New Guinea, Vanuatu, and Fiji to ANZ for AU$100 million.
Its operations in French Polynesia included 17 branches of its subsidiary, Banque de Tahiti, and about 265 employees.
[46][47] Lastly, BOH closed its offices in Hong Kong, Seoul, Singapore, and Taipei.
In 2002, BOH was unable to find a buyer for its bank properties in the Central Pacific when it was trying to withdraw from those markets.
[49] In November 2000, Michael E. O'Neill was hired from outside the company to serve as chairman and CEO to correct mistakes made by the previous management.
[50] O'Neill did not take a salary or any bonuses during his three years at the helm, but in 2004 he controlled about 2.73 million — about 5 percent — of the bank's total shares directly or under option.
[52] In December 2003, Allan R. Landon was promoted from chief financial officer to president[53][54] and later to chairman and CEO upon O'Neill leaving in September 2004.
[55] Under Landon's leadership, the Bank of Hawaii "survived the financial crisis without federal assistance and prospered in its aftermath".