First Hawaiian Business Activity Report – UP 7.27% in Q1

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Guam –  The latest First Hawaiian Bank Business Activity Report (BAR) showed continued evidence of Guam’s economic recovery with a 7.27% increase in three months of the year “same store sales” over the first quarter of 2010, according to Laura Dacanay, senior vice president and Region Manager, Guam and CNMI.
“Each month during the quarter showed an increase over the previous year,” Dacanay said.  “This underscores the strength of Guam’s economic recovery.  In fact, 9 out of the 11 sectors showed an increase over 2010.  The early signs of the economic impact of the events in Japan do not appear to be as severe as first anticipated.”

The BAR tracks retail sales activity in 11 different economic sectors including home improvement, retail, hotels, restaurants, shipping and travel activities, among others.  First Hawaiian Bank has over 7,500 merchant locations throughout Hawaii, Guam and CNMI and therefore is able to provide a broad measure of economic activity.

Overall during 2010, First Hawaiian Bank processed $3.8 billion customer credit and debit card sales for Hawaii, Guam, Saipan and the mainland, the highest amount of card activity since 2007.  First Hawaiian Bank is a major bank provider of merchant card terminals and card processing of debit and credit transactions in the region.

First Hawaiian Bank, with assets of $15.2 billion, was founded in Hawaii in 1858 and is the leading bank in Guam with the largest share of loans and deposits in the region. The bank processes all major U.S. credit cards as well as JCB and China Union Pay.