Bailout of bank results in $60M loss
HONOLULU - The federal bailout of Hawaii's fourth-largest bank will leave the U.S Treasury with a loss of about $60 million.
The government gave Central Pacific Bank $135 million to get out of financial trouble in January 2009 but the Treasury will be collecting only about $74 million from selling its bank stock.
The Treasury sold its remaining 2.77 million Central Pacific shares Friday.
Central Pacific spokesman Wayne Kirihara said the bank was able to survive because of the Troubled Asset Relief Program, or TARP. Central Pacific Financial Corp. is the bank's holding company. It was founded in 1954, has 34 branches and $4.1 billion in assets.
Hawaii's unemployment at 3-year low
HONOLULU - Hawaii's seasonally adjusted unemployment rate has fallen to the lowest level in three years.
The Hawaii State Department of Labor and Industrial Relations said February's unemployment rate was 6.4 percent, down from 6.5 percent in January. It's the fourth consecutive monthly drop.
The last time the state's unemployment rate was at 6.4 percent was in February 2009.
The department reported that the number of payroll jobs at Hawaii businesses rose by 2,900 in February compared to the same month a year ago. The hospitality sector added 4,300 jobs to lead the way.
The rates by county, which are not seasonally adjusted, were: Honolulu, 5.5 percent, down from January's 5.6 percent; Maui, 6.8 percent, down from 7.1 percent; Kauai, 7.9 percent, down from 8.3 percent; Big Island, 9 percent, down from 9.4.
Within Maui County, Maui island was at 6.7 percent, down from 6.9 percent in January; Molokai was at 13.3 percent, down from 14.9 percent; and Lanai was at 3.8 percent, down from 3.9 percent.
Powerhouse Gym grand opening today
KIHEI - Maui Powerhouse Gym will hold a grand opening and blessing today at its facility in the Azeka Shopping Center.
The event runs from 2:30 to 8 p.m. and will include free fitness consultations, demonstration classes, food and prize drawings, according to an announcement.
The gym is under new ownership after Powerhouse Gym closed late last year because of bankruptcy, according to Max Tsai of TC Kokua, one of three new owners. The other owners are Maui residents Cathy and Wayne Berry. They bought the business out of bankruptcy.
The gym reopened on Dec. 17 after it had closed about a month earlier.
"It was important to the new owners to get the gym opened as quickly as possible to enable people to continue their fitness and health programs," a statement from gym staff said.
The gym is located at 1279 S. Kihei Road. Business hours are from 5:30 a.m. to 10:30 p.m. Monday through Friday, 7 a.m. to 8 p.m. Saturday and 8 a.m. to 5 p.m. Sunday.
For more information, call 875-7993.