Central Pacific to Buy Hawaii HomeLoans

Central Pacific Bank, Honolulu, has announced the signing of a letter of intent to acquire Hawaii HomeLoans Inc. for an undisclosed amount.Hawaii HomeLoans is a full-service mortgage broker with two offices, one in Honolulu and one in Kona on the island of Hawaii. It originated $555 million in residential mortgages in the fiscal year ended Feb. 28 and services approximately $750 million in loans owned by third parties, Central Pacific said. Tom Zimmerman, president of Hawaii HomeLoans, will oversee Central Pacific Bank's residential mortgage operations upon the completion of the deal. "With an expanded portfolio and the addition of top mortgage professionals, our bank will be better positioned to service larger residential real estate development projects, from start to finish," said Clint Arnoldus, chief executive officer of Central Pacific. The bank can be found online at http://www.centralpacificbank.com.