Territorial adopts stock repurchase
HONOLULU - Territorial Bancorp Inc., the holding company parent of Territorial Savings Bank, has adopted a stock repurchase program. The company may repurchase up to 733,988 shares of its common stock, or approximately 6 percent.
Purchases will be made in private or open market deals, when management finds prices attractive. Over the past year, Territorial's stock, traded on Nasdaq, has fluctuated between $16 and $21 a share and on Monday was trading at a little more than $17.
Chief Executive Allan Kitagawa said: "We understand that stock repurchase programs can be an effective capital management tool and, under the right circumstances, can enhance stockholder value."
Economic stimulus panel to meet
HONOLULU - The panel that oversees spending of federal economic stimulus funds is set to discuss how dollars for health care and parks have been spent.
The Legislative Federal Economic Stimulus Program Oversight Commission will convene today at 10 a.m. at the state Capitol.
It will focus on how funds distributed to the state in conjunction with the National Park Service and the Hawaii Primary Care Association have been used.
The panel has already held several meetings and has more scheduled after today.
Company seeking third wind farm
HONOLULU - A subsidiary of a Boston-based wind power company is seeking to build what would be its third wind farm in Hawaii.
Kawailoa LLC, a subsidiary of First Wind LLC, is proposing to build a new wind turbine facility on land at the former Kawailoa Plantation on Oahu's North Shore.
The company currently operates a wind farm on Maui and is building one in Kahuku.
Kawailoa is proposing the construction of up to 43 wind turbine generators and support facilities on state-owned land.
Officials say power from the facility would produce 70 megawatts of electricity capable of providing power to 15,000 homes by 2012.