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<SEC-DOCUMENT>0000950129-04-004828.txt : 20040715
<SEC-HEADER>0000950129-04-004828.hdr.sgml : 20040715
<ACCEPTANCE-DATETIME>20040714194733
ACCESSION NUMBER:		0000950129-04-004828
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040714
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCWEST CORP/HI
		CENTRAL INDEX KEY:			0000036377
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				990156159
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14585
		FILM NUMBER:		04914682

	BUSINESS ADDRESS:	
		STREET 1:		999 BISHOP ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085257000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST HAWAIIAN INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a00274e8vk.htm
<DESCRIPTION>BANCWEST CORPORATION - JULY 14, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT</B>



<P align="center" style="font-size: 10pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 10pt"><B>Date of Report: July&nbsp;14, 2004</B><BR>
(Date of earliest event reported)


<P align="center" style="font-size: 24pt"><B>BANCWEST CORPORATION</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-7949</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>99-0156159</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>999 Bishop Street, Honolulu, Hawaii</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>96813</B></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>Registrant&#146;s telephone number, including area code: (808)&nbsp;525-7000</B>



<P align="center" style="font-size: 10pt"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;12. Results of Operations and Financial Condition.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="a00274exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Financial Statements and Exhibits.</B>

<P align="left" style="font-size: 10pt">(c)&nbsp;Exhibits.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are furnished herewith:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">News Release dated July&nbsp;14, 2004</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link2 "Item&nbsp;12. Results of Operations and Financial Condition." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;12. Results of Operations and Financial Condition.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;14, 2004, BancWest Corporation (the &#147;Company&#148;) issued a financial
information release for the quarter ended June&nbsp;30, 2004. The financial
information release is furnished as Exhibit&nbsp;99.1 to this Current Report on Form
8-K.

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: July&nbsp;14, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BANCWEST CORPORATION</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(Registrant)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ DOUGLAS C. GRIGSBY</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Douglas C. Grigsby</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief
Financial Officer and Treasurer</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">- 2 -
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a00274exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<TITLE>exv99w1</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;99.1</B>


<P align="center" style="font-size: 10pt"><IMG src="a00274a0027400.gif" alt="(NEWS RELEASE LETTERHEAD)">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FOR IMMEDIATE RELEASE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONTACT:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerry Keir (808)&nbsp;525-7086</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">gerry.keir@fhwn.com</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">BANCWEST POSTS EARNINGS OF $114.8 MILLION,<BR>
UP 6.6% FROM SECOND QUARTER OF 2003<BR>
Two Acquisitions Expected to Close in Third Quarter



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Honolulu, Hawaii, July&nbsp;14, 2004) &#150; BancWest Corporation, parent company
of Bank of the West and First Hawaiian Bank, today reported net income of
$114.8&nbsp;million for the second quarter of 2004, up 6.6% from the same quarter of
2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;BancWest&#146;s assets topped $40&nbsp;billion for the first time, as we continue
to generate significant organic growth. In this coming quarter, we are
awaiting regulatory approval to complete acquisitions that will make BancWest
the seventh largest bank holding company in the Western United States,&#148; said
Walter A. Dods, Jr., BancWest Chairman and Chief Executive Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BancWest is moving through the process of obtaining regulatory approvals
for acquisitions of Community First Bankshares and USDB Bancorp, with both
transactions expected to close during the third quarter of this year. After
that, branches of Community First National Bank and Union Safe Deposit Bank
will become branches of Bank of the West.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;With completion of these two acquisitions, BancWest will operate in 10
additional states. We&#146;ll have more than 525 branches in 17 states, Guam and
Saipan,&#148; said Don J. McGrath, President and Chief Operating Officer of BancWest
and President and Chief Executive Officer of Bank of the West.


<P align="left" style="font-size: 10pt"><B>BancWest second-quarter results:</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Assets, loans, deposits. </B>BancWest had total assets of $40.3&nbsp;billion at
June&nbsp;30, 2004, up 10.5% from a year earlier. Loans and leases totaled $27.2
billion, up 8.7%. Deposits were $28.0&nbsp;billion, up 11.7%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit quality. </B>BancWest&#146;s nonperforming assets were 0.52% of loans and
foreclosed properties at June&nbsp;30, 2004, an improvement from 0.75% at June&nbsp;30,
2003 and 0.59% at December&nbsp;31, 2003.


<P align="center" style="font-size: 10pt">(more)



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">BancWest Posts Earnings of $114.8 Million,<BR>
Up 6.6% from Second Quarter of 2003<BR>
Page 2


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Loan loss reserve. </B>BancWest&#146;s allowance for credit losses was 1.46% of
total loans and leases at June&nbsp;30, 2004, compared to 1.57% at June&nbsp;30, 2003 and
1.52% at December&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Net interest income </B>for the quarter was $322.3&nbsp;million &#151; up 0.8%
from the second quarter of 2003, due to 13.6% growth in average earning
assets, partially offset by a lower net interest margin for the quarter.
Net interest margin was down to 3.88% compared with 4.37% for the same
quarter a year ago.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Noninterest income</B>, at $110.0&nbsp;million, increased 7.7% from the second
quarter of 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Noninterest expense </B>was $232.2&nbsp;million for the quarter, up 1.0% from
the same quarter a year ago.


<P align="left" style="font-size: 10pt"><B>Community First Acquisition</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As announced in March, BancWest has agreed to pay $32.25 in cash for each
Community First share, a total of $1.2&nbsp;billion. Community First Bankshares is
the parent company of Community First National Bank, which operates 155
branches in 12 states in the Southwest, Rocky Mountains, Great Plains and east
to Minnesota, Iowa and Wisconsin. As of December&nbsp;31, 2003, Community First
Bankshares had total assets of $5.5&nbsp;billion, deposits of $4.4&nbsp;billion and loans
of $3.3&nbsp;billion. In 2003, the company earned $75&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transaction received overwhelming approval from Community First
shareholders on June&nbsp;30 and requires approval from federal banking regulators.
Once regulatory approvals have been received, the merger is expected to close
during the third quarter of 2004. Subsequently, Community First branches will
become part of Bank of the West, adding 10 more states to Bank of the West&#146;s
footprint.


<P align="left" style="font-size: 10pt"><B>USDB Bancorp Acquisition</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April, BancWest Corporation agreed to acquire USDB Bancorp, parent
company of Union Safe Deposit Bank, in a cash transaction valued at $245
million. USDB Bancorp is headquartered in Stockton, California, and operates 19
Union Safe Deposit Bank branches in San Joaquin and Stanislaus Counties in the
Central Valley. As of December&nbsp;31, 2003, USDB Bancorp had total assets of $1.2
billion, deposits of $852&nbsp;million and net loans of $631&nbsp;million. In 2003, the
company reported net income of $12.6&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After completion of the transaction, Union Safe Deposit Bank branches will
become part of Bank of the West. Bank of the West, the third-largest
commercial bank headquartered in California, already has 222 branches in the
state, including 11 branches in San Joaquin and Stanislaus Counties.


<P align="center" style="font-size: 10pt">(more)



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">BancWest Posts Earnings of $114.8 Million,<BR>
Up 6.6% from Second Quarter of 2003<BR>
Page 3


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger requires approval from federal and state banking regulators.
Once all regulatory approvals have been received, the transaction is expected
to close during the third quarter of 2004, with the conversion and merger of
Union Safe Deposit Bank into Bank of the West projected for the fourth quarter.


<P align="center" style="font-size: 10pt">* * *



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>About BancWest: </B>BancWest Corporation (www.bancwestcorp.com) is a financial
holding company with assets of $40.3&nbsp;billion. It is a wholly owned subsidiary
of Paris-based BNP Paribas. BancWest is headquartered in Honolulu, Hawaii,
with an administrative headquarters in San Francisco, California. Its
principal subsidiaries are Bank of the West (296 branches in California,
Oregon, New Mexico, Nevada, Washington state and Idaho) and First Hawaiian Bank
(61 branches in Hawaii, Guam and Saipan).


<P align="center" style="font-size: 10pt"># # #



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This release contains forward-looking statements, including statements
regarding anticipated timing of the USDB Bancorp and Community First
transactions and possible performance of the combined company after the
transactions are completed. Such statements reflect management&#146;s best judgment
as of this date, but they involve risks and uncertainties that could cause
actual results to differ materially from those presented. Factors that could
cause such differences include, without limitation, (1)&nbsp;the possibility that
regulatory approvals may be delayed or denied or that burdensome conditions may
be imposed in connection with such approvals; (2)&nbsp;the possibility of customer
or employee attrition following the transactions; (3)&nbsp;failure to fully realize
expected cost savings from the transactions; (4)&nbsp;lower than expected revenues
following the transactions; (5)&nbsp;problems or delays in bringing together the
companies; (6)&nbsp;the possibility of adverse changes in global, national or local
economic or monetary conditions, (7)&nbsp;competition and change in the financial
services business, and (8)&nbsp;other factors described in BancWest&#146;s recent filings
with the Securities and Exchange Commission. Those factors or others could
result, for example, in delay or termination of transactions discussed above.
Readers should carefully consider those risks and uncertainties in reading this
release. Except as otherwise required by law, BancWest, USDB Bancorp and
Community First Bankshares disclaim any obligation to update any
forward-looking statements included herein to reflect future events or
developments.


<P align="center" style="font-size: 10pt"># # #




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
