Bank of Hawaii to close 12 branches, 50 ATMs

With customer behavior shifting, Honolulu-based Bank of Hawaii Corp. is making changes to its in-store branch and ATM networks.

The company, which has 16 in-store branches, is closing 12 in supermarkets and will sunset about 50 ATMs, President, CEO and Chairman Peter Ho said during a call covering 2020 fourth-quarter earnings.

Ho said 31% of its deposit customers used digital channels only in 2020, compared with 22% in 2019, while the percentage of branch-only customers fell to 11% in 2020 from 17% in 2019. He also said ATM volumes fell about 20% in 2020 and customers are finding ways to transact money differently.

The moves resulted in one-time costs worth $6.1 million, which are priced in the company's 2020 fourth-quarter earnings results. The company expects annual cost saves of $5.1 million, which it will start to realize in the first quarter.