U N I T E D S T A T E S
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported) June 20, 2000
PACIFIC CENTURY FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6887 99-0148992
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(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
130 Merchant Street, Honolulu, Hawaii 96813
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number,
including area code) (808) 537-8037
Item 5. Other Events
(a) Exhibit
99.1 Press Release
SIGNATURE
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 thereunto duly authorized.
Date: June 23, 2000 PACIFIC CENTURY FINANCIAL
CORPORATION
/s/ LAWRENCE M. JOHNSON
(Signature)
Lawrence M. Johnson
Chairman & Chief
Executive Officer
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PACIFIC CENTURY FINANCIAL CORPORATION
EXHIBIT TO CURRENT REPORT ON
FORM 8-K DATED June 20, 2000
Commission File Number 1-6887
Pacific Century Financial Corporation to
Increase 2nd Quarter 2000 Allowance for Loan Losses
FOR IMMEDIATE RELEASE
HONOLULU (June 20, 2000) Pacific Century Financial
Corporation announced today that it expects to take an additional
provision expense of between $55 - $65 million in the second
quarter to increase its allowance for loan losses and improve
coverage of non-performing assets. The additional provision
should result in nominal earnings for the second quarter.
The objective of the provision is twofold: 1) to offset net
charge-offs for the quarter and 2) increase the allowance for
loan losses consistent with an anticipated level in non-
performing assets at the end of the second quarter.
The action reflects the company's response to weakness in a
small number of its larger loans from both its syndicated loan
and Hawaii commercial real estate portfolios. The extra
provisioning also considers recent political and economic turmoil
in Fiji, where Bank of Hawaii has three branches.
"We view this as a prudent measure to effectively manage the
issues at hand," said Lawrence M. Johnson, Pacific Century's
chairman and CEO. "The disappointing aspect of this action is
that it overshadows the tangible benefits which have resulted
from steps taken to improve our long-term performance and the
positive trends in Hawaii's economy."
The company has prepared comments regarding the additional
provision. To access the comments, dial (800) 475-6701 for
domestic calls or (320) 365-3844 for international calls, and
enter the access code 525073. The comments will be available
from Wednesday, June 21, 2000, 12 a.m. EST through Monday, June
26, 2000, 11:59 p.m. EST.
Pacific Century Financial Corporation is a regional
financial services holding company with locations throughout the
Pacific region. Pacific Century and its subsidiaries provide
varied financial service to businesses, governments and consumers
in four principal markets: Hawaii, the West and South Pacific,
Asia and selected markets on the U.S. Mainland. Pacific
Century's principal subsidiary, Bank of Hawaii, is the largest
commercial bank in the state of Hawaii.