May 23, 2002

O'NEILL TO REPRESENT FED DISTRICT IN WASHINGTON, D.C.

SAN FRANCISCO -- Michael E. O'Neill, chairman, chief executive officer, and president of Bank of Hawaii and Bank of Hawaii Corporation (formerly known as Pacific Century Financial Corporation), has been selected by the directors of the Federal Reserve Bank of San Francisco to serve as the bank's member of the Federal Advisory Council in Washington, D.C. for 2002. He succeeds Steven L. Scheid, formerly of Charles Schwab & Co., Inc.

The Council is comprised of a representative from each of the twelve Reserve Bank districts, and meets quarterly with the Board of Governors of the Federal Reserve System. The members provide the System with an evaluation of the state of business on a regional basis, and serve as a sounding board for various System ideas and proposals.

O'Neill, 55, became Chairman of the Board of Directors and Chief Executive Officer of Bank of Hawaii Corporation and its principal subsidiary, Bank of Hawaii, on November 3, 2000. He assumed the additional role of President on April 1, 2002. Mr. O'Neill, the company's seventh chairman, is the former Vice Chairman and Chief Financial Officer of Bank of America. Mr. O'Neill left Bank of America in February 1999 to become Chief Executive Officer of Britain's Barclays PLC, one of the twenty largest banking companies in the world. (He resigned that position because of an illness from which he now has fully recovered.) During his thirty years in the banking industry, Mr. O'Neill has lived and worked extensively in Europe and Asia as well as the U.S mainland. Born in Santa Monica, California, he received his Bachelor of Arts from Princeton University and his MBA from the Colgate Darden School of the University of Virginia.

Among his business and community involvements, O'Neill is a member of the Hawaii Business Roundtable, Financial Services Roundtable and Enterprise Honolulu Advisory Council. He serves on the Boards of ASSETS School, Honolulu; Hawaii Community Reinvestment Corporation; Cardigan Mountain School, Canaan, New Hampshire; American Diabetes Association; Bishop Museum; and the Honolulu Symphony.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices at Los Angeles, Portland, Salt Lake City, and Seattle. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.