Good evening, Hawaii. The Hawaii Bankers Association is assuring the public that its member banks are safe and unaffected by the demise of Silicon Valley Bank and Signature Bank, our partners at the Honolulu Star-Advertiser report on Hawaiian Airlines' contribution to the state's economy. Nationally, President Biden traveled to Monterey Park, Calif., the site of a recent mass shooting, to announce his executive order regarding background checks. Read more about it and other important stories you need to know.
Your Weather Planner
Higher rain chances and wetter weather are expected across Kauai and Oahu today and Wednesday, with a cold front passing to the north of the islands. Leeward areas in Oahu will also see a higher shower focus thanks to southerly winds this week, while Maui and the Big Island stay mostly dry. Another front this weekend or early next week could enhance shower chances again.
Today's Big Stories
1. Banking association: Hawaii banks unaffected by mainland closures
Following the closure of Silicon Valley Bank last week, the Hawaii Bankers Association is assuring the public that its member banks are safe and unaffected.
“Hawaii Bankers Association member banks have strong capital," said HBA executive director Neal Okabayashi. “At this point, the FDIC has stated that this is an isolated incident, and there is no indication of systemic issues affecting the banking industry.”
Following the collapse of SVB, the California Department of Financial Protection and Innovation appointed the Federal Deposit Insurance Corporation as its receiver. A few days later, the New York Department of Financial Services announced it had taken over Signature Bank and also appointed the FDIC as its receiver.
The federal government will guarantee the deposits of both banks, the FDIC, Federal Reserve and Department of the Treasury said in a joint statement.
The Biden administration was quick to clarify that the FDIC, not taxpayers, will cover depositors using its deposit insurance fund, which is paid into by member banks.
HBA member banks are also members of the FDIC, which guarantees traditional deposit accounts and individual retirement accounts by up to $250,000.
HBA member banks include American Savings Bank, Bank of Hawaii, Central Pacific Bank, Finance Factors, First Hawaiian Bank, Hawaii National Bank, HomeStreet Bank and Territorial Savings Bank.
2. Honolulu Star-Advertiser: Hawaiian Air a major player in state economy, report shows
Hawaiian Airlines in 2022 wasn’t even back to pre-COVID-19 performance levels and still was associated directly and indirectly with more than $10 billion worth of economic activity in Hawaii — 11% of the state’s gross domestic product, according to an independent report by ICF, a global consulting services company commissioned by the airline to assess its economic impact in Hawaii.
According to the report, titled “No Kakou a Pau,” which means interconnectedness, Hawaiian Airlines directly employs about 7,158 workers, some 90% residents of Hawaii. The analysis by ICF concluded that there also were secondary impacts of Hawaiian Airlines’ activities that include a significant effect on jobs in other industries.
3. Kennedy Center honors Windward Community College theater program
Two individuals instrumental in founding the Hawaii Conservatory of Performing Arts at Windward Community College received a Gold Medallion from Region 8 of the Kennedy Center American College Theatre Festival, according to a University of Hawaii news release.
Artistic Director Taurie Kinoshita and Associate Professor Nicolas Logue accepted the medallion and a plaque in a ceremony held in Las Vegas in February.
Considered one of the highest honors in theater education, the KCACTF Gold Medallion honors individuals and organizations that have made “extraordinary contributions to the teaching and producing of theatre and have significantly dedicated their time, artistry and enthusiasm to the values of the Kennedy Center,” according to the release.
“We chose to honor Windward Community College with the Gold Medallion Award because they create theatre, and a theatre program that combines Native Hawaiian art and tradition with classical theatre training,” said Shaunte Caraballo, KCACTF Region 8 chair. “Their program literally changes the lives of its students.”
4. Hawaii men's volleyball team retains top ranking after loss to Penn State, win over UCLA
An eventful weekend for the Hawaii men’s volleyball team did not change the Rainbow Warriors’ national ranking.
Two-time defending national champion UH remained the top-ranked team in the American Volleyball Coaches Association’s top-15 poll on Monday. A four-set loss to No. 3 Penn State — the team’s first defeat of the season — and four-set win over No. 2 UCLA in the Outrigger Volleyball Invitational amounted to a wash for the poll voters.
UH (17-1), which was the last Division I team without a loss until the Nittany Lions’ upset on Thursday, garnered 14 of 22 first-place votes, while PSU got the remaining eight.
Also Monday, UH opposite Dimitrios Mouchlias was named the Big West Player of the Week for the second time this season.
5. Biden signs executive order aimed at increasing background checks
On Tuesday, President Joe Biden signed an executive order intended to increase the number of background checks for gun purchases.
Biden announced the order during a visit to Monterey Park, Calif., the site of a January mass shooting in which 11 people were killed, where he also called for Congress to pass gun control legislation, including a ban on military-style weapons and universal background checks.
“We remember and mourn today, but I’m here with you today to act,” Biden said on Tuesday, before an assembly of officials and families impacted by the shooting.
Biden's new executive order would direct Attorney General Merrick Garland to encourage firearm dealers to run background checks required by law to get “as close as we can to universal background checks without additional legislation in order to keep guns out of the hands of felons and domestic abusers,” according to a senior administration official.
Your Notes for Tomorrow
Wednesday, March 15
- President Joe Biden discusses plan to lower prescription drug costs
- NFL 2023 League Year and Free Agency begins
- Business Roundtable CEO Economic Outlook Survey published
- OMB director testifies to Senate committee on the president's FY'24 budget proposal 5:15 a.m. Hawaii time
- What: Farmer’s Market
- Where: Windward Mall | 46-056 Kamehameha Hwy., Kaneohe | 808-235-1143
- Details: Tuan Farm, Kham Farm, Pomai Kulolo, Manny’s Bake Shop, Akemi’s Fish, Luau Bombs, Aloha Edibles, Da Mochi Guys and many more local vendors sell their goods at Windward Mall’s farmer’s market operated by Plenty of Aloha. The farmer’s market is open 2-6 p.m. Wednesdays and 10 a.m.-2 p.m. Sundays.
- What: ʻIke Kanaka Invitational Exhibition
- Where: Maui Arts & Cultural Center | One Cameron Way, Kahului | 808-242-7469
- Details: The ‘Ike Kanaka Invitational exhibition in the Schaefer International Gallery features works by 10 contemporary Kanaka Oiwi artists, who were asked to explore new work through ‘ike, “knowledge gained through experience and guided by sound teachings.” Participating artists are Bernice Akamine, Kala‘i Blakemore, Hoaka Delos Reyes, Solomon Enos, Pōhaku Kaho‘ohanohano, Lehuauakea, Kawika Lum-Nelmida, Meleanna Aluli Meyer, Aulii Mitchell, Cory Kamehanaokalā Holt Taum.
- What: ‘Ghosts of War’ Exhibition
- Where: East Hawaii Cultural Center | 141 Kalakaua St. Hilo | 808-961-5711
- Details: Five women artists — Dana Kavelina, Reem Bassous, Monika Niwelinska, Gongsan Kim, and Svitlana Biedarieva — with different stories to tell present their works reflecting “the consequences of armed conflict and how they weave themselves into our lives.” Gallery hours: 10 a.m.-4 p.m. Tuesday-Friday, 10 a.m.-2 p.m. Saturday.
- What: Kauai Culinary Market
- Where: The Shops at Kukuiula | 2829 Ala Kalanikaumaka, Koloa | 808-742-9545
- Details: In partnership with the Kauai County Farm Bureau, this weekly market, 3:30-6 p.m., features fresh culinary offerings from some of the island’s newest chefs, chef demonstrations, live contemporary Hawaiian music, a beer and wine garden, gourmet farmer’s market and vendors selling Kauai-grown and made packaged edibles.
For more on these and other events, see this week's HI Out & About.
Watch Live
- Mid-Pacific takes on Kamehameha Schools - Kapalama ILH softball at 5:45 p.m. Wednesday on Spectrum Sports or streaming on the Spectrum News app.
In Case You Missed It
Sportscaster Jim Leahey was remembered at Saint Louis School's gym on Sunday afternoon. (Spectrum News/Brian McInnis)
Legendary sportscaster Jim Leahey remembered for words, wit, wisdom
Jim Leahey had a knack for drawing people in and making them feel as though they were part of the story, be it a freewheeling joke or one of the thousands of sporting events he called over his legendary career.
On Sunday, his family and friends got a chance to do the same. At his celebration of life in the gym of his alma mater Saint Louis School, Leahey, the Hawaii sports broadcaster who died Jan. 30 at age 80, was the subject of tributes that spanned his decades.
Numerous local dignitaries and former colleagues in the broadcast industry were among the few hundred in attendance, along with Leahey’s wife Toni, and two of his brothers.