BUSINESS BRIEFS
Hawaii closing costs 20th highest
Advertiser Staff and News Services
Hawai'i homebuyers pay an average of $3,134 in closing costs, the 20th highest rate among the 50 states and the District of Columbia, according to a study by Bankrate Inc.
That was an improvement from last year when Hawai'i ranked sixth highest.
Nationally, homebuyers paid an average of $3,118 in closing costs, up 14 percent from $2,736 in 2007. New York leads the nation at an average fee of $4,016. North Carolina is the least expensive area with an average fee of $2,650.
The study was based on a 30-year fixed mortgage of $200,000 loan with a 20 percent down payment. The survey included lenders' origination fees and title and settlement fees, and not taxes or prepaid items.
KAMAKURA NAMES ZYLOG DISTRIBUTOR
Kamakura Corp., a Honolulu-based company that designs risk management systems for banks, said Zylog Systems has been named a distributor for Kamakura's systems in India and Pakistan.
Zylog Systems is a global software company with its U.S. headquarters in Edison, N.J. Zylog works extensively with major banks in India through its offices in Chennai, Mumbai, and New Delhi.
The Kamakura Risk Manager system analyzes market risk, credit risk, asset and liability management, funds transfer pricing, and liquidity risk. The KRM system is also widely used for Basel II capital calculations and to meet the requirements of key accounting standards regarding hedge accounting and the valuation of complex structured finance instruments.
HAGAR WILL BE AT RESTAURANT OPENING
Former Van Halen front man Sammy Hagar will be on hand for the grand opening Wednesday of Sammy's Beach Bar & Grill at Maui's Kahului International Airport.
The opening marks the first airport location of the popular Hagar's signature restaurant chain. Hagar will dedicate his profits from this restaurant to local community children's charities through the Hagar Family Foundation.
The Maui restaurant was developed in partnership with HMSHost Corp. It is one of several new eateries at the Kahului Airport that are a part of an expansion by HMSHost, which has a lease through 2013 to run the Kahului Airport concessions.
HMSHost has a growing presence in Hawai'i with operations in the Lihu'e Airport and a recently extended lease at Honolulu International Airport, which runs through 2014.
BANKS BEAT THEIR FOOD DRIVE GOALS
The Hawaii Bankers Association's member banks said they exceeded their expectations during a recent food drive for the Hawaii Foodbank.
The banks collected more than 26,000 pounds and $24,000 through all branches of its member banks statewide. The money and food will be divided between the various island Foodbank's depending on where they were collected, said Gary Y. Fujitani, executive director of the Hawaii Bankers Association.
"We sincerely appreciate the efforts of all of the member banks of the Hawaii Bankers Association," said Richard Grimm, president of the Hawaii Foodbank. "They exceeded our expectations and it's exciting to consider the possibilities in the future given their hundreds of branch locations statewide."
The Hawaii Bankers Association is a trade organization made up of American Savings Bank, Bank of Hawaii, Bank of the Orient, Central Pacific Bank, Finance Factors, First Hawaiian Bank, Hawaii National Bank, HomeStreet Bank, Ohana Pacific Bank, Pacific Rim Bank and Territorial Savings Bank.
