First Hawaiian Bank losing another major customer due to Dakota Access Pipeline Investment

First Hawaiian Bank losing another major customer due to Dakota Access Pipeline Investment

Democratic Party of Hawaiʻi joins PAʻI Foundation, Sierra Club and many more withdrawing from Hawaiʻi's oldest bank to stand with Standing Rock Sioux

January 30, 2017 (HONOLULU, HAWAIʻI) –  A benchmark number of local organizations and businesses have started the process of pulling their funds and closing their accounts with First Hawaiian Bank in response to the bank’s investment relationship to the Dakota Access Pipeline. Notably this week, the Democratic Party of Hawaiʻi has joined the action. This action comes after First Hawaiian Bank offered no response to residents’ concerns about the bank’s principal shareholder’s investment in the Dakota Access Pipeline.“Since the inauguration of a president with investments and conflicts of interests in the Dakota Access oil pipeline project that is being routed through Native American land, a confluence of concerns has made it necessary for Hawaiʻi’s Democratic Party to review its banking affiliations,” said Tim Vandeveer, Chair of the Democratic Party of Hawaiʻi. “With these unresolved conflicts, self-serving policy decisions and militarized disposition and disrespect to Native culture, we are divesting in local institutions whose parent companies are financing this project and are colluding with the President against the greater community interest.”  Vandeveer further explained, “Fighting climate change starts with us at home by ending our dependence on fossil fuels.  Hawaiʻi made the commitment to a 100% renewable energy economy by 2045. The sooner we can achieve that, the sooner all of us can enjoy a safer, healthier environment.  Now is the time for our local businesses and financial institutions to join us in this transition.”The Trump Administration issued an Executive Order on January 24th to advance the Dakota Access Pipeline, overturning the Obama Administration’s previous halt on the project’s construction for additional environmental review.  Trump’s actions rekindled broad public opposition to this project led by indigenous leaders of the Sioux Nation.  Impromptu demonstrations around the world highlighted the risk oil pipelines pose to drinking water supplies, as well as the brutality of local law enforcement during the previous round of protests.“Trump has made it clear that he does not care about the environment. It is up to us to make the choices in our everyday lives to protect our islands from climate change, and prevent fossil fuel disasters around the world,” said Marti Townsend, director of the Sierra Club of Hawaiʻi. “The sooner Hawaiʻi fulfills on its commitment for a 100% renewable energy future, the sooner communities around the world will be safer and healthier.”  Randy Gonce, a U.S. veteran and Hawaiʻi resident, travelled to Standing Rock in November along with thousands of other veterans to support the demonstrators against the pipeline."No amount of money is worth sacrificing our most essential resource. Because water is life,” said Gonce. “It is only a matter of time before a pipeline leaks. Last year alone there were 220 pipeline spills in the U.S.  One occurred 150 miles away while I was on the Standing Rock Reservation protesting DAPL. 176,000 gallons of crude oil leaked from the Belle Fourche Pipeline in Billings County, most of it flowed into Ash Coulee Creek.  This has to stop and that is why we are asking our local institutions to stand with us and divest from fossil fuel projects like DAPL.”First Hawaiian Bank’s principal shareholder is BNP Paribas, an international bank that has invested over $400 million in the Dakota Access Pipeline. In a press release on January 24, First Hawaiian Bank, Inc announced that it will be holding a secondary stock offering to sell off an undisclosed amount of BNP’s shares. This offering creates opportunity for concerned residents of Hawaiʻi to purchase a share and have a say in the future investments of Hawaiʻi’s largest financial institution.“We have made our voices heard and now it is time for First Hawaiian Bank to address our concerns. Selling off BNP’s shares and completely removing themselves from this investment relationship with the Dakota Access Pipeline is a strong first step in divesting and exactly what Hawaiʻi’s residents want to see from their oldest and largest bank,” said Townsend.Dozens of local residents and organizations have withdrawn over $1.6 million from First Hawaiian Bank since the last demonstration in December 2016 and more are joining the movement every day.Those that have closed their accounts and other concerned residents will gather in front of First Hawaiian Bank’s downtown headquarters to stand in solidarity with the Standing Rock Sioux and call attention to First Hawaiian Bank’s investment in fossil fuel infrastructure including the Dakota Access Pipeline.

###