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Bank of Hawaii Announces Further Leadership Transition

Monday, July 24, 2017


Bank of Hawaii announces today that Vice Chair Derek J. Norris will retire at the end of this year after 18 years of service.

Norris joined the bank in 1999, and became general auditor in 2000. The following year, he was promoted to executive vice president, and in 2009, became senior executive vice president and controller, and also joined the bank’s Managing Committee. In 2014, Norris was promoted to vice chair and manager of the Residential and Consumer Lending Group, which includes Mortgage Banking, Direct Lending and Indirect Lending.

Under Norris’ leadership, Bank of Hawaii has remained the No. 1 residential lender in the state, in both number of loans and total dollars loaned, and nearly doubled its mortgage market share. Additionally, the bank’s home equity business has also doubled in the past three years, contributing to its success as the No. 1 home equity lender in Hawaii.

Prior to Bank of Hawaii, Norris spent 22 years at Bank of America in Europe, Asia, Latin America and California. He also served as a manager with KPMG in London. A graduate of Aberdeen University in Scotland, Norris earned a bachelor’s degree in mathematics.

As part of Bank of Hawaii’s succession planning, James C. Polk and Vincent E. Barfield, who are both members of the bank’s Managing Committee, will assume new roles and responsibilities, effective today.

Peter S. Ho, chairman, president and CEO said, “Furthering and expanding the careers and opportunities of our longtime executives is a strategic priority for Bank of Hawaii. With over 40 years in finance, Derek’s contributions at the bank will be felt far beyond his tenure. We are grateful for his leadership and for sharing his retirement plans with us early enough to transition smoothly. Combined, Jim Polk and Vince Barfield have 43 years of experience at Bank of Hawaii. They have skillfully set a strong foundation for the many opportunities we have ahead, and I look forward to their future contributions.”

Vice Chair James C. Polk will transition to manager of the Residential and Consumer Lending Group. Polk currently manages The Private Bank of Bank of Hawaii, which includes Private Banking Group, International Client Group, Trust Services Group and Bankoh Investment Services, Inc. In his new role in Residential and Consumer Lending Group, Polk will have responsibility for Mortgage Banking, Direct Lending and Indirect Lending. Together, these businesses represent approximately 50 percent of the bank’s loans. Polk, a seasoned banker, previously oversaw the bank’s Mortgage Banking Division.

Polk joined Bank of Hawaii in 1999 and became a member of Managing Committee in 2009. He has served in a variety of senior leadership roles over the years, including Commercial Banking, which includes Hawaii Commercial Banking, Commercial Real Estate Loan Division, Commercial Deposit Services and International Banking; as well as Corporate Banking and West Pacific Region.

With nearly 30 years in the financial industry, Polk earned his bachelor’s degree in economics from the University of Michigan. He is a graduate of Harvard Business School’s Advanced Management Program and the Pacific Coast Banking School at the University of Washington.

Polk currently serves as a board member for the Hawaii Medical Service Association, After-School All-Stars Hawaii and Bishop Museum. He is also a trustee of The Nature Conservancy and Hawaii Pacific University.

Vincent E. Barfield, senior executive vice president, will transition to manager of The Private Bank of Bank of Hawaii, succeeding James Polk.

Barfield will continue to oversee the Trust Services Group, the largest Hawaii-based provider of fiduciary services in the state and the leading municipal bond manager and captive insurance asset manager. He is currently responsible for the bank’s personal and institutional trust teams, fixed income and portfolio management, trust operations, real estate, tax and financial planning.

Barfield has been with Trust Services Group for the past seven years, successfully leading the division for the past four years. With new technology and enhanced client offerings, Barfield has evolved the Trust Services Group to include new managed account options for the bank’s trust and brokerage platforms, new technology to improve business operations, and a redesign of financial and estate planning for trust and private bank clients.

Barfield joined the bank in 1992 as a business loan officer and has held various management positions in the Commercial, Retail and Trust Services Groups. He became a member of the bank’s Managing Committee in 2009.

He earned his MBA and bachelor’s degree in business administration from the University of Hawaii at Manoa. He is a graduate of the Pacific Coast Banking School at the University of Washington and Stanford University’s Executive Program.

Barfield is a trustee of the Hawaii State Employee’s Retirement System, previously serving as board chair and current investment committee chair. As the bank’s military liaison, Barfield currently serves as director and past chairman of the national board of the Association of Military Banks of America, and director and human resources committee chair for the USS Missouri Memorial Association. He is a current member of the Honolulu Council of the Navy League, and is a retired Navy Reserve Officer.