NEWS RELEASE

HONOLULU, January 12, 2022 – The First Hawaiian Bank Foundation, in partnership with Walter A. Dods Jr., First Hawaiian Bank’s former chairman and CEO, have made a combined contribution of $500,000 to the University of Hawaiʻi Foundation. This substantial gift supports the UH Mānoa RISE project, a world-class innovation and entrepreneurship center coupled with student housing being built on the site of the former Atherton YMCA, across from the flagship campus.

The live-learn-work community at RISE—Residences for Innovative Student Entrepreneurs—will be operated by the Pacific Asian Center for Entrepreneurship (PACE) at the UH Mānoa Shidler College of Business. The new RISE building, which replaces the former Atherton YMCA, will wrap behind and connect to the historic pink Charles Atherton House. Groundbreaking for RISE is scheduled for January 13. A classroom in the new RISE building will be named in honor of Walter A. Dods, Jr. commemorating this important gift and the long-standing support from both Walter Dods and First Hawaiian Bank over the past several decades.

“Education is the cornerstone of a thriving, progressive society and the innovative learning opportunities for students participating in the RISE program is unmatched in Hawaiʻi,” said First Hawaiian Bank Chairman, President and CEO, Bob Harrison. “First Hawaiian is proud to partner with Walter Dods in supporting the RISE entrepreneurial center in developing the next generation of talented global business leaders.”

“As a proud graduate and lifetime supporter of the University of Hawaii, I am honored and pleased to be part of this special project,” said Walter A. Dods, Jr. “I want to thank Bob Harrison and First Hawaiian for matching my gift and for supporting the RISE project. I firmly believe that education is the great equalizer for many in our community. We desperately need critical thinkers and entrepreneurs in a State so reliant on small and medium sized businesses and I believe Rise will be a breakthrough investment in our future.”

“Under Walter Dods Jr.’s and now with Bob Harrison’s leadership, First Hawaiian Bank pioneered and continues to be a trailblazer in providing clients with innovative solutions and embracing technological advances,” said Susan Yamada, vice chair of the PACE Entrepreneurship Board of Directors. “This gift to RISE supports our shared vision of nurturing entrepreneurial thinking and innovative problem solving within our students who will be the next generation of leaders. We are grateful for this generous donation and proud to partner with Mr. Dods and the First Hawaiian Bank as we prepare our youth for future success.”

When completed in 2023, RISE will have 7,263 square feet of multi-purpose co-working, meeting, lab and classroom space, as well as 374 dormitory beds for undergraduate and graduate students. RISE will attract qualified students of all backgrounds and majors across the UH System who can come together to explore their passions, test ideas, access support services and launch businesses within an ecosystem that fosters collaboration and entrepreneurship under the direction of PACE.

Through PACE’s expanded portfolio of interactive programming, students will learn tangible and intangible skills essential to success in any career choice be it the corporate track or a start-up – the ability to problem solve, flex their creative muscle, collaborate with people from diverse backgrounds, process information critically and communicate effectively.

FHB’s Legacy of Support for the UH System

First Hawaiian Bank Foundation’s gift to the UH RISE project highlights a storied history and commitment of supporting the UH system. Central to the core mission and vision of First Hawaiian and the foundation, the bank values the opportunities that the UH System provides the community, teaching the skills of innovation and entrepreneurship through organic and creative means to engage students to become our future leaders.

First Hawaiian Bank and the First Hawaiian Bank Foundation have provided support for the University of Hawaii across several areas including: UH Foundation, UH Alumni Association, UH Athletics, Shidler College of Business and Shidler Alumni Association.

With First Hawaiian Bank Foundation and Walter A. Dods, Jr. partnering to support innovation and entrepreneurship in Hawaiʻi, UH will be able to offer local students an educational opportunity here in Hawaiʻi found in very few global universities, and will serve as a beacon to attract entrepreneurial students and innovators from around the world. This will fortify and grow areas of excellence at UH such as astronomy, ocean science, engineering, tropical agriculture, law, medicine, business and others with the potential to provide licensing and equity return cash flows to the university.

The Walter A. and Diane N. Dods Endowed Scholarship Fund

Walter Dods, a graduate of the Shidler College of Business, has long been a supporter of education equality and established The Walter A. and Diane N. Dods Endowed Scholarship Fund to provide renewable scholarships to graduates of Hawai‘i public high schools who are accepted into the PACE Leadership Program at the Shidler College of Business at the University of Hawai‘i. Established in 2011, this scholarship is intended to support incoming students for up to a maximum of four consecutive years of education helping retain students through degree or certificate completion. Preference is given to immigrants or second-generation immigrants to Hawaiʻi and the funds may be used for costs associated with attendance (e.g., tuition, books, fees, housing, etc.).

Since the scholarship’s inception, the fund has made 144 awards to 76 students for a total of $632,700. Starting in Fall 2023, students in the PACE Leadership Program are eligible to receive this scholarship. Students can be from any major at UH.

Dods is known as an iconic leader at FHB, and the embodiment of innovation and entrepreneurship in Hawaii. He joined the bank in 1968, working his way through the ranks to President in 1984. This accomplishment is even more impressive, noting he was only 43 years old, and one of the youngest presidents in the nation for an institution of its size. Dods was named Chairman and CEO in 1989 and retired as Chairman of FHB Board of Directors in 2008.

The RISE Project

The RISE project is being built under a public-private partnership between the UH Foundation, which bought the property on University Avenue in 2017, the University of Hawaiʻi and developer Hunt Development Group. The $70-million construction cost is being funded by tax-exempt bonds, which will be repaid with dorm fees. No taxpayer funds will be used for the project.

Demolition of the existing Mary Atherton Richards House at the corner of University and Seaview Avenues was completed in November, while interior demolition of the historic Charles Atherton House is currently underway. Groundbreaking on the new six-story modern building, which will wrap behind the historic pink Charles Atherton House, is scheduled for mid-January.

Moss is the general contractor on the project, The Wilhelm Group is the construction manager and Design Partners Inc. is the lead architect. For more information, visit pace.shidler.hawaii.edu