SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C.  20549


                            Form 8-K


                         CURRENT REPORT

             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934


       Date of Report                    January 20, 1998
(Date of earliest event reported)


              PACIFIC CENTURY FINANCIAL CORPORATION
      (Exact name of registrant as specified in its charter)


       Hawaii                 1-6887             99-0148992
- ----------------------     ------------      ------------------
State of incorporation     (Commission          (IRS Employer
                           File Number)      Identification No.)


   130 Merchant Street, Honolulu, Hawaii             96813      
  ---------------------------------------          ----------
  (Address of principal executive offices)         (Zip Code)


      Registrant's telephone number, including area code:  
                        (808) 643-3888


                        Not Applicable 
  ------------------------------------------------------------
  (Former name or former address, if changed since last report)

Item 5.  Other Events.

          In accordance with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, Pacific Century
Financial Corporation ("PC" or the "Company") is hereby filing
cautionary statements identifying important factors that could
cause the Company's actual 1998 results to differ materially from
those stated in forward-looking statements of the Company made by
or on behalf of the Company.

     Forward-Looking Statements

          See Exhibit 99.1 incorporated herein by reference.

     Risk Factors

          PC's forward-looking statements are based upon various
assumptions and estimates regarding the economy and the banking
industry.  Although the Company believes that its expectations
are based on reasonable assumptions, it can give no assurances
that such assumptions will prove true.  Forward-looking
statements by the Company involve significant risk and
uncertainties, and actual results could differ materially from
those stated or implied by such forward-looking statements. 
Factors that might cause such differences to occur include
economic conditions in markets the Company serves and those that
impact the Hawaii, the United States mainland (especially
California) and Asian economies, changes in the currencies of
Pacific Basin and Pacific Rim countries relative to the U.S.
dollar, changes in interest rates, changes in state or federal
income tax laws, changes in applicable federal, state and foreign
regulatory and monetary policy, and the nature and level of
competition from others.

Item 7.   Financial Statements and Exhibits

          (a)  Financial Statements -- None.

          (b)  Pro Forma Financial Information -- None.

          (c)  Exhibit

               99.1 Press Release.


                             SIGNATURE

          Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.


Date:  January 28, 1998            PACIFIC CENTURY FINANCIAL
                                   CORPORATION

                                   /s/ LAWRENCE M. JOHNSON

                                   Lawrence M. Johnson
                                   Chairman of the Board and
                                   Chief Executive Officer


                             Exhibit 99.1



   Pacific Century Financial Corporation Reports 1997 Earnings

                       FOR IMMEDIATE RELEASE

     HONOLULU-(January 20, 1998) Pacific Century Financial
Corporation (NYSE:BOH), formerly known as Bancorp Hawaii, Inc.,
reported 1997 earnings of $139.5 million, up 4.8 percent from
$133.1 million in 1996.  Diluted earnings per share were $1.72,
up 6.2 percent from $1.62 in 1996.  Per share data have been
adjusted for the two-for-one stock split distributed on December
12, 1997.  Return on average assets for 1997 was 0.98 percent and
return on average equity was 12.57 percent.

     Pacific Century's fourth quarter earnings were $33.1
million, down 3.8 percent from $34.5 million reported for 1996's
fourth quarter.  Diluted earnings per share for the fourth
quarter of 1997 were $0.41, down 2.4 percent from $0.42 reported
for the fourth quarter of 1996.  Fourth quarter results included
$10.4 million in charge-offs for loans in Thailand as well as a
$2.7 million expense related to the closure and demolition of a
building in downtown Honolulu.
     
     "Despite lower fourth quarter earnings than expected, we
took prudent and necessary steps to manage our exposure in Asia
and have dealt with all the known situations," said Lawrence M.
Johnson, chairman and CEO of Pacific Century Financial
Corporation.  "While the current turbulence in Asia requires our
heightened focus and management, we believe this region holds
long-term value and opportunity for the company.  However,
because of the uncertainties inherent in the Asia situation and
previously announced costs associated with making our data
processing systems Year 2000 compliant, we believe it would be
imprudent to expect increased earnings in 1998.  It is currently
impossible to accurately predict the impact of the turmoil in
Asia on the economies of Hawaii and the Mainland, nor do we know
what, if any, further impact there will be on our Asia exposure. 
Under these circumstances, we believe that it is both prudent and
appropriate to suspend our share repurchase activity.  During
this volatile period, Pacific Century's strengths are its 20
years of experience in Asia and management's long-standing
adherence to conservative credit policies."
     
     On a tangible performance basis, which adjusts earnings for
the impact of intangibles, including goodwill, and which is
becoming a more common method of presenting economic performance,
earnings for the fourth quarter were $35.5 million compared to
$36.1 million for the fourth quarter of 1996.  Tangible diluted
earnings per share were $0.44 for fourth quarters of both 1997
and 1996. 

     Pacific Century's total assets stood at $15.0 billion at
year-end 1997, a 7.0 percent increase from $14.0 billion at year-
end 1996.  Net loans at year-end were up 9.2 percent to $9.1
billion from $8.3 billion at December 31, 1996.  Deposits
increased 10.8 percent to $9.6 billion from $8.7 billion at year-
end 1996.  The acquisition of California United Bank and Indosuez
Niugini Bank Ltd. in Papua New Guinea added total assets of $0.9
billion, net loans of $0.5 billion and deposits of $0.8 billion. 
In addition, the acquisition of four branches in Arizona added
$0.25 billion in deposits.

     Nonperforming assets (NPAs), excluding loans past due 90+
days, at year-end 1997 were $97.1 million, compared to $83.2
million at year-end 1996 and $94.7 million at September 30, 1997. 
As a percent of total loans, NPAs for year-end 1997, year-end
1996 and September 30, 1997 were 1.02 percent, .96 percent and
 .99 percent, respectively. 

     "Over the last two years, Pacific Century has significantly
strengthened the franchise through acquisitions in the Pacific
and the U.S. Mainland," Johnson said.  "We now have a network
that is strategically positioned to seek out and act upon
opportunities."
     
     During the fourth quarter of 1997, Bank of Hawaii announced
plans to form a strategic alliance with the Bank of Queensland
that will enable both companies to broaden their geographic reach
in the Pacific Rim.  Bank of Hawaii also signed a definitive
purchase contract for Group Paribas' interest in Banque Paribas
Pacifique (located in New Caledonia) and Banque Paribas Polynesie
(located in French Polynesia).  Applications for regulatory
approval are in process.  These initiatives will further
reinforce Pacific Century's position in the South Pacific region.
     
     In October 1997, the company named Mary P. Carryer to
replace Thomas C. Leppert as Vice Chair.  Carryer will oversee
Pacific Century's U.S. Mainland operations as well as the
company's Information Management function.  "Mary is a strategic
thinker who has the ability to translate planning and ideas into
reality," Johnson noted.  "Her skill set will complement the
strengths that currently exist within our Managing Committee."
     
     Pacific Century Financial Corporation is a regional bank
holding company with locations spanning nearly 12,000 miles from
Singapore to New York.  Pacific Century and its subsidiaries
provide varied financial services to businesses, governments and
individuals in Hawaii, the Asia-Pacific region and in selected
markets on the U.S. Mainland.  Pacific Century is the largest
Hawaii-based financial organization, and its principal
subsidiary, Bank of Hawaii, is the state's largest commercial
bank.  Bank of Hawaii, established in 1897, observed its 100th
anniversary on December 17, 1997.  

     Other Pacific Century subsidiaries include: California
United Bank, First Federal Savings and Loan Association of
America; Pacific Century Bank, N.A., in Arizona; and Pacific
Century Leasing, Inc.  Bank of Hawaii International, Inc.'s
Pacific subsidiaries include: Bank of Hawaii-Nouvelle Caledonie,
Banque de Tahiti, Banque d'Hawaii (Vanuatu) Ltd., and Bank of
Hawaii (PNG) Ltd.