HONOLULU -- Officials from the Japanese Cultural Center announced Tuesday that the center will remain open after facing a $7.5 million deficit to four local banks.

The center owed a total of $7.5 million to Central Pacific Bank, Bank of Hawaii, First Hawaiian Bank and City Bank.

Emergency fund raising brought in $6 million. The banks forgave the remaining $1.5 million that was interest. The message from the banks came minutes before the announcement from JCC officials.

The center faced a deadline Tuesday to come up with the money.

JCC still faces bills totaling $1.5 million for maintenance and other operating costs to local contractors. Officials said they will begin raising funds for those bills in the new year.

Officials said the process to save the center has made them realize that people perceive the center is only for Japanese Americans. They hope to reach out to people of all ethnic backgrounds who want to learn about Japanese culture.

The center also wants to involve younger people.

The first event of the year to be held at the center will be on Jan. 12. The Family Traditions festival is designed to feature traditional and modern New Year's Japanese traditions that Hawaii families follow.