Parent company CB Bancshares Inc. said today Lionel Tokioka will be terminated as president of International Savings as of Nov. 15, as the company merges International Savings into its City Bank subsidiary. The company also said International's board will be dissolved.

CB Bancshares said the move was a difficult one, noting that Tokioka has been involved with International Savings for many years. Tokioka, who will remain a director of CB Bancshares, could not be reached for comment this morning.

CB Bancshares, which acquired International Savings in June 1995 in a deal valued at $51.7 million, has been under pressure to reduce its expenses from both the Federal Reserve Bank of San Francisco and a group of outside investors.

Tokioka had served as president of International Savings since 1986 and served as the local thrift's chairman between 1986 and 1994.

During the past 12 years, several suitors sought to acquire International Savings. In 1985, the company fended off the a takeover attempt by Florida-based investor C. Herman Terry. Five years later, Japan-based Sumix Corp. backed out of attempt to acquire International Savings in a friendly transaction. More recently, Bancorp Hawaii Inc., parent of Bank of Hawaii, dropped an attempt to acquire International Savings in 1993 before CB Bancshares acquired the company. Isles beat Australia for Japanese newlyweds