The company has not announced the meeting date. Last year's meeting was in late May.

Morita, 83, said today he will start by relinquishing the post of chief executive at International Savings Feb. 28. It was announced previously that International Savings will merge into City Bank in mid-1997.

He said he will step down as chairman and CEO of CB Bancshares as soon as a successor is found, but no later than the annual meeting. At that meeting, he also will step down as chairman and CEO of City Bank and as chairman and director of International Savings.

"A succession plan has been the subject of our strategic thinking during the past year, in conjunction with our determination to return the bank to its historic performance," Morita said in a press release.

Morita became chairman of City Bank in 1961 and was named president in 1969 and chairman and chief executive in 1973.

He was instrumental in forming the holding company, becoming its first chairman and CEO in 1980, and also helped direct the 1994 acquisition of International Savings.

Morita was born in Kealakekua on the Big Island.