TheBuzz
TheBuzz
Aloha, NYSE
CPB takes its ticker
to the Big BoardWall Street tweed dimmed 'twixt typical Bishop Street togs yesterday as aloha-shirt-and-lei-wearing executives from CPB Inc. rang the closing bell at the New York Stock Exchange.
The parent company of Central Pacific Bank was listed on the NYSE Dec. 31 and was invited to the rarified air of the balcony to commemorate a new chapter in its history; a chapter likely to include a new name -- Central Pacific Financial Corp.
Clint Arnoldus, chairman, president and chief executive officer, said the primary reason for the proposed name change, "is because we want to be seen more as a facilitator of financial transactions than a bank that makes loans and gathers deposits."
It would also bring the holding company's name in better alignment with its new trading symbol, CPF. Shareholders have been asked to approve the change at a meeting in April.
Now, back to the merriment.
PHOTO COURTESY NYSE
Clint Arnoldus, center, CPB Inc. president, chairman and chief executive officer, and other company officials rang the closing bell at the New York Stock Exchange yesterday. NYSE Chairman and CEO Richard Grasso is to the left of Arnoldus.
Arnoldus hoisted and pounded the gavel, flanked by NYSE Chairman and Chief Executive officer Richard Grasso and more than 20 bank executives, board members and spouses, all clad in aloha wear. Flashing teeth, fresh flowers and floral print clothing, the Hawaii contingent burst forth with shaka signs, which Grasso also attempted; his aloha shirt was worn over the Street's de rigeur long-sleeved dress shirt.
"Dick Grasso said it was definitely the most colorful group he's had on the balcony," Arnoldus told TheBuzz.
The local-style suit-up for the occasion was approved by exchange officials, who also waived the normal 12-person limit for the balcony, to accommodate the volume of Hawaii visitors.
"We've been overwhelmed by the warmth and generosity of the New York Stock Exchange. We feel like we're General Electric," Arnoldus said.
Arnoldus was interviewed by Institutional Investor magazine and on legendary New York City radio station WINS. Cable stations such as CNBC showed the colorful closing across the country, which is why bank officials chose the closing over the opening bell, for the Hawaii-friendly timing.
The CPB contingent had wanted to throw leis off the balcony to traders on the floor below but post-Sept. 11 security measures prevented the goodwill gesture.
Arnoldus sees goodwill in the visit, nevertheless.
"I think it helps our state for the broader market to see the state and a local company doing well. The broader market sees a 10-year recession and has the impression things are worse off than they really are. It is an opportunity to make a statement for the state," he said.
The New York visit has also been beneficial to the bank. "We're listed on the most powerful exchange in the world and we are getting a lot of market attention," he said. "We've been able to combine the visit with visits to a number of potential institutional investors and analysts." Analyst Joseph Morford of RBC Capital Markets and Brett Rabatin of MidWest Research took up coverage of CPB last year.
It is one of four Hawaii companies now traded on the NYSE; the others are Bank of Hawaii Corp., Hawaiian Electric Industries Inc. and ML Macadamia Orchards LP.
CPB was previously listed on the Nasdaq Stock Market under CPBI.
Absent from the occasion was "Loyalty Officer Alex," the canine star of the bank's advertising campaign.
He is being promoted another way, however. A plush toy replica of Alex is being offered to customers who open a new high-interest account with the bank, but they didn't go to the Big Apple either.
"No, we're having those manufactured in China," he said. "That's more of a local phenomenon," Arnoldus said, unsure that the New York market would have understood the purpose of the pooch's presence.
Asked about the promotion in which warm fuzzy replicas of the loyalty officer were being used to reward customers lured away from other depository institutions, Arnoldus chuckled, but didn't skip a beat.
"Actually they're being lured into our loyalty and our reputation for being loyal to our customers."
Erika Engle is a reporter with the Star-Bulletin.
Call 529-4302, fax 529-4750 or write to Erika Engle,
Honolulu Star-Bulletin, 500 Ala Moana Blvd., No. 7-210,
Honolulu, HI 96813. She can also be reached
at: eengle@starbulletin.com
