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Reported by Star-Bulletin staff & wire

Thursday, November 13, 2003


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CPF merger cost up to $10.1 mil

Central Pacific Financial Corp., which unleashed a hostile takeover bid for rival CB Bancshares Inc. in April, has spent $10.1 million so far on the merger attempt, according to CPF's third-quarter filing yesterday with the Securities and Exchange Commission.

The parent of Central Pacific Bank said in the filing that it capitalized merger-related costs of $8.8 million, treating it as part of the cost of acquiring City Bank's parent and listing it as part of "other" assets on the consolidated balance sheet. CPF said that amount would have to be recharacterized as an expense if CPF doesn't complete the acquisition. CPF also said in the filing that it has spent an additional $1.3 million on merger-related expenses.

The bank, as previously announced, raised $40 million in capital last month to help support the proposed merger and for general corporate purposes.

CB Bancshares, for its part, said in its filing yesterday that it spent $6.2 million in expenses through September associated with its merger defense. CB reported that amount -- which comes to $4.1 million after taxes -- last month when it released its earnings.

State Insurance unit moving sites

The state Insurance Division will be closed today through Monday as the Department of Commerce and Consumer Affairs moves to new quarters in the old U.S. Post Office downtown from the Kamamalu Building.

The insurance division will reopen Tuesday in the new location, and will be followed by other divisions. All the divisions should reopen by Nov. 28.

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