10 WHO MADE A DIFFERENCE:
Ronald K. Migita
City Bank’s CEO rallies
supporters against a takeover bid
Third of ten parts
As a quiet local banker for nearly four decades, Ronald K. Migita could never have expected the spotlight he now finds himself under as president and chief executive officer of the parent of City Bank.
At a time when the parent of rival Central Pacific Bank is pursuing a hostile takeover of his company, he is out there in public, rallying City Bank troops and getting hundreds of them to carry signs at public events and to testify against the takeover.
Some fought controversial battles. Others made headlines or worked quietly behind the scenes. But all made an impact on Hawaii in 2003 and are thus recognized as the Star-Bulletin's 10 who made a difference.
The 61-year-old Migita had to adapt quickly, learning to face questions from reporters and stockholders and to make his pitch in public.
For a time, the battle of the banks turned into a locals-versus-outsiders contest, with CB Bancshares Inc.'s Migita and other supporters of City Bank arguing that a hostile takeover isn't the way things are done in Hawaii.
The rhetoric has since turned less personal, arguing a merger of the fourth- and fifth-biggest banks would be against the interests of the public and the employees.
Migita mostly has been arguing the facts, as City Bank sees them, that Central Pacific's offer isn't high enough for CB shareholders and that a merger of 25-branch Central Pacific and 22-branch City Bank would result in branch closings and lost jobs, in spite of CPF's pledge of no layoffs, and would lessen banking competition in the islands.
The public battle has slowed for now, as the state ponders its regulatory position on the merger, but Migita's fight to prevent a takeover is far from finished. Central Pacific is working on getting all the approvals it needs and then it will doubtless increase its efforts to convince CB shareholders.
Meanwhile, Migita is running the business.
Migita spent 29 years with Bank of Hawaii, the last six as executive vice president, before joining CB Bancshares in 1995 as president of the company and a subsidiary, International Savings. He was let go in November 1996 amid a reorganization, but he wasn't out for long. He was back in March 1997, hired as president and CEO of CB Bancshares and CEO of City Bank, upon the retirement of 83-year-old Chairman James Morita.
The bank has done well under Migita's leadership. For the first nine months of this year, CB Bancshares reported a profit of $13.9 million, up 40 percent from $9.9 million in the nine months of 2002.
Financial analysts have credited Migita with a turnaround in the company's business.
