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Bank merger costs $422M

Central Pacific Financial Corp.'s takeover of City Bank's parent will be worth just more than $422 million, according to the acquiring bank's closing stock price yesterday.

CB Bancshares Inc. shareholders will receive $95.21 a share in cash and stock in the merger, which closes today.

Central Pacific said holders of 612,776 shares of CB Bancshares stock elected to receive cash in exchange for their shares. Meanwhile, holders of 3,081,771 shares of CB Bancshares have elected to receive shares of Central Pacific stock, and holders of 23,272 shares elected to receive a mix of cash and Central Pacific shares.

CB Bancshares' stock closed down $1.71 at $94.87 yesterday on its next-to-last day of trading on the Nasdaq Stock Market. The combined bank will trade under Central Pacific's CPF ticker beginning tomorrow on the New York Stock Exchange. Central Pacific's stock closed down 67 cents yesterday at $27.76.