10 WHO MADE A DIFFERENCE:
CLINT ARNOLDUS
KEN IGE / KIGE@STARBULLETIN.COM
Clint Arnoldus, shown here with Central Pacific Bank mascot Alex at a luncheon in August, has worked to expand the bank's customer base and its standing among investors since coming on board as president, chairman and CEO in January.
CLINT ARNOLDUS described Central Pacific Bank as a hidden gem when he took over the reins early this year. Central Pacific CEO
helped bank growBy Dave Segal
dsegal@starbulletin.com
Now, thanks to the 55-year-old chairman, chief executive officer and president, the prize is being shown off all over town.
The Star-Bulletin is spotlighting 10 people who have made a difference in the community during 2002. This year's 10 is a diverse group but all have one thing in common: Each had a devotion to their cause and made a profound impact on Hawaii.
Arnoldus, who became the first non-Japanese head in the bank's 48-year history, did not waste any time after coming on board in January.
One of his first orders of business was to re-emphasize to the market that Central Pacific was dedicated to all of Hawaii, not just the Japanese-American community. The bank, founded in 1954 to serve the financial needs of Hawaii's Japanese Americans, has long been trying to evolve from the public perception that it was only interested in the Japanese.
Arnoldus also took it upon himself to begin an aggressive investor relations program that has resulted in parent company CPB Inc.'s stock more than doubling this year, despite one of the worst stock market downturns in history.
In October the state's third-largest commercial bank, with 24 branches statewide, surpassed $2 billion in assets for the first time. And earlier this month, the bank announced it was transferring its stock listing from the Nasdaq Stock Market to the more prestigious New York Stock Exchange on Dec. 31.
"I think today we are viewed as a respected competitor," said Arnoldus, who came to Hawaii from the top position at Pasadena, Calif.-based Community Bank. "The analogy we use internally is that it was a bank that stayed in its own corner and did a great job in that corner. But now we're playing in the whole room, and it's getting attention from our competitors and the market."
Arnoldus also is proud of the bank's credit portfolio, deposit growth and fee-income businesses, which rank Central Pacific's financial performance among the best nationally in its peer group.
Those metrics have helped attract coverage from Wall Street analysts for the first time in bank history.
"I think the market, through an increased public relations effort, is seeing this bank for what it's always been: a very solid community bank," Arnoldus said. "So I think just making the market more aware of that has been a big accomplishment for us this year. We've also been able to get through a difficult transition of moving from one CEO (Joichi Saito) to another CEO, and I think at this point I can say that transition is complete and it's gone well."
