CPB picks CPB Inc. will be "CPF" on the Big Board. The parent of Central Pacific Bank said today that is the symbol it has chose for its New York Stock Exchange Listing, to go into effect Tuesday morning.
symbol for
NYSE debut
The local bank will celebrate
its move to the Big Board by
bringing a bit of Hawaii
to New York Jan. 29By Russ Lynch
rlynch@starbulletin.comThe most logical symbol for the Honolulu-based bank holding company, "CPB," was already taken. Food giant Campbell Soup Co. trades on the NYSE under that symbol.
The Hawaii company, which has traded on the Nasdaq exchange since 1987 under the symbol CPBI, will continue to trade that way through Monday and will be on the bigger exchange for the start of trading Dec. 31.
CPB plans a celebration at the NYSE on Jan. 29, when Clint Arnoldus, its chairman, president and chief executive officer, will join others in ringing the bell to close the day's trading.
After that, the exchange will be treated to a videotape of the song "Give Aloha," created by Hawaii composer Jesse Rivera along with local artists Kelly "Boy" DeLima, David "Kawika" Kahiapo and Kawika Crowley. The video, featuring dozens of Hawaii entertainers and hundreds of beachgoers, was taped Sept. 8 on Waikiki Beach as part of the Sept. 11 anniversary commemoration. CPB sponsored the production.
CPB has said it expects the NYSE listing to bring wider exposure and increased movement for its stock.
When it announced the coming change on Dec. 12, the company said it has grown significantly since its original Nasdaq listing. As of Sept. 30 this year, CPB had assets of $2 billion and had 16.3 million shares outstanding. Central Pacific Bank has 24 branches in the islands, including five in supermarkets, and operates more than 70 ATMs.
CPBI closed down 20 cents today at $28.60.
Central Pacific Bank was founded in 1954, with $1 million in capital pooled from Hawaii's Japanese-American community and the expertise of managers from Sumitomo Bank. Sumitomo no longer has any involvement in the bank.