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Deadline looms again for City Bank merger

The proposed merger between Central Pacific Financial Corp. and City Bank's parent reaches another apparent deadline today with no indication from either side about what is happening behind the scenes.

Central Pacific Bank's parent said last Thursday it would pursue its efforts "for another week." A bank spokeswoman declined yesterday to clarify exactly what that meant.

A CB Bancshares Inc. spokesman said yesterday there was no news to report.

The silence from both banks leaves open the possibility that another extension could be granted if there appears to be progress.

Central Pacific's latest offer, which was made on March 15, was worth $378.2 million, or $85.20 a share, as of yesterday's market close.