The Bloomberg Honolulu Star-Bulletin Index is a price-weighted index designed to measure the performance of Hawaii-based companies. The index was developed with a base value of 100 as of December 31, 1999. A chart of the index which shows the weekly performance of its members is published weekly in the Honolulu Star-Bulletin.

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Merging banks rise

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Shares in the merging parent companies of City Bank and Central Pacific Bank led the Bloomberg Honolulu Star-Bulletin index last week.

Acquiree CB Bancshares Inc. jumped 6.4 percent to $91.03, nearing the merger price of $91.83. Buyer Central Pacific Financial Corp. advanced 5.1 percent to $26.30.

Hawaii biotech companies Cyanotech Corp. and Mera Pharmaceuticals trailed the pack, with Cyanotech falling 3.1 percent to $1.24 and Mera dropping 6.9 percent to less than 3 cents.

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SOURCE: BLOOMBERG NEWS STAR-BULLETIN GRAPHIC