Central Pacific Financial Corp. and CB Bancshares Inc. officially have become one.
The two financial institutions began operating as a single holding company yesterday by notifying employees of job assignments and providing information about a voluntary separation program. They also announced the make-up of their expanded 15-member board of directors.
In addition, Central Pacific Financial, the surviving company, said it paid approximately 11.9 million shares of Central Pacific common stock and $88.9 million in cash to CB Bancshares shareholders. Shareholders were given the right to receive either $95.21 in cash, 3.3866 shares of Central Pacific stock, or a combination of the two.
Central Pacific said it completed the integration of the two banks' boards of directors by electing six directors that CB Bancshares had nominated from its 10-member board.
Making the cut for the 15-member board from City Bank's parent were Duane Kurisu, chairman and chief executive of Aio Group and a partner of Kurisu and Fergus; Colbert Matsumoto, chairman and chief executive of Island Insurance Cos.; Mike Sayama, vice president of customer relations of Hawaii Medical Service Association; Maurice Yamasato, president of Yamasato Fujiwara Higa & Associates Inc.; and Dwight Yoshimura, senior vice present and senior general manager of GGP LP, which owns Ala Moana Center. They join Chairman Ronald Migita, the former president and CEO of CB Bancshares.
Those not selected to serve were state House Speaker Calvin Say and two out-of-state board members, accountant Donald Andres and Tomio Fuchu, a director of Dart Coffee Inc.
Lionel Tokioka, chairman of CB Bancshares, is expected to be a consultant for the merged company.
Central Pacific's nine board members are Clint Arnoldus, who will be CEO of the bank; Richard Blangiardi, senior vice president and general manager of Emmis Communications Corp.; Christine Camp Friedman, managing director of Avalon Development Co.; Jeannie Hedberg, a certified public accountant and managing partner of Hedberg, Freitas, King & Tom, CPAs LLP; Dennis Hirota, president of Sam O. Hirota Inc. Engineering and Surveying; Clayton Honbo, a retired doctor of obstetrics and gynecology; Neal Kanda, the new president of Central Pacific; Paul Kosasa, present and CEO of ABC Stores; and Gilbert Matsumoto, a certified public accountant and president of the Matsumoto Group.
Central Pacific and CB Bancshares, which will begin trading as one stock today on the New York Stock Exchange under the ticker symbol CPF, had mixed closings yesterday. Central Pacific fell 26 cents to $27.50 while CB Bancshares gained 13 cents to $95.