Central Pacific Financial Corp. Realigns Board Of Directors
Jun 15, 2015, 08:00 ET
HONOLULU, June 15, 2015 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: "CPF", the "Company"), parent company of Central Pacific Bank ("CPB", the "Bank"), today announced the resignations of directors Alvaro J. Aguirre and James F. Burr from the boards of the Company and the Bank, effective today. In an earlier announcement made by the Company, Catherine Ngo and Lance Mizumoto will be appointed to the boards of the Company and the Bank, effective July 1, 2015.
Aguirre and Burr joined the boards of CPF and CPB in 2011 as directors and designees of Anchorage Advisors, L.L.C. (Anchorage) and Carlyle Financial Services Harbor, L.P. (Carlyle), respectively, when the Company completed its recapitalization initiative with Anchorage and Carlyle as the co-lead investors. Anchorage and Carlyle have been divesting their ownership in the Company since April, 2014, and each holds approximately 8.8% of CPF's issued and outstanding common stock following their most recent sale that closed on June 10, 2015, in an underwritten secondary offering.
Ngo currently serves as President and Chief Operating Officer of the Company and the Bank, and the Company previously announced that she will be appointed President and Chief Executive Officer, effective July 1, 2015. Mizumoto serves as President and Chief Banking Officer of the Company and the Bank.
"We are greatly appreciative of the contributions that Jim and Al have made to our Company as directors, especially during a critical period in our Bank's turnaround," said John C. Dean, Chairman and CEO. "With the addition of Catherine and Lance to our boards, I believe we are well positioned to continue guiding our Company in the right direction going forward."
The other directors of both the Company and the Bank include: John C. Dean, Chairman of the Board and Chief Executive Officer of CPF and CPB; Crystal K. Rose, partner of Bays, Lung, Rose & Holma; Christine H. H. Camp, President and Chief Executive Officer of Avalon Group LLC; Earl E. Fry, Chief Customer Officer and Executive Vice President, Operations Strategy of Informatica Corporation; Paul J. Kosasa, President and Chief Executive Officer of MNS, Ltd., dba ABC Stores; Duane K. Kurisu, Chairman and Chief Executive Officer of aio, LLC; and Colbert M. Matsumoto, Chairman and President of Island Holdings, Inc.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $5.0 billion in assets. Central Pacific Bank, its primary subsidiary, operates 36 branches and 110 ATMs in the state of Hawaii, as of March 31, 2015. For additional information, please visit the Company's website at http://www.centralpacificbank.com.
This document may contain forward-looking statements concerning expectations regarding the future performance of our management team and our other employees, projections of revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, overall expectations regarding future performance of the Company, or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "hopes," "should," "estimates," or words of similar meaning. While the Company believes that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not limited to: the effect of, and our failure to comply with any regulatory orders we are or may become subject to; oversupply of inventory and adverse conditions in the Hawaii and California real estate markets and any weakness in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; the impact of local, national, and international economies and events (including political events, acts of war or terrorism, natural disasters such as wildfires, tsunamis and earthquakes) on the Company's business and operations and on tourism, the military and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in economic conditions, including destabilizing factors in the financial industry and deterioration of the real estate market, as well as the impact from any declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; our ability to continue making progress on our recovery plan; the impact of regulatory action on the Company and Central Pacific Bank and legislation affecting the banking industry; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, other regulatory reform, and any related rules and regulations on our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, and the results of regulatory examinations or reviews; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, securities market and monetary fluctuations; negative trends in our market capitalization and adverse changes in the price of the Company's common shares; changes in consumer spending, borrowings and savings habits; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; our ability to attract and retain skilled executives and employees; changes in our organization (including our management succession), compensation and benefit plans; and our success at managing the risks involved in any of the foregoing items. For further information on factors that could cause actual results to materially differ from projections, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. The Company does not update any of its forward-looking statements except as required by law.
SOURCE Central Pacific Financial Corp.
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