HONOLULU, June 23 /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE: CPF) announced that the company and its primary subsidiary, Central Pacific Bank (CPB), received regulatory approvals for the appointment of John C. Dean as an officer and director of CPF and CPB from the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), and Hawaii State Division of Financial Institutions (DFI). Accordingly, Dean was appointed Executive Chairman of CPF and CPB effective June 23, 2010.
The company previously disclosed that upon regulatory approval, director Dennis I. Hirota, President of Sam O. Hirota, Inc., would resign from the boards of CPF and CPB, and that Dean would replace Hirota as a director of both boards. Effective June 23, 2010, Dean was appointed director of CPF and CPB to replace Hirota, who this year will attain the maximum age of 70 for directors.
"Dennis has dedicated 30 years as a director of our company and provided his vast knowledge and experience in numerous capacities throughout this period," said Dean. "On behalf of our directors and employees, I want to express our appreciation for his contributions and commitment."
Dean joined the company on March 15, 2010 as Acting Executive Chairman and has 29 years of executive experience in the financial services industry. He is credited with the turnaround of three banks, including Silicon Valley Bank during his tenure as Chief Executive Officer from 1993 to 2001 and as Chairman of the Board from 2001 to 2003, and was recognized by Forbes as one of the "50 most powerful dealmakers" in 2001. He received his MBA in Finance from the Wharton School of University of Pennsylvania and currently serves as managing general partner of Startup Capital Ventures of Palo Alto, California, and as director and advisor for different technology and venture capital firms.
Dean currently resides in Waimanalo, Hawaii and is co-founder and Chairman Emeritus of the Entrepreneur's Foundation of Hawaii, founder and sponsor of the Kipapa i ke Ala Lecture Series at the University of Hawaii's Shidler College of Business, director of the Pacific Asian Center for Entrepreneurship and E-Business (PACE) at the University of Hawaii, and Chairman of the Emmett R. Quady Foundation, his family foundation.
Additional information on the company and John C. Dean can be accessed on the company's website at: www.centralpacificbank.com.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with $4.4 billion in assets. Central Pacific Bank, its primary subsidiary, operates 35 branches, 110 ATMs, and four residential mortgage offices throughout the State of Hawaii. For additional information, please visit the Company's website at http://www.centralpacificbank.com.
This document contains forward-looking statements concerning business plans, management changes, concerning plans and objectives of management for future operations, concerning future economic performance, or concerning 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", "intends", "expects", "anticipates", "forecasts" or words of similar meaning. While we believe 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 Company's ability to successfully implement business plans, the impact of local, national, and international economies and events, including natural disasters, 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; the impact of regulatory actions on the Company including the Consent Order by the FDIC and the Hawaii Division of Financial Institutions; the impact of legislation affecting the banking industry including the Emergency Economic Stabilization Act of 2008; the impact of competitive products, services, pricing, and other competitive forces; movements in interest rates; loan delinquency rates and changes in asset quality generally; the price of the Company's stock; volatility in the financial markets and uncertainties concerning the availability of debt or equity financing; and the impact of regulatory supervision. 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 2009. The Company does not update any of its forward-looking statements.
SOURCE Central Pacific Financial Corp.