Press Release:
Press Release
News Article February 2005
HONOLULU, Feb. 22 /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE:CPF) today announced the merger of its two bank subsidiaries -- the integration of City Bank into Central Pacific Bank. The combination brings a total of 37 branches and 95 ATMs operating under the Central Pacific Bank name, as well as nearly 60 new and enhanced product offerings.
"Today marks a new beginning as we have created a more effective platform -- a broader branch and ATM network as well as an expanded slate of products and services -- in serving our customers and our community," said Chief Executive Officer Clint Arnoldus.
"With a stronger core deposit base and a more diversified loan portfolio, we have extended our market reach, while reducing our risks through diversification. We have solidified our position in this marketplace as a financial partner that can offer the products of a powerhouse, while providing the personalized service of a community bank," said Arnoldus.
Highlights of a stronger Central Pacific Bank include:
* Greater convenience with a broader delivery network, with 37 branches
and 95 ATMs, statewide.
Branches include 31 on Oahu, two on the Island of Hawaii, three on
Maui, and one on Kauai. As part of its branch expansion plans, the
company opened a new branch in Wailuku, Maui at 2061 Wells Street and
relocated its Kapolei branch to a much more convenient location at 680
Kamokila Boulevard, between Kmart and the Kapolei Theaters.
* Expanded slate of nearly 60 products for consumers and businesses.
From the bank's flagship Exceptional Account that provides maximum
liquidity and maximum interest, to Totally Free Checking, customers
have more choices in selecting a product to best meet their needs. For
businesses, there are also customized checking and savings accounts as
well as anytime Internet banking access. Our approach was to combine
the "best of the best" from both banks to produce a broader slate of
products for all of our customers.
* Complementary services provide for a stronger bank.
Highlights of enhanced services for the combined company include
residential mortgage lending, trust and investments, business cash
management services, and equipment leasing, as well as commercial
lending in Hawaii, California and the Pacific Northwest.
Ronald K. Migita, Chairman of the Board of Central Pacific stated, "Since the merger of our holding companies on September 15, 2004, we have made great progress in combining the best of our banks, starting with a more diversified board of directors and an executive management team that reflects the solid leadership of both banks."
"Together, we are committed to building a community-focused bank dedicated to preserving the needs of our customers and local businesses, which in turn will help to bring added value to our community at large and shareholders of our company."
The company renewed its commitment to the community through its annual contributions supporting more than 200 nonprofit organizations in Hawaii. In addition, the company announced that key partnerships with community programs are being formulated to make a significant difference in community services. Some of the programs include March of Dimes WalkAmerica, the Lokahi Tree Project during Christmas, American Red Cross Heroes Recognition, and Read Aloud America.
Completing all regulatory requirements, the company received its "Certificate of Merger" today from the Hawaii Department of Commerce and Consumer Affairs.
In celebration of this historic transition, this is Customer Appreciation Week at all Central Pacific Bank branches. Through March 1st, fun activities and great offers are provided, including an opportunity to enter a Las Vegas Local Style Sweepstakes.
"We want to welcome our City Bank customers to the Central Pacific family and send a warm mahalo to all our customers for their support and our employees for their tireless effort in making this transition as seamless as possible," said Arnoldus. "We look forward to continuing our 'fiercely loyal' service that our customers have come to expect," concluded Arnoldus.
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