CPB Inc., the parent of Central Pacific Bank, will change its name to Central Pacific Financial Corp. on May 1.

"CPB Inc. has developed from more than a bank that makes loans and gathers deposits to a facilitator of financial transactions," said CEO Clint Arnoldus.

The name change will bring the company's name in line with its New York Stock Exchange ticker symbol, CPF. The company wasn't able to use the CPB symbol on the exchange because that was already taken by Campbell Soup Co.

MacFarms sale effects minimal

The sale of MacFarms of Hawaii Inc. to two Mainland companies should have no effect on field and factory operations and minimal, if any, changes for other employees, the company's president said today.

On Tuesday, the South Kona company announced that it had reached agreement to sell by mid-June. Today, MacFarms President Rick Vidgen said that two new companies will take over operations: Kapua Orchard Estates, LLC will own the land; MacFarms of Hawaii, LLC will own the operation.

Both companies were formed by Mainland firms that want to remain unidentified, Vidgen said.

New-home sales increase 7.3%

Sales of new homes shot up 7.3 percent in March, the biggest gain in seven months, as continued low mortgage rates and better weather helped offset two consecutive months of falling sales, the Commerce Department reported today.

The gain pushed sales of new single-family homes to a seasonally adjusted annual rate of 1.01 million in March as the housing sector continued to be the standout performer of the economy.