Bank gets its 'day in court'

By David Butts
Advertiser Staff Writer

•	Public invited to hearing What: Public hearing on Central Pacific-City Bank merger When: Dec. 8, 9:30 a.m. Where: State Capitol Auditorium Contact: State Division of Financial Institutions, 586-2820

The state Division of Financial Institutions Commissioner Nick Griffin said the Dec. 8 meeting will be "for us to hear more comment, either pro or con, on the transaction."

Central Pacific Financial Corp. offered to buy City Bank's parent, CB Bancshares, in April for stock now valued at approximately $245 million.

Combining the state's fourth and fifth largest banks, respectively, would create a stronger institution, Central Pacific says. City Bank opposes the merger, saying it would lead to layoffs and fewer choices for consumers.

City Bank wanted the state to hold public hearings and mounted a petition drive to convince regulators that there was enough demand for it.

"We've got about 4,600 letters and signatures from shareholders, customers, employees, and even legislators and public unions," said Wayne Miyao, a City Bank spokesman.

"We are getting our day in court and we look forward to Dec. 8 where we will tell our side of the story," said Miyao.

Central Pacific's communications officer, Ann Takiguchi, said, "We respect the DFI's decision and we are in the process of reviewing the comments that have been submitted."

The state may add additional dates if there are more people than can be accommodated, Griffin said. After the hearing, the state will have until Feb. 18 to decide whether to allow the merger to go forward, said Griffin.

Reach David Butts at dbutts@honoluluadvertiser.com or 535-2453.