Posted at 4:11 p.m., Tuesday, February 3, 2004
State approves bid for bank
Advertiser Staff
The state approved Central Pacific Bank’s hostile bid to take over its crosstown rival City Bank.The decision, announced today by state Commissioner of Financial Institutions Nick Griffin, was the final regulatory hurdle for the merger of the two banks. The takeover now needs only the approval of shareholders of both companies to go forward.
It was also a victory for Clint Arnoldus, who took over Central Pacific Financial Corp. less than two years ago and was accused by many of not following the Hawai'i way of doing business when he pushed for the merger over the objections of City Bank executives.
