BUSINESS BRIEFS
Bank merger finally official

Advertiser Staff

Central Pacific Financial Corp. announced yesterday that it has completed its merger with CB Bancshares Inc.

In the merger, Central Pacific paid an aggregate of approximately 11.9 million shares of Central Pacific common stock and $88.9 million in cash. Each share of CB Bancshares common stock was converted into the right to receive, at the election of shareholders, either 3.3866 shares of Central Pacific common stock, or $95.2052 in cash.

Shareholders who did not make an election will receive a combination of cash and CPF common stock for their CB Bancshares shares.

Unemployment system aided

The U.S. Labor Department's Employment and Training Administration said yesterday it has awarded the Hawai'i state government $896,708 for unemployment insurance system improvements. The money will make tax and wage reporting easier for employers, ensure employees get the benefits to which they are entitled, protect the security of information the state collects and prevent fraud and abuse.