Central Pacific names directors after merger

By Deborah Adamson
Advertiser Staff Writer

Central Pacific Financial Corp. has appointed six City Bank directors to the board of the merged company.

They are Ronald Migita, its former president and chief executive who is chairman of the merged company; Maurice Yamasato, president of Yamasato, Fujiwara, Higa & Associates; Duane Kurisu, chairman and CEO of AIO Group; Colbert Matsumoto, chairman and CEO of Island Insurance Co.; Mike Sayama, vice president of customer relations at the Hawaii Medical Service Association and Dwight Yoshimura, senior general manager of GGP Limited Partnership.

With the appointment of the six directors, Central Pacific's board expands to 15.

Central Pacific said it paid about 11.9 million shares of common stock and $88.9 million in cash for its former cross-town rival for a value of $426 million. CB Bancshares shareholders who wish to receive only stock would get 3.3866 Central Pacific shares while those opting for cash would get $95.2052 per share. Those who didn't choose either option would get a combination of cash and stock in exchange for their shares.

Shares of Central Pacific were up 45 cents to $27.95 yesterday. CB Bancshares has ceased trading.