Posted on: Saturday, September 18, 2004

Merger may cost $88M in cash

Advertiser Staff

Central Pacific Financial Corp. said yesterday that it expects to pay out $88.9 million in cash and 11.9 million shares for its purchase of CB Bancshares, the parent of City Bank.

Shareholders of CB Bancshares had been given a choice of exchanging their shares for all cash or all stock. If they don't specify a preference, they would be given a combination of cash and stock. After yesterday's deadline for choosing, Central Pacific said $58.1 million went to City Bank shareholders who chose only cash while 10.3 million shares went to those who chose only stock. The balance of $30.8 million and 1.55 million shares would be given to the remaining shareholders, which comes to $39.34 a share in cash and 1.9872 Central Pacific shares for each share of CB Bancshares.