Posted on: Saturday, February 12, 2005

CPF set to offer 1.75M shares

By Deborah Adamson
Advertiser Staff Writer

Central Pacific Financial Corp. plans a public offering of 1.75 million common shares, according to a filing made yesterday with the Securities and Exchange Commission.

Underwriters will be granted an option to buy another 262,500 shares to cover over-allotments in case of strong demand.

The Honolulu-based parent of Central Pacific Bank and City Bank plans to use the money for "general corporate purposes," said spokeswoman Ann Takiguchi.

Dean Hirata, chief financial officer of Central Pacific Financial added, "It's additional capital to support loan growth that we anticipate in this year and the next."

The offering and the overallotment constitute 7 percent of total outstanding shares.

Bear Stearns is the lead manager of the deal while Sandler O'Neill and RBC Capital Markets will be co-managers.

Central Pacific issued 11.9 million new shares last year to help pay for its merger with CB Bancshares, City Bank's former parent. The merger was completed last September.

Shares of Central Pacific closed yesterday at $37.34, up 19 cents.

Reach Deborah Adamson at dadamson@honoluluadvertiser.com or 525-8088.