Updated at 4:35 p.m., Wednesday, July 25, 2007
Honolulu bank's board increases share buyback
Advertiser Staff
Central Pacific Financial Corp., owner of Central Pacific Bank, said its board of directors had authorized the repurchase of up to 1.5 million shares, or 4.5 percent, of its outstanding common stock in open market transactions or in privately negotiated purchases.It was the second time this year the Honolulu-based bank holding company's board had authorized a share repurchase. In April the directors had approved a plan to buyback 600,000 shares. The bank can repurchase up to 238,200 more shares under the prior authorization, increasing the total share buyback authorized to 1.74 million.
"With this increase in our stock repurchase authorization, management will take advantage of market opportunities to enhance shareholder value, said Dean K. Hirata, Central Pacific vice chairman and chief financial officer, in a press statement.
