Central Pacific clears way for reverse stock split
Central Pacific Financial Corp. shareholders have approved a measure that would allow a reverse stock split.
The measure would allow a reverse split of common stock by a ratio of not less than one-for-five and not more than one-for-20 at any time prior to April 30, 2011.
Shares of Central Pacific Financial, the parent company of Central Pacific Bank, closed yesterday at $2.52. After touching more than $20 in 2008, the shares fell to less than $1 in December because of a number of factors, including losses on loans to California home builders.