-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ApfGVwih+uoBxoc4oPuCmiol5i9/aZs8MsryymQSTrkbhddTOZhVpD4SFFUzCYnm INUzcbS6K2IGh53VNlw8gw== 0000891836-96-000067.txt : 19960423 0000891836-96-000067.hdr.sgml : 19960423 ACCESSION NUMBER: 0000891836-96-000067 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19960321 DATE AS OF CHANGE: 19960422 SROS: NASD GROUP MEMBERS: DONALD J. ANDRES GROUP MEMBERS: M.A. SCHAPIRO & CO., INC. PROFIT SHARING/RETIREMENT PLAN GROUP MEMBERS: S.D. SECURITIES, INC. GROUP MEMBERS: SCHAPIRO M A & CO INC ET AL GROUP MEMBERS: SECOND DIST. SECS. CO., INC. PROFIT SHARING/RETIREMENT PLAN GROUP MEMBERS: THOMAS J. MIRANTE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CB BANCSHARES INC/HI CENTRAL INDEX KEY: 0000316312 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 990197163 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-32483 FILM NUMBER: 96537182 BUSINESS ADDRESS: STREET 1: 201 MERCHANT ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085462411 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SCHAPIRO M A & CO INC ET AL CENTRAL INDEX KEY: 0001006313 STANDARD INDUSTRIAL CLASSIFICATION: FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: ONE CHASE MANHATTAN PLAZA CITY: NEW YORK STATE: NY ZIP: 10005 SC 13D 1 M.A. SCHAPIRO & CO. INC. 13D 1 Draft of March 20, 1996 OMB APPROVAL OMB Number: 3235-0145 Expires: October 31, 1997 Estimated average burden hours per form . . . . 14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. ______________)* CB Bancshares, Inc. (Name of Issuer) Common Stock, par value $1.00 per share (Title of Class of Securities) 124785106 (CUSIP Number) George D. Reycraft M.A. Schapiro & Co., Inc. One Chase Manhattan Plaza New York, New York 10005 (212) 425-6600 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 12, 1996 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [x]. Check the following box if a fee is being paid with the statement [ ]. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7). Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SEC 1746(12-91) 2 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON M.A. Schapiro & Co., Inc. 13-5638227 - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - - - - - - - ------------------------------------------------------------------------------ 7 SOLE VOTING POWER 161,482 NUMBER OF ----------------------------------------------------------------- SHARES BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----------------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER 161,482 PERSON ----------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* BD - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 3 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON S.D. Securities, Inc. 13-5502475 - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - - - - - - - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER 52,878 SHARES ----------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH ----------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER 52,878 PERSON ----------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* CO - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 4 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan LT-13-5638227-001-9501 - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* 00 - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - - - - - - - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER 2,000 SHARES ----------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER 2,000 REPORTING ----------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* EP - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 5 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Second District Securities Co., Inc. Profit Sharing/Retirement Plan LT-135638227-002-9501 - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* 00 - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - - - - - - - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER 2,000 SHARES ----------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER 2,000 REPORTING PERSON ----------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* EP - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 6 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Donald J. Andres ###-##-#### - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* 00 - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - - - - - - - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER 1,000 SHARES ----------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER 1,000 REPORTING ----------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 7 SCHEDULE 13D CUSIP No. 124785106 Page of Pages - - - - - - - ------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Thomas J. Mirante ###-##-#### - - - - - - - ------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - - - - - - - ------------------------------------------------------------------------------ 3 SEC USE ONLY - - - - - - - ------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* 00 - - - - - - - ------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - - - - - - - ------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - - - - - - - ------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER 1,000 SHARES ----------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER 1,000 REPORTING ----------------------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - - - - - - - ------------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360* - - - - - - - ------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - - - - - - - ------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.21%* - - - - - - - ------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - - - - - - - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 8 *The information contained in this statement is filed by the undersigned (the "Reporting Persons") pursuant to Regulation 13D-G of the General Rules and Regulations under the Securities and Exchange Act of 1934 (the "Act"). Such filing is made by each of the Reporting Persons individually. The Reporting Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act although neither the fact of this filing nor any of the information contained herein shall be deemed to be an admission by any of the Reporting Persons that a group exists. Each Reporting Person may be deemed to beneficially own, but expressly disclaims any such beneficial ownership, the aggregate number of shares of Common Stock owned by each other Reporting Person. Item 1. Security and Issuer. This statement relates to the Common Stock, par value $1.00 per share ("Common Stock") of CB Bancshares, Inc., a Hawaii corporation (the "Issuer"), the principal executive offices of which are located at 201 Merchant Street, Honolulu, Hawaii 96813. Item 2. Identity and Background. This statement is being filed by Thomas J. Mirante, Donald J. Andres, M.A. Schapiro & Co., Inc., a New York corporation ("Schapiro"), S.D. Securities, Inc., a New York corporation ("SD"), M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan (the "Schapiro Plan") and Second District Securities Co., Inc. Profit Sharing/Retirement Plan (the "SDS Plan") (collectively, the "Reporting Persons"). Morris A. Schapiro directly owns stock with approximately 90% of the voting rights in SD and over 50% of the voting rights in Schapiro. SD owns approximately 20% of the voting stock of Schapiro. The principal business offices of each of the Reporting Persons is One Chase Manhattan Plaza, New York, New York 10005. Schapiro is a broker- dealer specializing in bank securities and through its division, Second District Securities (SDS), is a broker-dealer in U.S. Government Securities. SD is an investor in bank securities and U.S. government obligations. The principal business of the Schapiro Plan is the administration and investment of the plan assets. The Schapiro Plan's Trustee is The Bank of New York, One Wall Street, New York, New York 10286. The Trustee has no responsibility with respect to the administration or investment policy of the Plan. The principal business of the SDS Plan is the administration and investment of the plan assets. The SDS Plan's Trustee is The Bank of New York, One Wall Street, New York, New York 10286. The Trustee has no responsibility with respect to the administration or investment policy of the Plan. The names of the directors and executive officers of Schapiro and SD, and the members of the retirement committees governing the Schapiro Plan and the SDS Plan, and their respective business addresses, citizenship and present principal occupations or employment, as well as the names, principal business and addresses of any corporations or other organizations in which such employment is conducted, are set forth in Schedule I hereto, which Schedule is incorporated herein by reference. None of the Reporting Persons nor, to the best of the Reporting Persons' knowledge, any of the persons listed in Schedule I hereto has during the last five years been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). None of the Reporting Persons nor, to the best of the Reporting Persons' knowledge, any of the persons listed in Schedule I hereto has during the last five years been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation of such laws. Item 3. Source and Amount of Funds or Other Consideration. Schapiro and SD used funds from working capital to purchase the Common Stock which they hold. The Schapiro Plan and the SDS Plan used assets from the Plan. Thomas J. Mirante and Donald J. Andres used personal funds to purchase the Common Stock they hold. 9 Item 4. Purpose of the Transaction. Schapiro has been a market maker with respect to the Common Stock since April, 1993. In the ordinary course of such market making activities, owing to inequalities in buy orders and sell orders received, Schapiro accumulated the shares of Common Stock listed in Item 5 of this Schedule 13D. On January 11, 1996 the Reporting Persons filed a Schedule 13G with respect to the shares of Common Stock which the Reporting Persons beneficially owned on December 31, 1995. Schapiro was a financial advisor to the Issuer from October 8, 1993 until recently. On November 30, 1995, the Issuer sent to Schapiro a letter terminating Schapiro's financial advisory agreement. The termination became effective on December 13, 1995. In its role as financial adviser, Schapiro made recommendations as to the management of the Company which recommendations were designed to improve the Company's earnings performance. As a shareholder, Schapiro and SD believe these recommendations, if adopted and effected, would enhance stockholder value. In the ordinary course of their business, Schapiro and SD from time to time review the performance of their material securities positions and consider possible strategies for enhancing value. On March 12, 1996, Schapiro and SD concluded that, in order to effect these recommendations, it would be helpful to nominate two persons to the Issuer's Board of Directors. Accordingly, George D. Reycraft sent to the Issuer the two letters attached hereto as Exhibit 1 which are incorporated herein by reference. On March 14, 1996, James H. Kamo, secretary of the Company, sent two response letters to Mr. Reycraft. The response letters are attached hereto as Exhibit 2 and are incorporated herein by reference. Schapiro and SD may make other recommendations or proposals to the Company or its stockholders, and may solicit proxies or consents in respect thereof. Item 5. Interest in Securities of the Issuer. (a) Schapiro owns 161,482 shares of Common Stock, 4.55% of those outstanding. SD owns 52,878 shares of Common Stock, 1.49% of those outstanding. The Schapiro Plan owns 2,000 shares of Common Stock, 0.06% of those outstanding. The SDS Plan owns 2,000 shares of Common Stock, 0.06% of those outstanding. Thomas J. Mirante owns 1,000 shares of Common Stock, 0.03% of those outstanding. Donald J. Andres owns 1,000 shares of Common Stock, 0.03% of those outstanding. Each Reporting Person may be deemed to beneficially own, but expressly disclaims any such beneficial ownership, the aggregate number of shares of Common Stock owned by each other Reporting Person. All Reporting Persons, in the aggregate, beneficially own 220,360 shares of Common Stock, 6.21% of those outstanding. In each case the percentages were calculated based on the most recently available filing by the issuer with the Securities and Exchange Commission. (b) Schapiro has sole power to vote and dispose of all of the shares of Common Stock it owns. SD has sole power to vote and dispose of all the shares of Common Stock it owns. The Schapiro Plan has sole power to vote and dispose of all the shares of Common Stock it owns. The SDS Plan has sole power to vote and dispose of all the shares of Common Stock it owns. (c) Except as indicated in Schedule II, the Reporting Persons have not engaged in any transactions in the Common Stock in the 60 days prior to the date of filing of this Schedule 13D. 10 (d) Not Applicable. (e) Not Applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. None of the Reporting Persons nor, to the best of the Reporting Persons' knowledge, any of the persons listed in Schedule I hereto, has any contract, arrangement, understanding or relationship with any other person with respect to any securities of the Issuer, including the transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies. Item 7. Material to Be Filed as Exhibits. 1. Two letters, dated March 12, 1996, from George D. Reycraft to James H. Kamo, corporate secretary of CB Bancshares, Inc., and attachments thereto. 2. Two letters, dated March 14, 1996, from James H. Kamo to George D. Reycraft. 3. Joint Filing Agreement. 11 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 M.A. SCHAPIRO & CO., INC. By: /s/ Stephen J. Paluszek Name: Stephen J. Paluszek Title: President 12 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 S.D. SECURITIES, INC. By: /s/ Stephen J. Paluszek Name: Stephen J. Paluszek Title: President 13 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 M.A. SCHAPIRO & CO., INC. PROFIT SHARING/RETIREMENT PLAN By: /s/ Thomas J. Mirante Name: Thomas J. Mirante Title: Member, Retirement Committee 14 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 SECOND DISTRICT SECURITIES CO., INC. PROFIT SHARING/RETIREMENT PLAN By: /s/ Thomas J. Mirante Name: Thomas J. Mirante Title: Member, Retirement Committee 15 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 By: /s/ Thomas J. Mirante Name: Thomas J. Mirante 16 SIGNATURE After due inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. Dated: March 21, 1996 By: /s/ Donald J. Andres Name: Donald J. Andres 1 SCHEDULE I DIRECTORS, EXECUTIVE OFFICERS AND CONTROL PERSONS OF REPORTING PERSONS The names, business addresses and present principal occupations of the directors, executive officers and control persons of the Reporting Persons are set forth below. If no business address is given, such person's business address is One Chase Manhattan Plaza - 58th Floor, New York, New York, 10005. The business address of each person is also the business address of such director's employer, if any. Unless otherwise indicated, all persons listed below are citizens of the United States. Name Present Principal Occupation or Employment and Address - - - - - - - ------------------ ------------------------------------------------------ Morris A. Schapiro Director and Chairman Emeritus, M.A. Schapiro & Co., Inc. Director and Chairman Emeritus, S.D. Securities, Inc. George D. Reycraft Director and Chairman, M.A. Schapiro & Co., Inc. Director and Chairman, S.D. Securities, Inc. Stephen J. Paluszek Director and President, M.A. Schapiro & Co., Inc. Director and President, S.D. Securities, Inc., Member of Retirement Committee for M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan and the Second District Securities Co., Inc. Profit Sharing/Retirement Plan Thomas J. Mirante Director and Executive Vice President, M.A. Schapiro & Co., Inc. Director and Executive Vice President, S.D. Securities, Inc., Member of Retirement Committee for M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan and the Second District Securities Co., Inc. Profit Sharing/Retirement Plan Donald J. Andres Director and Executive Vice President, M.A. Schapiro & Co., Inc. Director and Executive Vice President, S.D. Securities, Inc. Carmine DeVito Member of Retirement Committee for M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan and the Second District Securities Co., Inc. Profit Sharing/Retirement Plan and Secretary-Treasurer and Comptroller of M.A. Schapiro & Co., Inc. and S.D. Securities, Inc. Filomena Laccetti Member of Retirement Committee for M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan and the Second District Securities Co., Inc. Profit Sharing/Retirement Plan and Assistant Vice President of S.D. Securities, Inc. Jean Oechsner Member of Retirement Committee for M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan and Assistant Vice President of M.A. Schapiro & Co., Inc. 1 SCHEDULE II
M.A. Schapiro & Co., Inc. Inventory - Agency From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount CB Bancshares, Inc. CBBI Opening Balance: 0 .00 29.500 77408 03/06 03/11 030 - Pru Bache 0 1000 29500.00 1000 29500.00 77408 03/04 03/07 -- as of Regional Operations Group (Cust) a/c H.C. 29.500 77409 03/06 03/11 03/07Whiteman 0 1000 29550.00 0 -50.00 77409 03/04 03/07 -- as of 29.500 78414 03/12 03/15 015 Y Dean Witter 0 400 11800.00 400 11750.00 78414 03/11 03/14 -- as of Alex Brown & Sons Inc A/C H.C. 29.500 78415 03/12 03/15 03/14Whiteman 0 400 11840.00 0 -90.00 78415 03/11 03/14 -- as of 29.500 78781 03/15 03/20 030 - Pru Bache 0 100 2950.00 100 2860.00 Alex Brown & Sons Inc a/c H.C. 29.500 78782 03/15 03/20 03/20Whiteman 0 100 2975.00 0 -115.00 Net Cum Trades Shares Amount Trades Cum Shares Cum Amount Opening Balance: 0 .00 0 .00 Buys: 3 1,50044,250.00 3 1,500 44,250.00 Sells: 3 1,50044,365.00 3 1,500 44,365.00 Closing Balance: 0 -115.00 0 -115.00) Net ** Summary Totals: Trades Shares Amount Opening Balance: 0 .00 Buys: 3 1,50044,250.00 Sells: 3 1,50044,365.00 2 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount Closing Balance: 0 -115.00 3 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount 29.250 68354 12/27 01/02 067 0 1000 29250.00 1000 29250.00 29.250 68355 12/27 01/02 067 0 1000 29250.00 2000 58500.00 Evergreen Total 29.500 - 68403 12/27 01/02 01/02Return Fund 0 5000 147500.0 -3000 89000.00 29.000 - 68417 12/27 01/02 161 Y MLCO 0 502 14558.00 -2498 74442.00 30.000 - 68446 12/27 01/02 161 Y MLCO 0 500 15000.00 -2998 89442.00 29.000 - 68479 12/28 01/03 030 0 300 8700.00 -2698 80742.00 29.000 - 68700 12/29 01/04 161 Y SOES 0 175 5075.00 -2523 75667.00 29.375 - 68851 01/02 01/05 067 0 600 17625.00 -1923 58042.00 - 30.000 208042.0 69490 01/04 01/09 352 Y LIEB 0 5000 150000.00 -6923 0 - 29.500 192820.0 69545 01/05 01/10 90064 CHAS 0 516 15222.00 -6407 0 - 29.750 133320.0 69546 01/05 01/10 327 J 0 2000 59500.00 -4407 0 - 30.000 136320.0 69833 01/09 01/12 141 Y 0 100 3000.00 -4507 0 - 29.625 106695.0 69870 01/09 01/12 327 J 0 1000 29625.00 -3507 0 - 29.500 106665.5 70305 01/11 01/17 015 Y SOES 0 1 29.50 -3506 0 4 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount 29.000 103765.5 70361 01/11 01/17 015 Y SOES 0 100 2900.00 -3406 0 70361 01/03 01/08 <-- As of 29.625 - 70442 01/12 01/18 327 J 0 2000 59250.00 -1406 44515.50 29.750 - 70621 01/15 01/18 015 Y 0 136 4046.00 -1270 40469.50 29.500 - 70642 01/15 01/18 90064 Chase 0 3 88.50 -1267 40381.00 29.500 - 70668 01/15 01/18 015 Y 0 1000 29500.00 -267 10881.00 29.750 71007 01/17 01/22 015 Y 0 1000 29750.00 733 18869.00 29.500 71065 01/17 01/22 164 F 0 300 8850.00 1033 27719.00 30.000 71129 01/18 01/23 015 Y 0 1000 30000.00 2033 57719.00 30.250 71137 01/18 01/23 9551 SWST 0 200 6050.00 1833 51669.00 29.500 71325 01/19 01/24 015 Y Dean Witter 0 234 6903.00 2067 58572.00 30.000 - 71394 01/19 01/24 443Y Lieber & Co. 0 5000 150000.00 -2933 91428.00 015 Y SOES - Dean 29.500 - 71441 01/19 01/24 Witter 0 115 3392.50 -2818 88035.50 221 Y OES - Paine 29.500 - 71452 01/22 01/25 Webber 0 30 885.00 -2788 87150.50 29.500 - 71519 01/22 01/25 015 Y Dean Witter 0 300 8850.00 -2488 78300.50 30.000 - 71657 01/23 01/26 015 Y Dean Witter 0 1323 39690.00 -1165 38610.50 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount 443 Y - Lieber & 30.250 - 71660 01/23 01/26 Co. 0 2000 60500.00 -3165 99110.50 030 SOES - Pru 29.500 - 71862 01/24 01/29 Bache Sec. 0 200 5900.00 -2965 93210.50 164 F - Charles 29.500 - 71925 01/25 01/30 Schuab 0 718 21181.00 -2247 72029.50 161 Y MLCO - 30.500 - 71994 01/25 01/30 Merrill Lynch 0 700 21350.00 -2947 93379.50 164 F SOES Charles 30.500 - 72489 01/30 02/02 Schuab 0 26 793.00 -2973 94172.50 015 Y - Dean 30.250 - 72694 01/31 02/05 Witter 0 1000 30250.00 -1973 63922.50 161 Y SOES - 29.500 - 72695 01/31 02/05 Merrill Lynch 0 107 3156.50 -1866 60766.00 161 Y MLCO - 29.500 - 72866 01/31 02/05 Merrill Lynch 0 385 3156.50 -1481 49408.50 015 Y - Dean 29.750 - 72924 02/01 02/06 Witter 0 1000 29750.00 -481 19658.50 161 Y MLCO - 29.500 72925 02/01 02/06 Merrill Lynch 0 531 15664.50 50 -3994.00 30.000 - 72970 02/01 02/06 067 - INCA 0 600 18000.00 -550 21994.00 221 Y - Paine 29.500 184506.0 73395 02/06 02/09 Webber 0 7000206500.00 6450 0 639 J - Mayer & 29.500 185243.5 73451 02/06 02/09 Schweitzer 0 25 737.50 6475 0 443Y LIEB - Lieber 30.000 73529 02/07 02/12 & Co. 0 5000 150000.00 1475 35243.50 Evergreen Total - Return Fund 30.000 114756.5 73552 02/07 02/12 02/12(Customer) 0 5000 150000.00 -3525 0 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount 6 - 015 Y - Dean 29.500 102956.5 73603 02/07 02/12 Witter 0 400 11800.00 -3125 0 Patrick K & 29.500 - 73868 02/08 02/13 02/15Maureen C Sullivan 0 500 14750.00 -2625 88206.50 Sue Silver Harivand, William 29.500 - 73869 02/08 02/13 02/13June & Assoc. 0 1000 29500.00 -1625 58706.50 015 Y - Dean 29.500 73891 02/09 02/14 Witter 0 2000 59000.00 375 293.50 015 Y - Dean 29.500 73916 02/09 02/14 Witter 0 114 3363.00 489 3656.50 - Evergreen Total 29.750 100468.5 73982 02/09 02/14 02/14Return Fund (cust) 0 3500 104125.00 -3011 0 221 Y - Paine 29.500 - 74004 02/09 02/14 Webber 0 176 5192.00 -2835 95276.50 015 Y - Dean 29.500 - 74005 02/09 02/14 Witter 0 18 531.00 -2817 94745.50 015 Y - Dean 29.500 - 74383 02/13 02/16 Witter 0 100 2950.00 -2717 91795.50 161 Y - MLCO - 29.500 - 74561 02/14 02/20 Merrill Lynch 0 682 20119.00 -2035 71676.50 164 F - Charles 29.500 - 75221 02/20 02/23 Schwab 0 600 17700.00 -1435 53976.50 221 Y - Paine 29.500 - 75272 02/20 02/26 Webber 0 174 5133.00 -1261 48843.50 161 Y - MLCO 29.500 75430 02/21 02/26 Merrill Lynch 0 1321 38969.50 60 -9874.00 161 Y - MLCO 29.500 75649 02/22 02/27 Merrill Lynch 0 136 4012.00 196 -5862.00 015 Y - Dean 29.500 -2912.00 75650 02/22 02/27 Witter 0 100 2950.00 296 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount 7 161 Y - MLCO 29.500 75851 02/23 02/28 Merrill Lynch 0 136 4012.00 432 1100.00 015 Y - SOES Dean 29.500 76444 02/28 03/04 Witter 0 50 1475.00 482 2575.00 015 Y - Dean 29.500 76833 03/01 03/06 Witter 0 900 26550.00 1382 29125.00 29.500 77056 03/04 03/07 030 Pru Bache 0 504 14868.00 1886 43993.00 29.500 77305 03/06 03/11 030 Pru Bache 0 1000 29500.00 2886 73493.00 030 Second 1 - Pru 29.500 102993.0 77306 03/06 03/11 Bache 0 1000 29500.00 3886 0 29.500 128599.0 77307 03/06 03/11 030 Pru Bache 0 868 25606.00 4754 0 022 MCBD - McConnell Budd & 29.750 - 77610 03/07 03/12 Downes 0 5000 148750.00 -246 20151.00 015 Y - Dean 29.500 - 78157 03/11 03/14 Witter 0 12 354.00 -234 19797.00 015 Y - Dean 29.500 78229 03/12 03/15 Witter 0 900 26550.00 666 6753.00 015 Y - Dean 29.500 78354 03/12 03/15 Witter 0 100 2950.00 766 9703.00 Net Cum Trades Shares Amount Trades Cum Shares Cum Amount Opening Balance: 0 .00 0 .00 Buys: 3 1,50044,250.00 3 1,500 44,250.00 Sells: 3 1,50044,365.00 3 1,500 44,365.00 Closing Balance: 0 -115.00 0 -115.00 Net ** Summary Totals: Trades Shares Amount Opening Balance: 0 .00 Buys: 3 1,50044,250.00 Sells: 3 1,50044,365.00 M.A. Schapiro & Co., Inc. Inventory - Regular Trading From: 01/01/96 To: 03/20/96 (Final Report) Date: 3/21/96 Dates Account Bought Sold Balance Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount Closing Balance: 0 -115.00
2 EXHIBIT INDEX 1. Two letters dated March 12, 1996 from George D. Reycraft to James H. Kamo, corporate secretary of CB Bancshares, Inc., and attachments thereto. 2. Two letters dated March 14, 1996 from James H. Kamo to George D. Reycraft. 3. Joint Filing Agreement. EX-99.1 2 TWO LETTERS & ATTACHMENTS 1 EXHIBIT 1 [S.D. SECURITIES, INC. LETTERHEAD] March 12, 1996 James H. Kamo, Esq. Corporate Secretary CB Bancshares, Inc. 201 Merchant Street, Suite 902 Honolulu, Hawaii 96813 Dear Mr. Kamo: I hereby nominate William M. Griffin as a candidate for the Board of Directors of CB Bancshares, Inc. Mr. Griffin has agreed to serve as a Director, if elected, and I enclose his letter expressing that agreement. I also enclose a copy of a brief summary of Mr. Griffin's background. He is obviously a highly qualified candidate to be a Member of the Board of Directors of CB Bancshares, Inc. I am making this nomination in my capacity as Chairman of the Board of S.D. Securities, Inc. which owns 52,878 shares of CB Bancshares, Inc. Mr. Griffin is the beneficial owner of 5,000 shares of CB Bancshares, Inc. through his partnership interest in Rita K. Hillman 2604. If you require any further information, please advise. Very truly yours, /s/ George D. Reycraft George D. Reycraft Enclosures BY FEDERAL EXPRESS /jw 1 [THE WMG COMPANY LETTERHEAD] March 5, 1996 Mr. James H. Kamo, Esq. Corporate Secretary CB Bancshares, Inc. 201 Merchant Street, Suite 902 Honolulu, Hawaii 96813 Dear Mr. Kamo: This is to confirm that I agree to serve as a director of CB Bancshares, Inc. if elected by the shareholders at the next annual meeting. Sincerely, /s/ William M. Griffin William M. Griffin Chairman cad 2 William M. Griffin, Chairman The WMG Company One State Street, Suite 1740 Hartford, Connecticut 06103 (860) 527-1687 Mr. Griffin, who is Chairman of The WMG Company, organized the business in 1986 for the purpose of managing the funds of certain limited partnerships which specialize in the ownership of shares of regional banks and thrift institutions. Prior to 1986, Mr. Griffin was Executive Vice President of Hartford Fire Insurance Company and Chairman of its Finance Committee. Mr. Griffin continued as a Director of the Hartford Fire Insurance Company until March 1991. Mr. Griffin was a Director of Shawmut National Corporation from 1988 through April 1992. Preceding the Shawmut merger, Mr. Griffin was a Director of Hartford National Corporation. Mr. Griffin is a Director of Texas Utilities Company and Gradient Lens Corporation. 1 [S.D. SECURITIES, INC. LETTERHEAD] March 12, 1996 James H. Kamo, Esq. Corporate Secretary CB Bancshares, Inc. 201 Merchant Street, Suite 902 Honolulu, Hawaii 96813 Dear Mr. Kamo: I hereby nominate H. Clifton Whiteman as a candidate for the Board of Directors of CB Bancshares, Inc. Mr. Whiteman has agreed to serve as a Director, if elected, and I enclose his letter expressing that agreement. I also enclose a copy of a brief summary of Mr. Whiteman's background. He is obviously a highly qualified candidate to be a Member of the Board of Directors of CB Bancshares, Inc. I am making this nomination in my capacity as Chairman of the Board of S.D. Securities, Inc. which owns 52,878 shares of CB Bancshares, Inc. Mr. Whiteman owns 1,500 shares of CB Bancshares, Inc. If you require any further information, please advise. Very truly yours, /s/ George D. Reycraft George D. Reycraft Enclosures BY FEDERAL EXPRESS /jw 2 March 4, 1996 Mr. James H. Kamo, Esq. Corporate Secretary CB Bancshares, Inc. 201 Merchant Street Suite #902 Honolulu, HI 96813 Dear Mr. Kamo: This is to confirm that I agree to serve as a Director of CB Bancshares, Inc. if elected by the shareholders at the next annual meeting. Very truly yours, /s/ H. Clifton Whiteman H. Clifton Whiteman 1 CURRICULUM VITAE H. Clifton Whiteman Home: (212) 758-6235 136 East 64th Street New York, N.Y. 10021 Office: (212) 557-6200 Present Position Retired Bank Executive, serving as Consultant and Director of several corporations: Director and Consultant, York Research Corporation, New York, since 1991 Director and Consultant, Keene Corporation, New York, since 1991 Director, Teltec Communications Corp., Westernville, N.Y., since 1995 Previous Positions 1982-89 Executive Vice President, The Bank of Tokyo Trust Company, and Senior Deputy General Manager, The Bank of Tokyo, Ltd., New York Agency, 100 Broadway, New York 1978-82 Senior Vice President and Manager, Worldwide Corporate Banking Division, The Irving Trust Company, One Wall Street, New York 1976-78 President and Trustee, The Bowery Savings Bank, 110 East 42nd Street, New York 1968-76 Senior Vice President - Finance and Director, Investors Diversified Services, Inc., Minneapolis, Minnesota 1951-68 Vice President, Morgan Guaranty Trust Company, 23 Wall Street, New York Education Mark Keppel High School, Alhambra, California Dartmouth College, Hanover, New Hampshire, BA 1950 Amos Tuck School of Business Administration, Dartmouth, MBA 1951 Other Data Married to Joan Coffin Whiteman since 1977 Member The Down Town Association and Piping Rock Club EX-99.2 3 TWO LETTERS FROM J. KAMO TO G.D. REYCRAFT 1 EXHIBIT 2 [CB BANCSHARES, INC. LETTERHEAD] March 14, 1996 Mr. George D. Reycraft Chairman of the Board S.D. Securities, Inc. One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Reycraft: I received on March 13, 1996, (1) your letter of March 12, 1996, nominating Mr. William M. Griffin, owner of 5,000 shares of CB Bancshares, Inc., in your capacity as Chairman of the Board of S.D. Securities, Inc., which owns 52,878 shares of CB Bancshares, Inc. (2) confirmation of Mr. Griffin to serve as a Director of CB Bancshares, Inc., if elected by the shareholders at the next annual meeting, and (3) a copy of a brief summary of Mr. Griffin's background. Thank you very much for your communication. I will write you requesting further information that may be required, and to inform you of the date, time and place of the 1996 Annual Meeting of Stockholders. Yours sincerely, /s/ James H. Kamo James H. Kamo Corporate Secretary JHK:jm 1 [CB BANCSHARES, INC. LETTERHEAD] March 14, 1996 Mr. George D. Reycraft Chairman of the Board S.D. Securities, Inc. One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Reycraft: I received on March 13, 1996, (1) your letter of March 12, 1996, nominating Mr. H. Clifton Whiteman, owner of 1,500 shares of CB Bancshares, Inc., in your capacity as Chairman of the Board of S.D. Securities, Inc., which owns 52,878 shares of CB Bancshares, Inc. (2) confirmation of Mr. Whiteman to serve as a Director of CB Bancshares, Inc., if elected by the shareholders at the next annual meeting, and (3) a copy of a brief summary of Mr. Whiteman's background. Thank you very much for your communication. I will write you requesting further information that may be required, and to inform you of the date, time and place of the 1996 Annual Meeting of Stockholders. Yours sincerely, /s/ James H. Kamo James H. Kamo Corporate Secretary JHK:jm EX-99.3 4 JOINT FILING AGREEMENT 1 EXHIBIT 3 JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $1.00 per share, of CB Bancshares, Inc., and that this Agreement be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument. Date: March 21, 1996 M.A. SCHAPIRO & CO., INC. By: /s/ Stephen J. Paluszek Name: Stephen J. Paluszek Title: President S.D. SECURITIES, INC. By: /s/ Stephen J. Paluszek Name: Stephen J. Paluszek Title: President M.A. SCHAPIRO & CO., INC. PROFIT SHARING/RETIREMENT PLAN By: /s/ Thomas J. Mirante Name: Thomas J. Mirante Title: Member, Retirement Committee SECOND DISTRICT SECURITIES CO., INC. PROFIT SHARING/RETIREMENT PLAN By: /s/ Thomas J. Mirante Name: Thomas J. Mirante Title: Member, Retirement Committee By: /s/ Thomas J. Mirante Name: Thomas J. Mirante By: /s/ Donald J. Andres Name: Donald J. Andres -----END PRIVACY-ENHANCED MESSAGE-----