-----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, GtX0G1JWOousXSf8trCSzpU8C/y+U8D8t4ul+SCSjVifiEPUo4FYwYNOcy/pf2wb wgcxKH2Pj/1y/FlmSLID6A== 0001047469-03-016695.txt : 20030505 0001047469-03-016695.hdr.sgml : 20030505 20030505111340 ACCESSION NUMBER: 0001047469-03-016695 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 22 FILED AS OF DATE: 20030505 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CB BANCSHARES INC/HI CENTRAL INDEX KEY: 0000316312 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 990197163 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-32483 FILM NUMBER: 03681355 BUSINESS ADDRESS: STREET 1: 201 MERCHANT ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085352500 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL PACIFIC FINANCIAL CORP CENTRAL INDEX KEY: 0000701347 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 990212597 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 220 S KING ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085440500 MAIL ADDRESS: STREET 1: P O BOX 3590 CITY: HONOLULU STATE: HI ZIP: 96811 FORMER COMPANY: FORMER CONFORMED NAME: CPB INC DATE OF NAME CHANGE: 19920703 SC 13D/A 1 a2110263zsc13da.htm SCHEDULE 13D/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

______________________________________________________________

CB BANCSHARES, INC.

(Name of Issuer)

 

COMMON STOCK, PAR VALUE $1.00 PER SHARE
(Title of Class of Securities)

 

124785 10 6

(CUSIP Number)

 


Central Pacific Financial Corp.

220 South King Street
Honolulu, HI  96813
Attn:  Neal Kanda
(808) 544-0622

With copy to:

Gordon Bava, Esq.
Manatt, Phelps & Phillips, LLP
11355 West Olympic Blvd.
Los Angeles, CA  90064-1614
(310) 312-4000

 

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

April 28, 2003

(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 that is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box  o.

* 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.

This 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).

 



 

 

CUSIP No. 124785 10 6

 

1.

NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

Central Pacific Financial Corp.

IRS  Identification No. Of  Above Person:  99-0212597

 

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:*                                          (a)           o

                                                                                                                                                        ;         (b)           ý

 

3.

SEC Use Only

 

 

4.

SOURCE OF FUNDS

WC, OO

 

5.

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)            
o

N/A

 

6.

CITIZENSHIP OR PLACE OF ORGANIZATION

State of Hawaii

 

 

Number Of Shares Beneficially Owned By Each Reporting Person With

 

7.

SOLE VOTING POWER

88,741 (2.27%)

 

 

8.

SHARED VOTING POWER

295,587* (7.57%)

 

 

9.

SOLE DISPOSITIVE POWER

88,741 (2.27%)

 

 

10.

SHARED DISPOSITIVE POWER

0

 

 

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

384,328*

 

 

12.

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*   o

 

 

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.85%*

 

 

 

 

2



 

14.

TYPE OF REPORTING PERSON

CO

 

 


*348,264 shares of CB Bancshares, Inc. (the “Issuer”) common stock are subject to a voting agreement dated April 16, 2003 (“Voting Agreement”) entered into between CPB Inc. (predecessor in name to Central Pacific Financial Corp. (“CPF”)) and TON Finance, B.V. in connection with a merger proposal made by CPF.  In accordance with the Voting Agreement, 295,587 shares may be voted without restriction; the remaining 52,677 shares may be voted only after the shareholders of the Issuer approve CPF’s acquisition of more than a specified percentage of the Issuer’s stock under the Hawaii Control Share Acquisitions Statute. CPF expressly disclaims any beneficial ownership of any shares of the Issuer common stock covered by the Voting Agreement, and further disclaims any shared voting power with respect to the 52,677 shares discussed above.  Based on the number of shares of the Issuer common stock outstanding as of March 4, 2003 (as reported by the Issuer in its proxy statement), the shares for which CPF may be deemed to share voting power represent 7.57% of the outstanding shares of common stock of the Issuer.  The filing of this Schedule 13D shall not be construed as an admission by CPF that it is, for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or any other federal or state law, the beneficial owner of the shares that are subject to the Voting Agreement.

 

 

3



 

 

 

Introduction.  This Amendment No. 1 amends and supplements the Schedule 13D, dated April 25, 2003 (the “Schedule 13D”), filed with the Securities and Exchange Commission by Central Pacific Financial Corp. (“CPF”) (until April 23, 2003, CPF was known as CPB Inc.), with respect to the Common Stock, par value $1.00 per share (the “Shares”) of CB Bancshares, Inc. (the “Issuer”).  The address of its principal executive offices is 201 Merchant Street, Honolulu, Hawaii 96813.  Unless as otherwise indicated capitalized terms used herein but not defined herein shall have the same meaning as those set forth in the Schedule 13D.

 

ITEM 4.  Purpose of Transaction.

 

Item 4(a)-(b) is amended by adding the following:

 

On April 28, 2003, CPF delivered to Issuer an information statement requesting that Issuer call a special meeting of its shareholders under Hawaii’s Control Share Acquisitions Statute. The purpose of the meeting is to seek shareholder approval for CPF’s acquisition of at least a majority of Issuer’s outstanding common stock.  Issuer is required by Hawaii’s Control Share Acquisitions Statute to hold the special meeting. Within five calendar days of CPF’s request, or May 3, 2003, Issuer is required to set a date for the special meeting, which must be held within 55 calendar days of the request, or by June 22, 2003.  After the close of business on May 2, 2003, Issuer caused a letter to be hand delivered to CPF setting the meeting date for May 28, 2003.  On May 5, 2003, CPF filed a proxy statement for solicitation of proxies from Issuer’s Shareholders and intends to solicit proxies as soon as legally possible.  If at least a majority of Issuer’s outstanding shares, excluding the 88,741 shares owned by CPF, approve, Issuer shareholders may sell their shares to CPF, subject to fulfillment of other conditions.  A copy of the information statement (excluding attachments thereto) is attached hereto as Exhibit F.

 

In addition, on April 28, 2003, CPF filed a registration statement Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission to begin the process of registering the shares it proposes to issue to acquire the Issuer by means of an exchange offer described therein (the “Exchange Offer”). The filing of the Registration Statement does not formally commence the Exchange Offer. CPF intends to file a tender offer statement on Schedule TO and related materials in connection with the proposed Exchange Offer, the commencement date for which has not been determined.  When the Exchange Offer commences formally, Issuer shareholders will receive a prospectus, related Exchange Offer materials, and instructions on how they may exchange their Issuer shares.  As described in the Registration Statement, pursuant to the Exchange Offer, CPF will offer each Issuer shareholder the right to exchange each share of Issuer common stock, including shares under option as of December 31, 2002, for cash, for shares of CPF common stock or a combination of cash and CPF common stock subject to the overall limits of cash being paid and shares of CPF common stock being issued in the transaction.

 

CPF’s obligation to acquire any shares of Issuer common stock pursuant to the Exchange Offer will be subject to numerous conditions including, without limitation, receipt of required regulatory and Issuer and CPF shareholder approvals, effectiveness of the Registration Statement, completion of due diligence on Issuer, and redemption or invalidation of Issuer’s Rights Agreement, or “poison pill.” Upon a successful completion of the Exchange Offer, CPF intends to take all legally required steps to merge CPF and Issuer on the same financial terms and conditions as will be provided in the Exchange Offer.

 

 

4



 

 

On April 28, 2003, CPF also announced that it has made the appropriate regulatory filings with the Board of Governors of the Federal Reserve System and the Financial Institutions Division of the State of Hawaii Department of Commerce and Consumer Affairs for the approvals required for CPF to acquire Issuer.  A copy of the press release dated April 28, 2003 addressing these issues is attached hereto as Exhibit G.

 

On May 1, 2003, CPF announced that it has notified Issuer that the total consideration it is offering in the Exchange Offer and/or merger transaction will remain unchanged after taking into account the 10% stock dividend announced by Issuer on April 29, 2003.  According to Issuer’s announcement, the stock dividend is payable on June 27, 2003 (the “Dividend Payment Date”) to Issuer shareholders of record on June 16, 2003.  The per share amounts of cash to be paid and shares of CPF common stock to be issued, however, will be adjusted as of the Dividend Payment Date from $21.00 to $19.09 in cash and from 1.8956 to 1.7233 of CPF common stock per share of Issuer common stock   A copy of the May 1, 2003 press release addressing this adjustment is attached hereto as Exhibit H.  CPF also intends to file an amendment to its registration statement to reflect this change.

 

On May 2, 2003, the Hawaii Commissioner of Securities confirmed that CPF had filed a complete registration statement as of April 30, 2003 under the Hawaii Take-Overs Act.  Such registration statement became effective on May 3, 2003.  A copy of the press release dated May 5, 2003 addressing the Hawaii Take-Over Act is attached as Exhibit I. 

 

ITEM 6.                                                     Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

 

Item 6 to the Schedule 13D is deleted in its entirety and replaced with the following:

 

On April 28, 2003, Neal Kanda and Glenn K.C. Ching, officers of CPF, were appointed by Nanboku Sangyo, a Japanese corporation, as its agents (said agents, together with each substitute appointed by any of them, if any, collectively, the “Designated Agents”) in respect to all Shares owned by Nanboku Sangyo to, among other things, take all action necessary to call (BUT NOT TO VOTE AT) one or more special meetings of shareholders of the Issuer (each a “Special Meeting”), for the purpose of considering and voting upon any proposal to approve the combination of the Issuer with CPF by means of a tender/exchange offer, merger, sale of assets or other form of transaction, and any other proposal having the stated purpose or intended effect of facilitating any such transaction.  A copy of the press release dated April 30, 2003, addressing this designation is attached hereto as Exhibit J.

 

Except for the Voting Agreement described in Items 4 and 5 herein and the Designated Agents discussed in this Item 6, CPF is not aware of any contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer, including but not limited to 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 loss, or the giving or withholding of proxies.

 

 

5



 

 

CPF disclaims:  (i) beneficial ownership of any shares owned by Nanboku Sangyo; and (ii) membership in any group including Nanboku Sangyo, TON Finance, B. V. Or any other person with respect to the Issuer.

 

ITEM 7.  Material to be Filed as Exhibits.

 

Item 7 of the Schedule 13D is amended by adding the following:

 

Exhibit F:                                               CPF Information Statement Pursuant to Hawaii Law

 

Exhibit G:                                              Press Release of CPF dated April 28, 2003

 

Exhibit H:                                           Press Release of CPF dated May 1, 2003

 

Exhibit I:                                                  Press Release of CPF dated May 5, 2003

 

Exhibit J:                                                 Press Release of CPF dated April 30, 2003

 

 

6



 

 

 

Signature

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement on Schedule 13D is true, complete and correct.

 

 

Dated:  May 5, 2003

Central Pacific Financial Corp.

 

 

 

 

By:

/s/ GLENN K. C. CHING

 

 

Glenn K. C. Ching

Vice President,

General Counsel and

Secretary

 

Attention:  Intentional misstatements or omissions of fact

constitutes Federal criminal violations (See 18 U.S.C. 1001)

 

 

7



 

 

EXHIBIT INDEX

 

Exhibit A

 

Directors and Executive Officers of CPF*

 

 

 

Exhibit B

 

Press Release of CPB dated April 16, 2003, including Letter from CPB to the Issuer dated April 15, 2003*

 

 

 

Exhibit C

 

Voting Agreement between CPB and TON, dated as of April 16, 2003*

 

 

 

Exhibit D

 

Schedule of Transactions in the Shares of the Issuer*

 

 

 

Exhibit E

 

Item 2 Information for TON*

 

 

 

Exhibit F

 

CPF Information Statement Pursuant to Hawaii Law

 

 

 

Exhibit G

 

Press Release of CPF dated April 28, 2003

 

 

 

Exhibit H

 

Press Release of CPF dated May 1, 2003

 

 

 

Exhibit I

 

Press Release of CPF dated May 5, 2003

 

 

 

Exhibit J

 

Press Release of CPF dated April 30, 2003

 


* Previously provided.

 

 

8



EX-99.F 3 a2110263zex-99_f.htm EXHIBIT 99.F

Exhibit F

 

CPF Information Statement Pursuant to Hawaii Law

(excluding attachments)

 



 

 

ACQUIRING PERSON INFORMATION STATEMENT

This Acquiring Person Information Statement (this “Statement”), dated as of April 28, 2003, is being delivered at the principal executive offices of CB Bancshares, Inc., a Hawaii corporation (the “Company”) at 201 Merchant Street, Honolulu, Hawaii 96813.

 

1.             Identity of the Acquiring Person.  Central Pacific Financial Corp., a Hawaii corporation (“CPF” or the “Acquiring Person”).  The principal executive office of the Acquiring Person is 220 South King Street, Honolulu, Hawaii  96813.

2.             Delivered Pursuant to Hawaii Law. The Acquiring Person is delivering this Statement pursuant to Section 414E-2(c) of Chapter 414E (Control Share Acquisitions) of the Hawaii Revised Statutes, as amended.(1)


(1) Notwithstanding the making and delivery of this Statement, the Acquiring Person reserves all rights to (i) challenge the constitutionality, validity and/or legality of all or any part of Chapter 414E and related provisions of the Hawaii Revised Statues, as amended, and the application of such provisions to the Acquiring Person’s acquisition of capital stock of CB or the Exchange Offer  (as defined herein) and/or (ii) seek an amendment to the Articles of Incorporation or Bylaws of CB to provide that Chapter 414E and related provisions of the Hawaii Revised Statutes, as amended, do not apply to control share acquisitions of capital stock, including, but not limited to, pursuant to the Exchange Offer  (as defined herein).

 

3.             Number of Shares Beneficially Owned.  The Acquiring Person is currently the beneficial owner of 88,741 shares of the outstanding common stock, $1.00 par value per share, of CB (“Common Shares”).  On April 25, 2003, Acquiring Person filed information with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the “Exchange Act”) on Schedule 13D covering 384,328 Common Shares. The filing of the Schedule 13D should not be construed as an admission by Acquiring Person that it is, for the purpose of Section 13(d) of the Exchange Act, or any other federal or State law, including specifically Chapter 414E, the beneficial owner of any Common Shares other than the 88,741 shares reported therein.

4.             Range of Voting Power in the Election of Directors of CB that Would Result from the Control Share Acquisition.  If consummated, the proposed transaction (the “Control Share Acquisition”) would result in the acquisition of at least a majority of the voting power of the capital stock of the Company.

5.             Terms of the Proposed Acquisition.  On the terms and subject to the conditions set forth in the Exchange Offer filed by the Acquiring Person as a part of the Registration Statement on Form S-4 filed with the Securities and Exchange Commission on April 28, 2003 (as amended from time to time, the “Exchange Offer”), the Acquiring Person seeks to acquire at least a majority and up to 100% of the outstanding Common Shares.  A copy of the Exchange Offer is attached as Exhibit A hereto and incorporated herein by this reference. In addition to the acquisition of shares in the Exchange Offer, the Acquiring Person reserves the right to purchase Common Shares in privately negotiated transactions and in open market purchases.

Source of funds or other consideration and the material terms of the financial arrangements for the Control Share Acquisition.  The Acquiring Person will utilize

 

 

1



 

 

shares of its common stock and cash available from working capital, proceeds from the sale of Trust Preferred Securities, of which $15 million has been raised, and dividends from its subsidiaries as described in the attached Exchange Offer.  The Acquiring Person will seek the approval of its shareholders to issue additional shares as required by the rules of the New York Stock Exchange.

Plans or proposals of Acquiring Person to liquidate the Company, sell all or substantially all of its assets, or merge it or exchange its shares with any other person.  The purpose of the Control Share Acquisition is for the Acquiring Person to acquire control of, and ultimately the entire equity interest in, the Company.  As soon as practicable after completion of the Control Share Acquistion, and subject to the requirements of applicable law, the Acquiring Person intends to seek to have the Company complete a merger with the Acquiring Person, or a wholly owned subsidiary of the Acquiring Person (“Merger”), in which each outstanding share of capital stock of the Company (except for treasury shares of the Company and shares beneficially owned directly or indirectly by the Acquiring Person for its own account) would be converted into the right to receive the same consideration to be paid in the Exchange Offer subject to dissenters’ rights available under Hawaii law.  Pursuant to the Exchange Offer, each Company shareholder may elect to exchange each Common Share for cash, the Acquiring Person’s common stock, or a fixed exchange of $21.00 in cash plus 1.8956 shares of the Acquiring Person’s common stock.  Regardless of the type of election made by the Company’s shareholders, the value of the consideration received for each tendered Common Share will be the same.  The value of the per share consideration will equal $21.00 plus the product of 1.8956 and the average closing price of the Acquiring Person’s common stock for the 20 trading day period ending on one trading day prior to the expiration date of the exchange offer.   Depending on the elections made by the Company’s shareholders, those choosing all cash or all stock may be subject to proration.  For a more detailed description of the terms and conditions of the Control Share Acquisition, reference is made to the information set forth in the attached Exchange Offer.

No determination has been made with respect to the sale or transfer of a material amount of assets of the Company or any of its subsidiaries, but if the Control Share Acquisition and the Merger are consummated, it is likely that bank offices outside of Hawaii will be closed and that the resulting combined branch network will be evaluated for consolidation opportunities.  It is currently estimated that up to 10 branches of the combined branch network may be closed.

Change the location of its principal executive office or a material portion of its business activities.  Upon completion of the Merger it is expected that the principal executive office of the Company will be consolidated with the principal executive office of the Acquiring Person at 220 South King Street, Honolulu.   It is expected that the business activities of the Company will remain substantially the same except that such activities will be conducted under the name of the Acquiring Person and its wholly owned subsidiaries.

 

 

2



 

 

Change materially its management or policies of employment.  It is anticipated that senior management of Acquiring Person will continue in such capacities following the Control Share Acquisition and Merger.  Upon completion of the Merger, Acquiring Person will consider offering certain members of the Company’s management and its board of directors management positions and board seats, respectively, with the Acquiring Person or its subsidiaries, in its sole discretion. Directors, who do not become members of the board of directors of the Acquiring Person, may be offered membership on an advisory board of the Acquiring Person.  Upon completion of the Merger, it is expected that employees of the Company will be offered, to the extent possible, similar positions at the Acquiring Person or its subsidiaries and will be entitled to participate in insurance and other benefit programs under Acquiring Person’s benefit plans.

Alter materially its relationship with suppliers or customers or the communities in which it operates.  Upon completion of the Merger, the Acquiring Person does not expect to alter the relationship between the Company and its customers in any material respect.  With respect to suppliers, it is expected that the Acquiring Person will review all vendor relationships prior to the Merger and eventually consolidate or eliminate duplicate functions. Acquiring Person does not expect to abandon any community in which the Company or Acquiring Person currently operates.

Any other material change in its business, corporate structure, management, personnel, and such other information which would affect the decision of a shareholder with respect to voting on the proposed Control Share Acquisition.  Acquiring Person does not currently anticipate any material change to the business, corporate structure, management, or personnel that is not referred to in this Information Statement or in the Exchange Offer and related registration statement.  The Acquiring Person hereby represents that it has the financial capacity to fully consummate such proposed Control Share Acquisition upon the terms and subject to the conditions described herein and in the Exchange Offer.  The facts upon which the foregoing representations are based are set forth in the Exchange Offer.

IN WITNESS WHEREOF, Central Pacific Financial Corp. has caused this Information Statement to be executed by its duly authorized officer as of the date first set forth above.

 

CENTRAL PACIFIC FINANCIAL CORP.

 

 

 

 

By:

/s/ CLINT ARNOLDUS

 

 

Name: Clint Arnoldus

Title:  President

 

 

3



 

 

A registration statement relating to the securities proposed to be issued in the Exchange Offer has been filed with the Securities and Exchange Commission but has not yet become effective.  Such securities may not be issued nor may offers to receive such securities be accepted prior to the time the registration statement becomes effective.  This Acquiring Person Information Statement is neither an offer to sell nor the solicitation of an offer to buy such securities nor shall there be any sale thereof in any state in which such offer, solicitation or sale, or the timing thereof, would be unlawful.  In those jurisdictions where the securities, blue sky or other laws require the Exchange Offer to be made by a licensed broker or dealer, the Exchange Offer shall be deemed to be made on behalf of CPF by one or more registered brokers or dealers licensed under the laws of such jurisdiction.

 

 

 

 

 

 

 

Attachment:   Registration Statement on Form S-4

 

 

4




EX-99.G 4 a2110263zex-99_g.htm EXHIBIT 99.G

Exhibit G

 

Press Release of CPF dated April 28, 2003

 



 

 

 

 

 

 

 

 

Investor Contacts

 

 

 

 

Neal Kanda

 

Larry Dennedy

 

 

VP & Chief Financial Officer

 

MacKenzie Partners

 

 

(808) 544-0622

 

(212) 929-5239

 

 

nkanda@cpbi.com

 

ldennedy@mackenziepartners.com

 

 

 

 

 

 

 

Local Media Contacts

 

 

 

 

Ann Takiguchi

 

Neal Yokota

 

 

PR/Communications Officer

 

Stryker Weiner & Yokota

 

 

(808) 544-0685

 

(808) 523-8802 ext. 13

 

 

(808) 223-4434 (cell)

 

nyokota@strykerweiner.com

 

 

atakiguchi@cpbi.com

 

 

 

 

 

 

 

 

 

Financial Media Contact

 

 

 

 

Ian Campbell/Peter Mladina

 

 

 

 

Abernathy MacGregor Group

 

 

 

 

(213) 630-6550

 

 

 

 

idc@abmac.com/dch@abmac.com

 

 

 

 

 

NEWS RELEASE

 

 

Central Pacific Financial Corp. Requests Special

 

CB Shareholder Meeting Under Hawaii Law

 

CPF Files Registration Statement with SEC and Bank Regulatory Applications

 

                Honolulu, Hawaii–April 28, 2003–Central Pacific Financial Corp. (NYSE: CPF), parent of Central Pacific Bank, today announced it has delivered to CB Bancshares, Inc.

 

1



 

(Nasdaq:CBBI) a letter and information statement requesting that CB Bancshares call a special meeting of its shareholders under Hawaii’s Control Share Acquisitions Statute. The purpose of the meeting is to seek shareholder approval for CPF’s acquisition of at least a majority of CB’s outstanding common stock.

 

                On March 17th CPF presented CB senior management with a formal proposal to merge with CB whereby CB Bancshares shareholders would receive $21 in cash and 1.8956 shares of CPF comon stock for each share of CB common stock. Based on the closing price of CPF's common stock on April 25, CPF's offer is valued at approximately $288 million or $68.39 per share of CB common stock, on a fully diluted basis. This represents a premium of 50.3 percent to the value of CB shares on April 15, the day before this offer was disclosed publicly. CPF made its offer public on April 16 after five attempts in four weeks to initiate meaningful, friendly discussions with CB.

 

                CB is required by Hawaii’s Control Share Acquisitions Statute to hold the special meeting. Within five calendar days of today’s request, or May 3, 2003, CB is required to set a date for the special meeting, which must be held within 55 calendar days of the request, or by June 22, 2003.  If at least a majority of CB’s outstanding shares, excluding the 88,741 shares owned by CPF, approve, CB shareholders may sell their shares to CPF, subject to fulfillment of other conditions.

 

                “We continue to be fully prepared to immediately commence meaningful, friendly discussions with CB to create a stronger local bank that benefits customers, employees, shareholders and Hawaii alike–the discussions we have sought since March 17,” said Clint Arnoldus, Chairman, President and  Chief Executive Officer of CPF.

 

                “Unfortunately, CB has been unwilling to discuss this offer with us in a meaningful way. The shareholders of our two companies cannot be asked to wait indefinitely for the CB board of directors to make a decision,” Arnoldus said.

 

                “The CB shareholders have a right to vote on this offer and deserve a forum to express their views.  The steps we take today will give CB shareholders the opportunity to meet and vote on whether CPF’s acquisition of CB shares should proceed. We urge CB’s Board to schedule this special meeting as soon as practicable within the time period specified by law to avoid under delay,” added Arnoldus.

 

                “We take these steps because we are firmly committed to making the combination of our two banks a reality.  The timely conclusion of this transaction is important, not only to

 

2



 

shareholders, but to customers and the many communities we serve–and hope to serve–in Hawaii.  They too should not be asked to wait indefinitely to receive the benefits of combining these two banks,” Arnoldus concluded.

 

                CPF today also filed a registration statement with the Securities and Exchange Commission to begin the process of registering shares it would issue in connection with a proposed exchange offer–a first step in its plan to acquire CB. The filing of these materials does not formally commence the exchange offer.  When the offer is formally launched, CB shareholders will receive a prospectus, related exchange offer materials, and instructions on how they may exchange their CB shares.

 

                As described in the registration statement, pursuant to the exchange offer, CPF will offer each CB shareholder the right to exchange each share of CB common stock , including shares under option as of December 31, 2002, for cash, for shares of CPF common stock or a combination of cash and CPF common stock subject to the overall limits of not more than approximately $88.3 million in cash being paid and approximately 7,974,829 shares of CPF common stock being issued in the transaction.  Consistent with CPF’s March 17th offer, based on the current value of CPF’s common stock, the value of the exchange offer is approximately 30% in cash and 70% in CPF stock.

 

                CPF’s obligation to acquire any shares of CB common stock pursuant to the exchange offer will be subject to numerous conditions including, without limitation, receipt of required regulatory and CB and CPF shareholder approvals, effectiveness of the registration statement, completion of due diligence on CB, and redemption or invalidation of CB’s Rights Agreement, or “poison pill.” Upon a successful completion of the exchange offer, CPF intends to take all legally required steps to merge CPF and CB on the same financial terms and conditions as will be provided in the exchange offer.

 

                CPF also announced that it has made the appropriate regulatory filings with the Board of Governors of the Federal Reserve and the Financial Institutions Division of the State of Hawaii Department of Commerce and Consumer Affairs for the approvals required for CPF to acquire CB. “These approvals are required whether we have a negotiated or a non-negotiated transaction,” said Arnoldus. “We are merely starting the regulatory clock running.”  CPF anticipates receipt of the required approvals within 60 to 90 days.

 

3



 

                Central Pacific Financial Corp. is a Hawaii-based bank holding company whose common stock is traded on The New York Stock Exchange under the symbol “CPF.” Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank with 24 branches statewide, including five supermarket branches and 77 ATMs statewide.  For additional information, please visit our web site at http://www.cpbi.com.

 

 

 

 

 

FORWARD LOOKING INFORMATION

 

                This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include, but are not limited to, (i) statements about the benefits of a merger between Central Pacific Financial Corp. (“CPF”) and CB Bancshares, Inc. (“CBBI”), including future financial and operating results, costs savings and accretion to reported and cash earnings that may be realized from such merger; (ii) statements with respect to CPF’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “targets”, “projects” and other similar expressions.  These statements are based upon the current beliefs and expectations of CPF’s management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in the forward-looking statements.

 

                The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) the business of CPF and CBBI may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the merger; (5) the regulatory approvals required for the merger may not be obtained on the proposed terms; (6) the failure of CPF’s and CBBI’s shareholders to approve the merger; (7) competitive pressures among depository and other financial institutions may increase significantly and may have an effect on pricing, spending, third-party relationships and revenues; (8) the strength of the United States economy in general and the strength of the Hawaiian economy may be different than expected, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company’s loan portfolio and allowance for loan losses; (9) changes in the U.S. legal and regulatory framework; and (10) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company’s activities.

 

                Additional factors that could cause CPF results to differ materially from those described in the forward-

 

4



 

looking statements can be found in CPF’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to CPF or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  CPF does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

 

                With respect to financial projections for CBBI contained in this document, neither CBBI nor any analyst has published any information for 2003, 2004 or 2005.  In addition, CPF has not been given the opportunity to do any due diligence on CBBI other than reviewing its publicly available information.  Therefore, management of CPF has created its own financial model for CBBI based on CBBI’s historical performance and CPF’s assumptions regarding the reasonable future performance of CBBI on a stand-alone basis.  These assumptions may or may not prove to be correct.  The assumptions are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of CBBI.  There is no assurance that these projections will be realized and actual results are likely to differ significantly from such projections.

 

                Subject to future developments, CPF intends to file with the SEC a registration statement to register the CPF shares to be issued in the proposed transaction, including related tender/exchange offer materials, and one or more proxy statements for solicitation of proxies from CPF shareholders, and may file one or more proxy statements for solicitation of proxies from CBBI shareholders, in connection with special meetings of such shareholders at a date or dates subsequent hereto.   Investors and security holders are urged to read the registration statement, related tender/exchange offer materials, and proxy statements (when available) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.  Investors and security holders may obtain a free copy of the registration statement, related tender/exchange offer materials, and proxy statements (when available) and other relevant documents at the SEC’s Internet web site at www.sec.gov.   The registration statement, related tender/exchange offer materials, and proxy statements (when available) and such other documents may also be obtained free of charge from CPF by directing such request to:  Central Pacific Financial Corp., 220 South King Street, Honolulu, Hawaii 96813, Attention David Morimoto, (808)544-0627.

 

                CPF, its directors and executive officers and certain other persons may be deemed to be “participants” if CPF solicits proxies from CBBI and CPF shareholders.  A detailed list of the names, affiliations and interests of the participants in any such solicitation will be contained in CPF’s preliminary proxy statement on Schedule 14A, when filed.  Information about the directors and executive officers of CPF and their ownership of and interests in CPF stock is set forth in the proxy statement for CPF’s 2003 Annual Meeting of Shareholders.

 

###

 

 

5




EX-99.H 5 a2110263zex-99_h.htm EXHIBIT 99.H

Exhibit H

 

Press Release of CPF dated May 1, 2003

 



 

 

Investor Contacts

 

 

 

Neal Kanda

 

Larry Dennedy

 

VP & Chief Financial Officer

 

MacKenzie Partners

 

(808) 544-0622

 

(212) 929-5239

 

nkanda@cpbi.com

 

ldennedy@mackenziepartners.com

 


Local Media Contacts


 


 


 

Ann Takiguchi

 

Neal Yokota

 

PR/Communications Officer

 

Stryker Weiner & Yokota

 

(808) 544-0685

 

(808) 523-8802 ext. 13

 

(808) 223-4434 (cell)

 

nyokota@strykerweiner.com

 

atakiguchi@cpbi.com

 

 

 


Financial Media Contact


 


 


 

Ian Campbell/Peter Mladina

 

 

 

Abernathy MacGregor Group

 

 

 

(213) 630-6550

 

 

 

idc@abmac.com/dch@abmac.com

 

 

 

 

NEWS RELEASE

 

CENTRAL PACIFIC FINANCIAL CORP. ADJUSTS EXCHANGE RATIO

Total consideration unchanged after CB Bancshares, Inc.’s 10% Stock Dividend

 

        Honolulu, Hawaii—May 1, 2003—Central Pacific Financial Corp. (NYSE:CPF), parent company of Central Pacific Bank, today announced that it has notified CB Bancshares, Inc. (NASDAQ:CBBI) the total consideration it is offering to CBBI will remain unchanged after taking into account the 10% stock dividend announced by CBBI on April 29, 2003. According to CBBI’s announcement, the stock dividend is payable on June 27, 2003 to CBBI Shareholders of record on June 16, 2003. The per share amounts of cash to be paid and shares of CPF common stock to be issued, however, will be adjusted from $21.00 to $19.09 in cash and from 1.8956 to 1.7233 of CPF common stock per share of CBBI common stock.

 

        ”We are continuing to offer the same total package to the CB shareholders. These adjustments are necessary and appropriate to reflect the recently announced 10% stock dividend declared by the CB Board of Directors,” said Neal Kanda, Chief Financial Officer of CPF.

 

 



 

Forward Looking Information

 

        This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, (i) statements about the benefits of a merger between Central Pacific Financial Corp. (“CPF”) and CB Bancshares, Inc. (“CBBI”), including future financial and operating results, costs savings and accretion to reported and cash earnings that may be realized from such merger; (ii) statements with respect to CPF’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “targets”, “projects” and other similar expressions. These statements are based upon the current beliefs and expectations of CPF’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.

 

        The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the business of CPF and CBBI may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the merger; (5) the regulatory approvals required for the merger may not be obtained on the proposed terms; (6) the failure of CPF’s and CBBI’s shareholders to approve the merger; (7) competitive pressures among depository and other financial institutions may increase significantly and may have an effect on pricing, spending, third-party relationships and revenues; (8) the strength of the United States economy in general and the strength of the Hawaii economy may be different than expected, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company’s loan portfolio and allowance for loan losses; (9) changes in the U.S. legal and regulatory framework; and (10) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company’s activities.

 

        Additional factors that could cause CPF results to differ materially from those described in the forward-looking statements can be found in CPF’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to CPF or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. CPF does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

 

        With respect to financial projections for CBBI contained in this document, neither CBBI nor any analyst has published any information for 2003, 2004 or 2005. In addition, CPF has not been given the opportunity to do any due diligence on CBBI other than reviewing its publicly available information. Therefore, management of CPF has created its own financial model for CBBI based on CBBI’s historical performance and CPF’s assumptions regarding the reasonable future performance of CBBI on a stand-alone basis. These assumptions may or may not prove to be correct. The assumptions are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of CBBI. There is no assurance that these projections will be realized and actual results are likely to differ significantly from such projections.

 

        On April 28, 2003, CPF filed with the SEC a registration statement on Form S-4 to register the CPF shares to be issued in a proposed exchange offer, and subject to future developments, CPF intends to file one or more proxy statements for solicitation of proxies from CPF shareholders, may file one or more proxy statements for solicitation of proxies from CBBI shareholders, in connection with

 



 

 

special meetings of such shareholders at a date or dates subsequent hereto and may file a tender offer statement. The registration statement is not final and will be further amended. Investors and security holders are urged to read the registration statement and proxy statements (when available) and any other relevant documents, including the tender offer statement if filed, filed with the SEC, as well as any amendments or supplements to those documents, because they contain and will contain important information. Investors and security holders may obtain a free copy of the registration statement, any amendments thereto (when available) and proxy statements (when available) and other relevant documents, including the tender offer statement if filed, at the SEC’s Internet web site at (www.sec.gov). The registration statement, any amendments thereto and proxy statements (when available) and such other documents, including the tender offer statement if filed, may also be obtained free of charge from CPF by directing such request to: Central Pacific Financial Corp., 220 South King Street, Honolulu, Hawaii 96813, Attention: David Morimoto, (808) 544-0627.

 

        CPF, its directors and executive officers and certain other persons may be deemed to be “participants” if CPF solicits proxies from CBBI and CPF shareholders. A detailed list of the names, affiliations and interests of the participants in any such solicitation will be contained in CPF’s preliminary proxy statement on Schedule 14A, when filed. Information about the directors and executive officers of CPF and their ownership of and interests in CPB stock is set forth in the proxy statement for CPF’s 2003 Annual Meeting of Shareholders.

 

###

 




EX-99.I 6 a2110263zex-99_i.htm EXHIBIT 99.I

Exhibit I

 

Press Release of CPF dated May 5, 2003

 



 

 

Investor Contacts

 

 

Neal Kanda

 

Larry Dennedy

VP & Chief Financial Officer

 

MacKenzie Partners

(808) 544-0622

 

(212) 929-5239

nkanda@cpbi.com

 

ldennedy@mackenziepartners.com

 

 

 

Local Media Contacts

 

 

Ann Takiguchi

 

Neal Yokota

PR/Communications Officer

 

Stryker Weiner & Yokota

(808) 544-0685

 

(808) 523-8802 ext. 13

(808) 223-4434 (cell)

 

nyokota@strykerweiner.com

atakiguchi@cpbi.com

 

 

 

 

 

Financial Media Contact

 

 

Ian Campbell/Peter Mladina

 

 

Abernathy MacGregor Group

 

 

(213) 630-6550

 

 

idc@abmac.com/dch@abmac.com

 

 

 

NEWS RELEASE

 

 

 

HAWAII SECURITIES COMMISSIONER CLEARS CENTRAL PACIFIC CORP’S EXCHANGE OFFER FOR CB BANCSHARES, INC.

 

                Honolulu, Hawaii — May 5, 2003 — Central Pacific Financial Corp. (NYSE:CPF), parent company of Central Pacific Bank, today announced that Ryan Ushijima, the Commissioner of Securities for the State of Hawaii, has cleared CPF’s proposed exchange offer for a majority or more and up to 100% of the outstanding stock of CB Bancshares, Inc. (NASDAQ:CBBI) under the Hawaii Corporate Take-Overs Act.

 

                Under the Take-Overs Act, it is unlawful for any person to make a take-over offer, such as the proposed Exchange Offer, unless a registration statement containing information specified by statute is effective under the Act.  A take-over offer registration statement is effective when the offeror files it with the Commissioner unless the effectiveness is suspended by the

 

 

- more -

 



 

 

 

Commissioner within 3 days of the filing. The Commissioner notified CPF on Friday, May 2, 2003, that the information CPF had provided to the Commissioner constituted a registration statement that was satisfactory. As a result, CPF’s proposed exchange offer may proceed in compliance with this statue.

 

                CPF has not commenced, and has not determined when it will commence, its proposed exchange offer to acquire a majority or more and up to 100% of the outstanding stock of CBBI.

 

                Consummation of the exchange offer is subject to fulfillment of a number of conditions, including without limitation, receipt of all required regulatory and shareholder approvals, completion of due diligence by CPF of CBBI, and redemption and invalidation of CBBI’s poison pill.

 

 

 

Forward Looking Information

 

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include, but are not limited to, (i) statements about the benefits of a merger between Central Pacific Financial Corp. (“CPF”) and CB Bancshares, Inc. (“CBBI”), including future financial and operating results, costs savings and accretion to reported and cash earnings that may be realized from such merger; (ii) statements with respect to CPF’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “targets”, “projects” and other similar expressions.  These statements are based upon the current beliefs and expectations of CPF’s management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in the forward-looking statements.

 

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) the business of CPF and CBBI may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the merger; (5) the regulatory approvals required for the merger may not be obtained on the proposed terms; (6) the failure of CPF’s and CBBI’s shareholders to approve the merger; (7) competitive pressures among depository and other financial institutions may increase significantly and may have an effect on pricing, spending, third-party relationships and revenues; (8) the strength of the United States economy in general and the strength of the Hawaii economy may be different than expected, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company’s loan portfolio and allowance for loan losses; (9) changes in the U.S. legal and regulatory framework; and (10) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company’s activities.

 

Additional factors that could cause CPF results to differ materially from those described in the forward-looking statements can be found in CPF’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC’s

 



 

 

Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to CPF or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  CPF does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

 

With respect to financial projections for CBBI contained in this document, neither CBBI nor any analyst has published any information for 2003, 2004 or 2005.  In addition, CPF has not been given the opportunity to do any due diligence on CBBI other than reviewing its publicly available information.  Therefore, management of CPF has created its own financial model for CBBI based on CBBI’s historical performance and CPF’s assumptions regarding the reasonable future performance of CBBI on a stand-alone basis.  These assumptions may or may not prove to be correct.  The assumptions are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of CBBI.  There is no assurance that these projections will be realized and actual results are likely to differ significantly from such projections.

 

On April 28, 2003, CPF filed with the SEC a registration statement on Form S-4 to register the CPF shares to be issued in a proposed exchange offer, and subject to future developments, CPF intends to file one or more proxy statements for solicitation of proxies from CPF shareholders, may file one or more proxy statements for solicitation of proxies from CBBI shareholders, in connection with special meetings of such shareholders at a date or dates subsequent hereto and may file a tender offer statement.  The registration statement is not final and will be further amended.  Investors and security holders are urged to read the registration statement and proxy statements (when available) and any other relevant documents, including the tender offer statement if filed, filed with the SEC, as well as any amendments or supplements to those documents, because they contain and will contain important information.  Investors and security holders may obtain a free copy of the registration statement, any amendments thereto (when available) and proxy statements (when available) and other relevant documents, including the tender offer statement if filed, at the SEC’s Internet web site at (www.sec.gov).  The registration statement, any amendments thereto and proxy statements (when available) and such other documents, including the tender offer statement if filed, may also be obtained free of charge from CPF by directing such request to:  Central Pacific Financial Corp., 220 South King Street, Honolulu, Hawaii 96813, Attention:  David Morimoto, (808) 544-0627.

 

CPF, its directors and executive officers and certain other persons may be deemed to be “participants” if CPF solicits proxies from CBBI and CPF shareholders.  A detailed list of the names, affiliations and interests of the participants in any such solicitation will be contained in CPF’s preliminary proxy statement on Schedule 14A, when filed.  Information about the directors and executive officers of CPF and their ownership of and interests in CPB stock is set forth in the proxy statement for CPF’s 2003 Annual Meeting of Shareholders.

 

###

 



EX-99.J 7 a2110263zex-99_j.htm EXHIBIT 99.J

Exhibit J

 

Press Release of CPF dated April 30, 2003

 



 

 

 

Investor Contacts

 

Neal Kanda

Larry Dennedy

VP & Chief Financial Officer

MacKenzie Partners

(808) 544-0622

(212) 929-5239

nkanda@cpbi.com

ldennedy@mackenziepartners.com

 

 

Local Media Contacts

 

Ann Takiguchi

Neal Yokota

PR/Communications Officer

Stryker Weiner & Yokota

(808) 544-0685

(808) 523-8802 ext. 13

(808) 223-4434 (cell)

nyokota@strykerweiner.com

atakiguchi@cpbi.com

 

 

 

Financial Media Contact

 

Ian Campbell/Peter Mladina

 

Abernathy MacGregor Group

 

(213) 630-6550

 

idc@abmac.com/dch@abmac.com

 

 

NEWS RELEASE

 

ANOTHER LARGE CB SHAREHOLDER SUPPORTS CPF’s OFFER

 

Honolulu, Hawaii — April 30, 2003 — Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, announced that Nanboku Sangyo, a large shareholder of CB Bancshares, Inc., publicly supports a merger of the two companies. Nanboku owns 185,830 shares, representing 4.8 percent of outstanding CB shares.

 

“We are very supportive of CPF’s offer to acquire CB Bancshares,” said Hiroko Nagamoto, President of Nanboku Sangyo.  “We believe that the offer represents an extremely attractive price for CB’s shareholders, and we are going to do what we can to help this process move forward as quickly as possible.”



 

Nanboku Sangyo designated CPF as its agent to call on its behalf one or more special meetings of CB shareholders for the purpose of facilitating CPF’s proposal to combine the two companies.  This revocable designation does not include any authority to vote Nanboku’s CB shares.

 

Nanboku’s announcement of support comes in the wake of the April 16th announcement of TON Finance, B.V., CB’s largest shareholder, of its intention to vote 295,587 of its shares in support of the merger proposal.  TON Finance owns approximately 9.0 percent of CB shares.

 

 “Nanboku’s support for this merger underscores the compelling offer CPF has made,” said Neal Kanda, Chief Financial Officer of Central Pacific Financial Corp.  “We believe this offer, which represents a 50-plus percent premium and a near quadrupling of CB’s cash dividend, would be good for all CB shareholders.  The responsible thing to do is to move our proposal forward with our call for CB to set a special meeting date for CB shareholders, who deserve a voice in this process.  We remain ready to sit down with CB’s management and independent directors at any time to discuss this merger on a friendly basis, whenever they are ready to do so.”

 

“We are convinced that a merger of Central Pacific Financial and CB Bancshares would create a stronger, locally focused bank better able to fuel local economic growth by supporting the many small and mid-sized businesses that drive Hawaii’s local economy,” added Clint Arnoldus, Chairman, President and Chief Executive Officer of Central Pacific Financial Corp.

 

Central Pacific Financial Corp. is a Hawaii-based bank holding company whose common stock is traded on The New York Stock Exchange under the symbol “CPF.” Central Pacific Bank, its subsidiary, is Hawaii’s third largest commercial bank with 24 branches statewide, including five supermarket branches and 77 ATMs statewide.  For additional information, please visit our web site at http://www.cpbi.com.

 

 

FORWARD LOOKING INFORMATION

 

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include, but are not limited to, (i) statements about the benefits of a merger between Central Pacific Financial Corp. (“CPF”) and CB Bancshares, Inc. (“CBBI”), including future financial and operating results, costs savings and accretion to reported and cash earnings that may be realized from such merger; (ii) statements with respect to CPF’s plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “targets”, “projects” and other similar expressions.  These statements are based upon the current beliefs and expectations of CPF’s management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in the forward-looking statements.

 

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) the business of CPF and CBBI may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption, including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers, may be greater than expected following the merger; (5) the regulatory approvals required for the merger may not be obtained on the proposed terms; (6) the failure of CPF’s and CBBI’s shareholders to approve the merger; (7) competitive pressures among depository and other financial institutions may increase significantly and may have an effect on pricing, spending, third-party relationships and revenues; (8) the strength of the United States economy in general and the strength of the Hawaii economy may be different than expected, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company’s loan portfolio and allowance for loan losses; (9) changes in the U.S. legal and regulatory framework; and (10) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company’s activities.

 

Additional factors that could cause CPF results to differ materially from those described in the forward-looking statements can be found in CPF’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to CPF or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  CPF does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

 

 

2



 

 

With respect to financial projections for CBBI contained in this document, neither CBBI nor any analyst has published any information for 2003, 2004 or 2005.  In addition, CPF has not been given the opportunity to do any due diligence on CBBI other than reviewing its publicly available information.  Therefore, management of CPF has created its own financial model for CBBI based on CBBI’s historical performance and CPF’s assumptions regarding the reasonable future performance of CBBI on a stand-alone basis.  These assumptions may or may not prove to be correct.  The assumptions are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of CBBI.  There is no assurance that these projections will be realized and actual results are likely to differ significantly from such projections.

 

On April 28, 2003, CPF filed with the SEC a registration statement on Form S-4 to register the CPF shares to be issued in a proposed exchange offer, and subject to future developments, CPF intends to file one or more proxy statements for solicitation of proxies from CPF shareholders, may file one or more proxy statements for solicitation of proxies from CBBI shareholders, in connection with special meetings of such shareholders at a date or dates subsequent hereto and may file a tender offer statement.  The registration statement is not final and will be further amended.  Investors and security holders are urged to read the registration statement and proxy statements (when available) and any other relevant documents, including the tender offer statement if filed, filed with the SEC, as well as any amendments or supplements to those documents, because they contain and will contain important information.  Investors and security holders may obtain a free copy of the registration statement, any amendments thereto (when available) and proxy statements (when available) and other relevant documents, including the tender offer statement if filed, at the SEC’s Internet web site at (www.sec.gov).  The registration statement, any amendments thereto and proxy statements (when available) and such other documents, including the tender offer statement if filed, may also be obtained free of charge from CPF by directing such request to:  Central Pacific Financial Corp., 220 South King Street, Honolulu, Hawaii 96813, Attention:  David Morimoto, (808) 544-0627.

 

CPF, its directors and executive officers and certain other persons may be deemed to be “participants” if CPF solicits proxies from CBBI and CPF shareholders.  A detailed list of the names, affiliations and interests of the participants in any such solicitation will be contained in CPF’s preliminary proxy statement on Schedule 14A, when filed.  Information about the directors and executive officers of CPF and their ownership of and interests in CPB stock is set forth in the proxy statement for CPF’s 2003 Annual Meeting of Shareholders.

 

 

3



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-----END PRIVACY-ENHANCED MESSAGE-----