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Friday, March 30, 2012
Bailout: $60M Loss as Feds Sell Interest in Central Pacific Bank
By News Release @ 1:26 PM :: 8860 Views :: Energy, Environment, National News, Ethics

Star-Adv: $60M lost in Central Pacific bailout: The government gave the bank $135 million to get out of financial trouble in 2009

SA March 30, 2012: The U.S. Treasury will end up with a loss of about $60 million from its January 2009 bailout of Central Pacific Bank, Hawaii's fourth-largest bank.

The Treasury, through its Troubled Asset Relief Program, or TARP, provided Central Pacific with a $135 million financial lifeline in the midst of the recession but will be collecting only about $74 million from selling its Central Pacific stock.

read … $60M Lost

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Central Pacific Financial Corp. Announces Public Offering of Common Stock Owned by the United States Department of the Treasury

News Release from Central Pacific Bank, Honolulu, Hawaii, March 29, 2012

HONOLULU, Hawaii, March 29, 2012 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank ("CPB"), today announced that the United States Department of the Treasury ("Treasury") plans to offer 2,770,117 shares of the Company's common stock it currently holds in an underwritten public offering. Treasury originally acquired 5,620,117 shares of the Company's common stock on February 18, 2011 as part of the Company's recapitalization in exchange for 135,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, no par value per share and liquidation preference $1,000 per share, previously held by Treasury, and accrued and unpaid dividends thereon.

The Company will not receive any of the proceeds from the sale of the shares by Treasury.

Sandler O'Neill + Partners, L.P. is acting as the book-running manager for the offering.

A registration statement relating to the shares in this offering and shares held by certain other selling shareholders was previously filed and declared effective by the Securities and Exchange Commission ("SEC").

The offering is being made by means of a prospectus and prospectus supplement only, which may be obtained when available from Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020 ((866) 805-4128), attention James Furey (jfurey@sandleroneill.com).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or state.

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About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.1 billion in assets as of December 31, 2011. Central Pacific Bank, its primary subsidiary, operates 34 branches and 120 ATMs in the state of Hawaii. For additional information, please visit the Company's website at http://www.centralpacificbank.com.

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PBN: Central Pacific Bank: 2008 executive pay …Arnoldus’ total compensation in 2008 was $5 million, up from $983,149 the previous year and $1.4 million in 2006. The total compensation for Dean K. Hirata, vice chairman and chief financial officer, almost doubled, from $332,328 to $694,360. His base salary increased by about $20,000 to $294,834….

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After Call From Senator Inouye's Office, Small Hawaii Bank Got U.S. Aid

Failing, Central Pacific Got $337M in Secret Federal Reserve Loans

After stock craters 64%, Feds to dump 5.6M shares of Inouye’s Central Pacific Bank

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