Friday, March 29, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, June 15, 2011
After stock craters 64%, Feds to dump 5.6M shares of Inouye’s Central Pacific Bank
By News Release @ 1:00 PM :: 9419 Views :: Energy, Environment, National News, Ethics

(Sen Dan Inouye had a substantial portion of his net worth tied up in CPB stock.  Obvious question: Which CPB insiders were able to sell out at the top thanks to the infusion of Federal cash?  Do their gains come as a result of taxpayer losses?)

Central Pacific Offers 12.8 Million Shares; Treasury To Sell 5.6 Million

DOW JONES NEWSWIRES  

Central Pacific Financial Corp. (CPF) said the U.S. Treasury plans to offer all 5.6 million shares of its holdings in the bank, while other shareholders are offering 12.8 million shares.

The Treasury acquired the shares this year as part of the Hawaii-based bank holding company's recapitalization. The stock was trading around $29 a share at the time of the Treasury's investment, taking into account a reverse stock split, and closed Tuesday at $14.13.

The selling shareholders' offer includes 79,288 shares issuable upon the exercise of warrants held by the Treasury. The parent of Central Pacific Bank, which has 34 branches in Hawaii and one office in California, won't receive any proceeds from the stock sales.

The company, which has about 41.7 million shares outstanding, said the sale amounts reflect its one-for-20 stock split in February. Central Pacific Financial didn't disclose expected pricing terms in its filing with the U.S. Securities and Exchange Commission.

For the quarter ended March 31, the bank swung to a profit of $4.6 million as it posted a credit to its provision for loan losses, compared with a charge of $58.8 million a year earlier.

Central Pacific shares were inactive premarket. The stock is down 64% in the past year.

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

What this is all about: After Call From Senator Inouye's Office, Small Hawaii Bank Got U.S. Aid

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT