Thursday, November 21, 2024
Hawai'i Free Press

Current Articles | Archives

Friday, March 30, 2012
Bailout: $60M Loss as Feds Sell Interest in Central Pacific Bank
By News Release @ 1:26 PM :: 9888 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

  *   *   *   *   *

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.

---30---

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.

  *   *   *   *   *

 

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….

  *   *   *   *   *

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

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

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 Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii