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Central Pacific Financial Corp. Appoints Lance Mizumoto Chief Banking Officer

Stocks in this article: CPF

HONOLULU, March 22, 2012 /PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF) (the "Company"), parent company of Central Pacific Bank ("CPB") (the "Bank"), today announced the appointment of Lance Mizumoto to the newly established executive position of Executive Vice President and Chief Banking Officer (CBO), to be effective April 2, 2012. 

(Photo:  http://photos.prnewswire.com/prnh/20120322/LA75262)

Mizumoto has been with the Company since 2005, currently as Executive Vice President of the Commercial Markets Group.  He has 30 years of experience in banking, primarily in corporate banking, commercial lending, and trade finance in the Hawaii market, including in senior and executive management positions at other financial institutions as well as CPB.

In his new role, Mizumoto will oversee the organization-wide strategic direction and management of the sales and customer service functions in commercial banking, commercial real estate lending, wealth management, trust and investments, retail banking and residential mortgages.

"The alignment of our frontline sales and service areas to further enhance our relationship banking model is key to supporting our corporate strategy," said John C. Dean, President and Chief Executive Officer of CPF and CPB.  "Lance brings the high caliber of leadership and expertise needed to achieve our objectives."

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

Forward-Looking Statements This press release may contain forward-looking statements concerning, among other things, our strategic direction, corporate strategy, plans and objectives of management for future operations, anticipated achievements, future economic performance, the anticipated success of our executives, or any of the assumptions underlying or relating to any of the foregoing.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and generally include the words "believes," "plans,"  "intends," "expects," "anticipates," "targeted," "continue," "remain," "will," "should," "may," or words or expressions of similar meaning.  While we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions, are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could materially differ from forward-looking statements for a variety of reasons, including, but not limited to: the effect of, and our failure to comply with all of the requirements of, the Memorandum of Understanding with the Federal Deposit Insurance Corporation and the Hawaii Division of Financial Institutions ("DFI"), effective May 5, 2011, the Written Agreement with the Federal Reserve Bank of San Francisco and DFI, dated July 2, 2010, and any further regulatory orders; our ability to continue making progress on our recovery plan; oversupply of inventory and adverse conditions in the Hawaii and California real estate markets and further weakness in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, further deterioration in asset quality and further losses in our loan portfolio; the impact of local, national, and international economies and events (including natural disasters such as wildfires, tsunamis and earthquakes) on the Company's business and operations and on tourism, the military and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in economic conditions, including the continued destabilizing factors in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular;  the impact of regulatory action on the Company and Central Pacific Bank and legislation affecting the banking industry; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other regulatory reform, including but not limited to government-sponsored enterprise reform, and any related rules and regulations on our business operations and competitiveness, including the impact of executive compensation restrictions, which may affect our ability to retain and recruit executives in competition with other firms who do not operate under those restrictions; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, securities market and monetary fluctuations; negative trends in our market capitalization and adverse changes in the price of the Company's common shares; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; technological changes; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;  our ability to attract and retain skilled employees; changes in our organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items For further information on factors that could cause actual results to materially differ from projections or forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's 2011 Form 10-K and the risk factors set forth therein.

SOURCE Central Pacific Financial Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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