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Central Pacific Financial Corp. Announces Public Offering Of Common Stock Owned By The United States Department Of The Treasury

Stocks in this article: CPF

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.

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.

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 This material may not be published, broadcast, rewritten or redistributed.

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