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Central Pacific Financial Notches Gain on $125 Million Share Buyback

  +Follow February 21, 2014 8:54AM
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The Honolulu-based bank Central Pacific Financial (CPF) ended the week with a solid gain after announcing a major share buyback program designed to increase shareholder value. The company’s stock had had a rough month leading up to the announcement, making the buyback that much moiré welcome.

The shares will be repurchased in a rolling Dutch auction. CPF President explained that this method, which values shares between $18 and $21, offers “an efficient way to sell all or some of their shares without the potential disruption in share price from market sales."

A rolling Dutch auction will allow shareholders some flexibility in selling. The method allows shareholders to indicate how many shares and at what price, or prices, they wish to tender their shares of the company.

Investors in Central Pacific have been on quite a ride over the last several years. While most all financial institutions were hit hard during the global recession, Central Pacific’s woes were especially pronounced. The company’s shares topped $787 apiece at the beginning of 2007 before tanking spectacularly.

The government was forced to bail out Central Pacific in January 2009 to keep them from going insolvent. After Central Pacific briefly recovery following the bailout, shares once again tumbled, and have since languished in the $10 to $20 range.

In 2012 it was announced that the US Treasury had provided $135 million in TARP funds, and was only able to recover $74 million, thus posting a $61 million in losses. Since then, Central Pacific has made strides to once again become profitable and return value to stockholders.

The buyback includes $68.8 million worth of shares from private investors, and $52.2 million from its two largest shareholders, Carlyle Financial Services Harbor L.P. and ACMO-CPF, LLC.

Central Pacific operates 35 branches throuhgout Hawaii. On Feb.  21 shares of Central Pacific climbed 6.29 percent to hit $19.76 a share.

operates 35 branches and 112 ATMs in the state of Hawaii, - See more at: http://www.noodls.com/view/26AA417C20872662BF2481AEAFAF0B5D5211F5D9#sthash.Zu65J9cP.dpufOn Feb. 21 shares of Central Pacific climbed 6.29 percent to hit $19.76 a share.

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Results for CPF
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2 Jul 15 21:21:36
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2 Jul 15 18:24:19
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ProVesting
1 Jul 15 03:05:02
$CPF: New SEC Filing for CPF: Form 11-K/A (No. 0000701347-15-000016): http://t.co/NsNCOpmsEo
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1 Jul 15 03:04:53
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1 Jul 15 03:04:12
NEW SEC Filing for $CPF filed a moment ago: http://t.co/974gk5wWhP http://t.co/y5VIcKktvT
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1 Jul 15 02:19:02
$CPF: CPB Inc. (NYSE:CPF) Analyst Rating Update: http://t.co/neQ3Tx3O1x
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30 Jun 15 12:51:02
Real-Time feed of company contracts, original agreements and executive updates from $CPF http://t.co/eFzIlmSVCN
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30 Jun 15 11:19:05
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29 Jun 15 14:08:29
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29 Jun 15 14:06:04
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ProVesting
29 Jun 15 14:00:11
$CPF: New SEC Filing for CPF: Form 11-K (No. 0000701347-15-000014): http://t.co/LJGbSK2nkB
SEC Filings
29 Jun 15 13:59:05
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29 Jun 15 00:04:13
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28 Jun 15 09:59:02
$CPF: Company Shares of CPB Inc. Rally 3.44%: http://t.co/zaaTErujWs
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27 Jun 15 03:07:02
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25 Jun 15 20:24:02
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25 Jun 15 12:01:03
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  +Follow February 21, 2014 8:54AM
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