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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
_JamisonG_
28 Mar 15 19:18:43
$SPY breaks down looking to short: $CPF--->http://t.co/7vaMtlYEc4
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28 Mar 15 07:05:05
$CPF: Financial Stocks Investor's Watch List - Central (CPF), FTI (FCN ...: http://t.co/pad6epbHn6
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27 Mar 15 17:21:06
Small-cap stocks with strong volume declines Fri Mar 27th - $CPF $STRI $JMI $FINL $OHRP $WRLD - More: http://t.co/1znvSOIJVT - #smallcap
BreakingStocksNews
27 Mar 15 14:25:02
$CPF: New SEC Filing for CPF: Form SC 13D/A (No. 0001104659-15-023522): http://t.co/iD67ip6Roh
$Stocknewsalerts
27 Mar 15 14:24:35
$CPF Central Pacific Financial Corp. Document: Ownership Filing From our Stock News Alerts App
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27 Mar 15 14:24:14
NEW SEC Filing for $CPF filed a moment ago: http://t.co/QgQqoeu2hc http://t.co/42Bbfz47gB
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New SC 13D/A from ANCHORAGE CAPITAL GROUP, L.L.C. concerning $CPF. See details at http://t.co/nDDA47DRAu
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27 Mar 15 14:20:07
13D Alert for CENTRAL PACIFIC FINANCIAL CORP - $CPF - #13D #insidertrading - http://t.co/kewiSajHXI
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27 Mar 15 14:20:06
$CPF Ammended 13D filed by: Anchorage Capital Group, L.l.c, subject: Central Pacific Financial Corp, Percent: 23.2% http://t.co/gqNV9eAX4W
dailystockplays.com
27 Mar 15 13:13:54
Hammer http://t.co/CEHqUYXule $DCUB $BKE $CMTL $DIOD $LYV $CPF $UIHC $HAFC $CTS $OXFD $MTOR $CSFL $MDRX $DTLK $ATTU $EHTH $NMR $SVA $OXYS
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27 Mar 15 09:26:50
Some stocks We are trading today: $CPF $FINL $GME $OLN
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27 Mar 15 09:00:04
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27 Mar 15 08:00:11
Most active FINANCIAL #stocks trading DOWN on STRONG VOLUME-SPIKE: $CPF $HMN $UIHC ++ (click "View") http://t.co/c8B5h6ejJs
Donald J Olive
27 Mar 15 07:54:30
RT @Briefingcom: $CPF: Central Pacific Financial: shareholders ACMO-CF and Carlyle Financial Services announce the pricing of their... http…
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27 Mar 15 07:49:28
RT @Briefingcom: $CPF: Central Pacific Financial: shareholders ACMO-CF and Carlyle Financial Services announce the pricing of their... http…
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$CPF: Central Pacific Financial: shareholders ACMO-CF and Carlyle Financial Services announce the pricing of their... http://t.co/rMlQQUjI9G
Ben Silverberg
27 Mar 15 07:41:36
Notable Mid-morning Movers: (Up) $CCL +6.1% $CUK +5.9% $RCL +5.5% $SWKS +4.6% (Down) $CPF -7.5% $UIHC -4.2% $RUSHA -2.1%
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27 Mar 15 07:06:02
$APDN $CPF: Morning Market Losers: http://t.co/Cq4O3JvNM5
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In Play: $OHRP, $VJET, $AEO, $REXX, $APDN, $INFN, $NCLH, $SFUN High Uncertainty: $ZNH, $CPF, $GME
Dave Mabe
27 Mar 15 06:35:58
Here's my watchlist for the day: $AXLL, $BMRN, $CCL, $CPF, $OHRP
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27 Mar 15 06:31:55
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Today's Pre-Market Losers $OHRP $SLTD $FIVE $VG $CPF $ACET http://t.co/w3lvYyUThD
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27 Mar 15 06:15:10
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Some stocks from the SMB Scanner: $BMRN $OLN $RH $FINL $CPF $DOW
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Why OHRP, HKTV, CPF, APDN, TPVG, RH Are Down Premarket Trading http://t.co/4FvVkMGZ0k $OHRP $HKTV $CPF $APDN $TPVG $RH
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$CPF: Shareholders Price Offering Of Shares Of Central Pacific Financial ...: http://t.co/rCQh4glT87
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$CPF - Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp) http://t.co/lY137iAYsh
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$CPF Central Pacific Financial Corp. Press Release: Shareholders Price Offering Of Shares Of Central Pacific From our Stock News Alerts App
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  +Follow February 21, 2014 8:54AM
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