<SEC-DOCUMENT>0001104659-14-038000.txt : 20140513
<SEC-HEADER>0001104659-14-038000.hdr.sgml : 20140513
<ACCEPTANCE-DATETIME>20140513114446
ACCESSION NUMBER:		0001104659-14-038000
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140509
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140513
DATE AS OF CHANGE:		20140513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL PACIFIC FINANCIAL CORP
		CENTRAL INDEX KEY:			0000701347
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				990212597
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			0125

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31567
		FILM NUMBER:		14836025

	BUSINESS ADDRESS:	
		STREET 1:		220 S KING ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085440500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 3590
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96811

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CPB INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>a14-12402_18k.htm
<DESCRIPTION>8-K
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of earliest event reported):</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">May&nbsp;9, 2014</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Central Pacific Financial Corp.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-10777</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99-0212597</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other <br>   jurisdiction of <br>   incorporation)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br> &nbsp;Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">220 South King Street, Honolulu, Hawaii</font></b><font size="2" style="font-size:10.0pt;"><br>   (Address of principal executive offices)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">96813<br>    </font></b><font size="2" style="font-size:10.0pt;">(Zip Code)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(808) 544-0500<br>  </font></b><font size="2" style="font-size:10.0pt;">(Registrant&#146;s telephone number, including area code)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;9, 2014, the Board of Directors of Central Pacific Financial Corp. (the &#147;<u>Company</u>&#148;) and Central Pacific Bank (the &#147;<u>CPB</u>&#148;) approved the following management changes, effective June&nbsp;1, 2014:&#160; (i)&nbsp;John C. Dean, the current President and Chief Executive Officer of the Company and CPB was appointed Chairman of the Board and will retain his position as Chief Executive Officer of the Company and CPB; (ii)&nbsp;Lance A. Mizumoto, the current Executive Vice President and Chief Banking Officer of the Company and CPB was appointed President and Chief Banking Officer of the Company and CPB; (iii)&nbsp;A. Catherine Ngo, the current Executive Vice President and Chief Administrative Officer of the Company and CPB was appointed President and Chief Operating Officer of the Company and CPB; and (iv)&nbsp;Raymond W. Wilson, the current Executive Vice President and Chief Credit Officer of the Company and CPB was appointed Executive Vice President and Chief Risk Officer of the Company and CPB.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Crystal K. Rose, the current Chairman of the Board of the Company and CPB was appointed the lead independent director of the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board also announced the creation of the &#147;Office of the Chair&#148; which will be comprised of Mr.&nbsp;Dean, Mr.&nbsp;Mizumoto and Ms.&nbsp;Ngo.&#160;&#160; Mr.&nbsp;Dean&#146;s, Ms.&nbsp;Ngo&#146;s and Mr.&nbsp;Mizumoto&#146;s base salaries will all be adjusted to $300,000&#160; annually.&#160; Mr.&nbsp;Dean will not receive any additional compensation as Chairman of the Board.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Mizumoto, 55, has served in the following positions with the Company and the Bank&#160; over the last five years:&#160; Executive Vice President, Chief Banking Officer, Central Pacific Financial Corp. and Central Pacific Bank (4/2/2012&#151;June&nbsp;1, 2014) ; Executive Vice President, Commercial Markets Group Manager, Central Pacific Financial Corp. and Central Pacific Bank (3/11/2011 - 4/1/2012); Executive Vice President, Commercial Markets Group Manager, Central Pacific Bank (10/1/2009 - 3/10/2011); Executive Vice President, Special Assets Advisor, Central Pacific Bank (5/4/2009 - 9/30/2009); Executive Vice President, Commercial Banking Division Manager, Central Pacific Bank (7/1/2008 - 5/3/2009).</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Ngo, 53, has served in the following positions over the last five years: Executive Vice President and Chief Administrative Officer, Central Pacific Financial Corp. and Central Pacific Bank (11/23/2010&#151;June&nbsp;1, 2014); General Partner and Venture Partner of Startup Capital Ventures, a venture capital firm (2005&#151;present).</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Wilson, 56, has served in the following positions over the last five years:&#160; Executive Vice President and Chief Credit Officer, Central Pacific Financial Corp. and Central Pacific Bank (2/16/2011&#151;June&nbsp;1, 2014); Executive Vice President, Special Credits, Central Pacific Bank (6/2010 - 2/15/2011); Chief Financial Officer, Gryphon Gold Corporation (11/2009 - 5/2010, appointed Chief Financial Officer 1/1/2010) (minerals); Chief Financial Officer, El Capitan Precious Metals,&nbsp;Inc. (5/2007 - 4/2009) (minerals).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_162234_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-indent:39.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further information about Mr.&nbsp;Mizumoto, Ms.&nbsp;Ngo and Mr.&nbsp;Wilson, along with their relationship with the Company and CPB, is set forth in the Company&#146;s definitive proxy statement filed with the SEC on March&nbsp;7, 2014.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:39.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the aforementioned appointments and compensation changes are effective as of June&nbsp;1, 2014.&#160; A copy of the press release announcing the management changes is attached hereto as Exhibit&nbsp;99.1 and incorporated herein by reference.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01.&#160; Financial Statements and Exhibits.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; The following exhibits are being filed herewith:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press   Release, dated May&nbsp;13, 2014, announcing certain management changes.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central   Pacific Financial Corp. </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   May&nbsp;13, 2014</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font><font size="1" style="font-size:3.0pt;">  </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Glenn K. C. Ching </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Glenn   K.C. Ching </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior   Vice President, General Counsel</font><font size="1" style="font-size:3.0pt;">  </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and   Corporate</font><font size="1" style="font-size:3.0pt;">  </font><font size="2" style="font-size:10.0pt;">Secretary</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_162648_5796"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.01.&#160; Financial Statements and Exhibits.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; The following exhibits are being filed herewith:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press   Release, dated May&nbsp;13, 2014, announcing certain management changes.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_162810_2897"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="302" height="77" src="g124021mmi001.gif"></font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">FOR IMMEDIATE RELEASE</font></b></p>    </td>   </tr>  </table>
<p style="line-height:150%;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investor   Contact:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David   Morimoto</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Media   Contact:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wayne   Kirihara</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SVP&nbsp;&amp;   Treasurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SVP   - Corporate Communications</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(808)   544-3627</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(808)   544-3687</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">david.morimoto@centralpacificbank.com</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">wayne.kirihara@centralpacificbank.com</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="6" face="Times New Roman" style="font-size:27.0pt;">NEWS RELEASE</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">CENTRAL PACIFIC APPOINTS LANCE A. MIZUMOTO PRESIDENT AND CHIEF BANKING OFFICER, AND A. CATHERINE NGO PRESIDENT AND CHIEF OPERATING OFFICER</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">JOHN C. DEAN APPOINTED CHAIRMAN AND CONTINUES ROLE AS CHIEF EXECUTIVE OFFICER</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HONOLULU, HI, May&nbsp;13, 2014 &#150; Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (CPB), today announced a realignment of its executive management team for both CPF and CPB, to be effective June&nbsp;1, 2014.&#160; Lance A. Mizumoto, current Executive Vice President and Chief Banking Officer, will be appointed President and Chief Banking Officer, and A. Catherine Ngo, current Executive Vice President and Chief Administrative Officer, will be appointed President and Chief Operating Officer.&#160; John C. Dean, current President and Chief Executive Officer, will be appointed Chairman and Chief Executive Officer.&#160; Crystal K. Rose, current Chair of the Board of Directors, will become the lead independent director on both the CPF and CPB boards.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;Lance and Catherine have demonstrated exemplary leadership and expertise in their respective areas, and have set the standard for teamwork and integrity in our organization,&#148; said John C. Dean, President and CEO.&#160; &#147;Their new roles as a team will be an important step in positioning our company for future growth.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mizumoto will oversee the organization-wide strategic direction and management of all lines of business, including commercial banking, commercial real estate, retail banking, residential mortgage, and wealth management.&#160; He is currently Executive Vice President and Chief Banking Officer with similar responsibilities.&#160; Mizumoto has been with CPF since 2005, and has over 30 years of experience in the financial services industry, primarily in commercial banking.&#160; Mizumoto is a graduate of the University of Hawaii and received his Master of Business Administration degree from Chaminade University in Honolulu.&#160; He currently serves as director on the boards of the Chamber of Commerce of Hawaii and Diamond Head Theater, and as regent on the board of Chaminade University.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC APPOINTS LANCE A. MIZUMOTO PRESIDENT AND CHIEF BANKING OFFICER, AND A. CATHERINE NGO PRESIDENT AND CHIEF OPERATING OFFICER</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;13, 2014</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2 of 3<a name="PB_2_020142_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ngo will oversee all aspects of the company&#146;s non-line operations, including the administrative, operational and risk management functions.&#160; She is currently Executive Vice President and Chief Administrative Officer responsible for the administrative oversight and the delivery of support services, including legal and compliance, human resources, marketing, product and channel management, loan operations, information security, audit and credit review.&#160; Ngo has been with CPF since 2010 and has over 20 years of executive experience in the banking and private equity industries, including EVP and General Counsel of Silicon Valley Bank, Chief Operating Officer of Silicon Valley Bank&#146;s investment subsidiary, Alliant Partners, and founding General Partner of venture capital firm Startup Capital Ventures. Ngo is a graduate of the University of Virginia and the University of Virginia School of Law.&#160; She currently serves as board trustee of the University of Hawaii Foundation and as director on the boards of Enterprise Honolulu, Pacific Asian Center for Entrepreneurship, and The Nature Conservancy of Hawaii.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;In furtherance of our plan for a seamless executive succession, we are fortunate to have John&#146;s commitment to continue as CEO for up to two more years, and his willingness to remain as Chairman beyond that period,&#148; said Crystal K. Rose, Chair of the Board.&#160; &#147;We currently have a strong executive management team, and this realignment should further strengthen our organization over the longer term.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dean joined CPF in March, 2010, to lead its $345 million recapitalization and recovery efforts.&#160; As of March&nbsp;31, 2014, CPF has realized thirteen (13) consecutive quarters of profitability, and on April&nbsp;7, 2014, completed a $125 million stock repurchase.&#160; Dean has also been credited for the turnaround of three other financial institutions prior to joining CPF, including Silicon Valley Bank in California, during his 33 years in the financial services industry.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Rose is currently Chair of the Board for CPF and CPB, and has served as an independent director since 2004.&#160; She is a partner in the law firm, Bays Lung Rose&nbsp;&amp; Holma, and has been actively practicing law for 32 years, specializing in the areas of real estate, trust and commercial litigation, commercial real estate transactions, trusts and estates, and construction law.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">About Central Pacific Financial Corp.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.8 billion in assets.&#160; Central Pacific Bank, its primary subsidiary, operates 36 branches and 115 ATMs in the state of Hawaii, as of March&nbsp;31, 2014.&#160; For additional information, please visit the Company&#146;s website at http://www.centralpacificbank.com.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC APPOINTS LANCE A. MIZUMOTO PRESIDENT AND CHIEF BANKING OFFICER, AND A. CATHERINE NGO PRESIDENT AND CHIEF OPERATING OFFICER</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;13, 2014</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 3 of 3<a name="PB_3_020152_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward-Looking Statements</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This document may contain forward-looking statements concerning projections of effectiveness of management, revenues, income/loss, earnings/loss per share, capital expenditures, dividends, capital structure, or other financial items, plans and objectives of management for future operations, future economic performance, or any of the assumptions underlying or relating to any of the foregoing.&#160; Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and may include the words &#147;believes,&#148; &#147;plans,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;forecasts,&#148; &#147;intends,&#148; &#147;hopes,&#148; &#147;should,&#148; &#147;estimates,&#148; or words of similar meaning.&#160; While the Company believes 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.&#160; Accordingly, actual results could materially differ from projections for a variety of reasons, to include, but not be limited to: an increase in inventory or adverse conditions in the Hawaii and California real estate markets and deterioration 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, storms and earthquakes) on the Company&#146;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 domestic economic conditions, including any further destabilization 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; 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, changes in capital standards, other regulatory reform, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau, government-sponsored enterprise reform, and any related rules&nbsp;and regulations on our business operations and competitiveness; 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&#146;s common shares; political instability; acts of war or terrorism; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; 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, please see the Company&#146;s publicly available Securities and Exchange Commission filings, including the Company&#146;s Form&nbsp;10-K for the last fiscal year and, in particular, the discussion of &#147;Risk Factors&#148; set forth therein. The Company does not update any of its forward-looking statements except as required by law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="6" face="Times New Roman" style="font-size:28.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">#####</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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