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SUBSEQUENT EVENT
3 Months Ended
Mar. 31, 2015
SUBSEQUENT EVENT.  
SUBSEQUENT EVENT

 

20.  SUBSEQUENT EVENT

 

On March 26, 2015, the Company, Carlyle, Anchorage, and Citigroup Global Markets, Inc. entered into an Underwriting Agreement pursuant to which the Selling Shareholders agreed to each sell 3,802,694 shares for a total of 7,605,388 shares of CPF common stock, no par value per share, to the Underwriter at a price of $23.01 per common share for a total of approximately $175 million. In connection with the Underwriting Agreement, the Company repurchased 3,259,452 shares of its common stock from the Underwriter at $23.01 per share, or the same price per common share paid by the Underwriter to the Selling Shareholders for an aggregate cost of approximately $75 million. On April 1, 2015, the transactions were consummated. Since the transactions were consummated on April 1, 2015, they are not reflected in our consolidated financial statements for the quarter ended March 31, 2015. A total of $29.2 million remained available for repurchase of our securities immediately following the transactions contemplated by the Underwriting Agreement.