HONOLULU, Aug. 25 /PRNewswire-FirstCall/ -- In connection with the
proposed merger between Central Pacific Financial Corp. (NYSE: CPF) and CB
Bancshares, Inc. (Nasdaq: CBBI), the companies today announced that CB
Bancshares shareholders wishing to make an election as to the form of
consideration they will receive in the merger must do so by 11:00 a.m. Hawaii
Standard time (5:00 p.m. Eastern time) on Monday, September 13, 2004. As
previously announced, CB Bancshares shareholders may elect to receive the
merger consideration in the form of cash, shares of CPF common stock or a
combination of cash and shares of CPF common stock, subject to proration as
described in the joint statement/prospectus previously mailed to shareholders.
CB Bancshares shareholders must deliver before the election deadline to
American Stock Transfer & Trust Company, the Exchange Agent, a properly
completed Letter of Transmittal and Form of Election, together with their CB
Bancshares stock certificates or properly completed notices of guaranteed
delivery. CB Bancshares shareholders may obtain additional copies of the
Letter of Transmittal and Form of Election by contacting American Stock
Transfer & Trust Company at 1-877-248-6417.
Separately, CPF and CB Bancshares urged their respective shareholders to
complete and return their proxies supporting the proposed merger. Hawaii law
requires that 75% of each company's outstanding shares vote to approve the
merger agreement. For this reason, every vote is important and shareholders
are urged to act promptly to ensure that their voices are heard.
About CPF and CBBI
CPF is a Hawaii bank holding company with $2.50 billion in assets as of
June 30, 2004. Central Pacific Bank, a wholly owned subsidiary of CPF, is the
third largest commercial bank in the State of Hawaii based on assets, with
23 branch offices statewide.
CB Bancshares, Inc. is a bank holding company with $1.88 billion in assets
as of June 30, 2004. City Bank, a wholly owned subsidiary of CBBI, provides
full commercial banking services through 17 branches on the Island of Oahu,
two branches on the Island of Hawaii, two branches on the Island of Maui and
one branch on the Island of Kauai.
Legal Information
CPF has filed a registration statement on Form S-4 to register shares of
CPF common stock to be issued in this transaction. The registration statement
includes a definitive joint proxy statement/prospectus for solicitation of
proxies from CPF and CBBI shareholders, in connection with meetings of such
shareholders at a date or dates subsequent hereto. Investors and security
holders are urged to read the registration statement and the definitive joint
proxy statement/prospectus and any other relevant documents filed with the
SEC, as well as any amendments or supplements to those documents, because they
contain important information. Investors and security holders may obtain a
free copy of documents filed with the SEC at the SEC's Internet web site
(www.sec.gov). Such documents may also be obtained free of charge from CPF by
directing such request to: Central Pacific Financial Corp., 220 South King
Street, Honolulu, Hawaii 96813, Attention: David Morimoto, (808) 544-0627; or
from CBBI by directing such request to: CB Bancshares, Inc., 201 Merchant
Street, Honolulu, Hawaii 96813, Attention: Investor Relations, (808) 535-2500.
SOURCE Central Pacific Financial Corp.; CB Bancshares, Inc.
-0- 08/25/2004
/CONTACT: Investors, Neal Kanda, VP & Treasurer, +1-808-544-0622,
neal.kanda@centralpacificbank.com, or Media, Ann Takiguchi, PR/Communications
Officer, +1-808-544-0685, ann.takiguchi@centralpacificbank.com, both of
Central Pacific Financial Corp./
(CPF CBBI)
CO: Central Pacific Financial Corp.; CB Bancshares, Inc.
ST: Hawaii
IN: FIN
SU: TNM
BM-LP
-- LAW071 --
4541 08/25/200417:02 EDThttp://www.prnewswire.com