HONOLULU, Dec. 2, 2019 /PRNewswire/ -- Central Pacific
Financial Corp. (NYSE: CPF) (the "Company"), parent company of
Central Pacific Bank (CPB) ("Bank"), announced today that
John C. Dean, current director and
former Chair and CEO of the Company and the Bank, has decided not
to stand for board re-election at the April, 2020 Annual
Shareholders Meeting. Dean will retain the title of Chairman
Emeritus and will continue to support the Bank's interests in
customer outreach, leadership development, and community
engagement.
Dean, age 72, joined the Company as Executive Chair in
March 2010, in the aftermath of the
great recession and arranged for the recapitalization of the
Company with $325 million in private
equity funds. He returned the Company to profitability in the
first quarter of 2011 and was instrumental in the divestment of the
Bank's troubled assets and overall improvement in asset quality to
high performance standards. From Dean's joining of the
Company to September 30, 2019, the
Company's total assets increased from $4.4
billion to $6.0 billion and
non-performing assets declined from $493.8
million to $1.4 million.
Stable profitability and a strong capital position enabled the
Company to repurchase approximately 32.5% of its common shares
outstanding since the first quarter of 2014.
"John Dean is truly a remarkable
leader and individual, always leading by example, not only in
business and finance, but also in our community," said Paul Yonamine, Chairman and CEO. "There is
no other like John, and while we will miss his contributions, we
wish him the best in his well-deserved retirement."
"I have worked with John for almost the past 30 years and can
truly say that he is in a league of his own," said Catherine Ngo, President. "We are
eternally indebted to him for the turnaround and success of our
Company, and for the strong core values he instilled into our
corporate culture."
As an executive in the financial services industry for the past
39 years, Dean has been credited for the turnaround of four major
banks. A graduate of Holy Cross
College, a former Peace Corps Volunteer in Western Samoa, and a graduate of the Wharton
School with an MBA in Finance, Dean was recognized by Business Week
as one of Silicon Valley's top 25 "movers and shakers" in
1997. In 2001, he was recognized by Forbes as one of the "50
most powerful dealmakers," and in 2012, Hawaii Business recognized
Dean as "CEO of the Year."
In Hawaii, Dean has been
recognized and honored by numerous other organizations for his
leadership and contributions to improving the quality of life in
the State of Hawaii. He currently serves as director of:
Hawaii Community Foundation; Iolani
School; Hawaiian Humane Society; Blue Planet Foundation; and
Pacific Asian Center for Entrepreneurship and E-Business (PACE) at
the business school of the University of Hawaii. He was also
engaged with the development of Kahauiki Village, a model program
for permanent housing for the homeless in Hawaii and is now engaged with Ho'ola
Na Pua and its Pearl Haven facility for girls who have been
trafficked.
Dean is also a director of various technology and life science
companies in Hawaii and on the
Mainland, including: AGIS, LIVMOR, Elevate Credit, and
iNDX.Ai.
About Central Pacific Financial Corp.
Central Pacific
Financial Corp. is a Hawaii-based
bank holding company with approximately $6.0
billion in assets. Central Pacific Bank, its primary
subsidiary, operates 35 branches and 78 ATMs in the state of
Hawaii, as of September 30,
2019. For additional information, please visit the Company's
website at http://www.cpb.bank.
Forward-Looking Statements
This document may
contain forward-looking statements concerning projections of
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 including anticipated performance
results from our RISE2020 initiative, or any of the assumptions
underlying or relating to any of the foregoing.
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 "believes," "plans," "expects," "anticipates,"
"forecasts," "intends," "hopes," "targeting," "should,"
"estimates," or words of similar meaning. 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.
Accordingly, actual results could materially differ from
projections for a variety of reasons, including, but not limited
to: the effect of, and our failure to comply with any
regulatory orders or actions we are or may become subject to;
oversupply of inventory and adverse conditions in the Hawaii and California real estate markets and any
weakness in the construction industry; adverse changes in the
financial performance and/or condition of our borrowers and, as a
result, increased loan delinquency rates, deterioration in
asset quality, and losses in our loan portfolio; our ability to
successfully implement our RISE2020 initiative; current and
projected levels of RISE2020-related expense, which include
estimates of expense related to dedicated staff and management time
and third-party expense; the impact of local, national, and
international economies and events (including political events,
acts of war or terrorism, natural disasters such as wildfires,
volcanoes, tsunamis and earthquakes) on the Company'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 economic conditions, including
destabilizing factors in the financial industry and deterioration
of the real estate market, as well as the impact from any declining
levels of consumer and business confidence in the state of the
economy in general and in financial institutions in
particular; the impact of regulatory action on the Company
and Central Pacific Bank and legislation affecting the financial
services industry; failure to maintain effective internal control
over financial reporting or disclosure controls and procedures;
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, other regulatory reform, and any related
rules and regulations on our business operations and
competitiveness; the costs and effects of legal and regulatory
developments, including legal proceedings or regulatory or other
governmental inquiries and proceedings and the resolution thereof,
and the results of regulatory examinations or reviews; the
effects of the Tax Cuts and Jobs Act; 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's
common shares; changes in consumer spending, borrowings and savings
habits; technological changes and developments; changes in the
competitive environment among financial holding companies and other
financial service providers, including fintech businesses; the
effect of changes in accounting policies and practices, including
changes 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;
changes in our capital position; our ability to attract and retain
skilled directors, executives and employees; changes in our
organization, compensation and benefit plans; and our success at
managing the risks involved in any of the foregoing items. For
further information on factors that could cause actual results to
materially differ from projections, please see the Company's
publicly available Securities and Exchange Commission filings,
including the Company's Form 10-K for the last fiscal year
and, in particular, the discussion of "Risk Factors" set forth
therein. The Company does not update any of its forward-looking
statements except as required by law.
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SOURCE Central Pacific Financial Corp.