HONOLULU, Dec. 2, 2022
/PRNewswire/ -- Central Pacific Financial Corp. (NYSE: CPF), parent
company of Central Pacific Bank (CPB), today announced the
appointment of Jason Fujimoto as the
newest member of its Board of Directors of both CPF and CPB,
effective Jan. 1, 2023. Mr. Fujimoto
will serve on both the CPF Board of Directors' Audit Committee and
the CPB Board of Directors' Audit Committee.
"Jason Fujimoto is an excellent
addition to our Boards and will bring valuable insight and
perspective to the bank's commitment to support small businesses
through his own experience leading a company that serves and
supports the construction industry in Hawaii," said Arnold
Martines, president, chief operating officer and incoming
CEO. "I look forward to Jason's contribution as CPB continues
to transform to effectively serve our customers and our island
communities in the future."
"HPM Building Supply has a longstanding legacy of working with
Hawaii families and businesses for
more than a century and I am excited to join CPF as it too has a
mission of helping all of Hawaii's
people on their path to success," said Fujimoto.
Mr. Fujimoto is currently president and CEO of Hawaii Planing
Mill, Ltd., doing business as HPM Building Supply, a building
supply company headquartered on Hawaii Island with operations on
all four major islands in the State of
Hawaii. He has served in multiple executive roles with HPM
Building Supply since 2009.
Mr. Fujimoto obtained a Bachelor of Science degree in Economics
from the Wharton School of the University of
Pennsylvania, concentrating in Corporate Finance and
Strategic Management, and obtained a minor degree in Psychology
from the University of Pennsylvania
College of Arts and Sciences. Mr. Fujimoto is actively
involved in numerous community and business organizations.
Mr. Fujimoto is a director with Hawaii Asia Pacific Association
Leaders, a director with Holomua Collective, past chair of Kohala
Institute DBA 'Iole Stewardship Center, past chair of Hawaii Public
Television Foundation DBA PBS Hawaii, and a member of the following
organizations: Hawaii Executive
Collaborative, Hawaii Business Roundtable, University of Hawaii Hilo Chancellor's Community
Advisory Board, U.S. Army Garrison Pohakuloa Training Area
Commander's Advisory Council, Do It Best Eagles Conference, and BIG
Group.
Mr. Fujimoto is the recipient of numerous recognitions and was a
2008 Pacific Century Fellow, a 2012 Omidyar Fellow, a 2013 Hawaii
Business magazine list of 20 for the Next 20: People to Watch, and
recognized in 2015 as Young Retailer of the Year by the North
American Hardware and Paint Association.
About Central Pacific Financial Corp.
Central Pacific
Financial Corp. is a Hawaii-based
bank holding company with approximately $7.34 billion in assets as of September 30,
2022. Central Pacific Bank, its primary subsidiary, operates
27 branches and 65 ATMs in the state of Hawaii. For additional
information, please visit the Company's website at
http://www.cpb.bank.
EQUAL HOUSING LENDER | Member FDIC | CPF LISTED NYSE
Forward-Looking Statements
This document may
contain forward-looking statements concerning: projections of
revenues, expenses, income or loss, earnings or loss per share,
capital expenditures, the payment or nonpayment of dividends,
capital position, credit losses, net interest margin or other
financial items; statements of plans, objectives and expectations
of Central Pacific Financial Corp. or its management or Board of
Directors, including those relating to business plans, use of
capital resources, products or services and regulatory developments
and regulatory actions; statements of future economic performance
including anticipated performance results from our business
initiatives; or any statements of the assumptions underlying or
relating to any of the foregoing. Words such as "believes,"
"plans," "anticipates," "expects," "intends," "forecasts," "hopes,"
"targeting," "continue," "remain," "will," "should," "estimates,"
"may" and other similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements.
While we believe 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 differ materially from
those statements or projections for a variety of reasons,
including, but not limited to: the adverse effects of the COVID-19
pandemic virus on local, national and international economies,
including, but not limited to, the adverse impact on tourism and
construction in the State of
Hawaii, our borrowers, customers, third-party contractors,
vendors and employees as well as the effects of government programs
and initiatives in response to COVID-19; the impact of our
participation in the Paycheck Protection Program ("PPP") and
fulfillment of government guarantees on our PPP loans; the increase
in inventory or adverse conditions in the real estate market 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, deterioration in asset
quality, and losses in our loan portfolio; our ability to
successfully implement our business initiatives; the impact of
local, national, and international economies and events (including
natural disasters such as wildfires, volcanic eruptions,
hurricanes, tsunamis, storms, earthquakes and pandemic virus and
disease, including COVID-19) 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 domestic economic conditions, including
any 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 (the "Dodd-Frank Act"), changes in capital
standards, other regulatory reform and federal and state
legislation, including but not limited to regulations promulgated
by the Consumer Financial Protection Bureau (the "CFPB"),
government sponsored enterprise reform, and any related rules and
regulations which affect 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,
the results of regulatory examinations or reviews and the effect
of, and our ability to comply with, any regulatory orders or
actions we are or may become subject to; ability to successfully
implement our initiatives to lower our efficiency ratio; 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 (the "FRB" or the "Federal
Reserve"); inflation, interest rate, securities market and monetary
fluctuations, including the anticipated replacement of the London
Interbank Offered Rate ("LIBOR") Index and the impact on our loans
and debt which are tied to that index; negative trends in our
market capitalization and adverse changes in the price of the
Company's common stock; political instability; acts of war or
terrorism; pandemic virus and disease, including COVID-19; changes
in consumer spending, borrowings and savings habits; failure to
maintain effective internal control over financial reporting or
disclosure controls and procedures; cybersecurity and data privacy
breaches and the consequence therefrom; the ability to address
deficiencies in our internal controls over financial reporting or
disclosure controls and procedures; technological changes and
developments; 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 ("FASB") and other accounting standard setters and
the cost and resources required to implement such changes; our
ability to attract and retain key personnel; changes in our
personnel, organization, compensation and benefit plans; and our
success at managing the risks involved in the foregoing
items.
For further information with respect to factors that could
cause actual results to materially differ from the expectations or
projections stated in the forward-looking statements, 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. We urge investors to consider all of these factors
carefully in evaluating the forward-looking statements contained in
this Form 8-K. Forward-looking statements speak only as of the date
on which such statements are made. We undertake no obligation to
update any forward-looking statements to reflect events or
circumstances after the date on which such statements are made, or
to reflect the occurrence of unanticipated events except as
required by law.
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SOURCE Central Pacific Financial Corp.