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o.k. changed my mind and pulled the ripcord 2.26$
CONGRATS ALL!!!
still holding for higher levels, 2.25 now...
yep, congrats!
Out for now
don t like the 1X5 to 20 r/s
they filed for last night
could be a mistake, because it
is scheduled for anytime before
April 2011, but have nice profit now
MK
here we go 2.20$ awesome!
yes, I want to see it close > 2.00 thne test the 200 DMA at 2.25 in the next 24 hours!
CPF was being discussed here (along with ARIA and FRE) in comments all the time and finally it jumped big http://breakout-stocks.blogspot.com
Wow, look at those $2's. What a beautiful day for our little bank...shorts have decided they'd better start covering! Such fun.
2,04$$$ glassy, glad I loaded yesterday late lunch more 1.57-1.58-1.60's weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
2.00 weeeeeeeeeeeeeeeeeeeeeeee
CPF~agree
FINALLY- 1.94 X 1.95!!!that 1.90 wall was thick but I knew when it busted it would surge yet again! wheeeeeeeeeeeeeeeeeee!!!!!!!
Yeah, will hold this
now for a longer term
unless somethig bad happens
back to 20.00 would be nice
lol
MK
THAT would explain the insider buying etc....lets get through the wall at 1.90!
yep market loved the news!
New chairman $1.00 annual salary
rest based on stock price
sounds good
MK
have a look the nice CPF opening glassy! up to 1.80$ :)
"Under Dean's leadership these banks, some of which were troubled institutions, grew significantly and became profitable."
Central Pacific Financial Corp. Names New Executive Chairman of the Board
Board Initiates Recovery Plan
PR Newswire
HONOLULU, March 16 /PRNewswire-FirstCall/ --
Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, announced today the appointment of John C. Dean, a 29-year banking veteran, as Executive Chairman of the Board of Central Pacific Financial Corp. (CPF) and Central Pacific Bank (CPB), acting subject to regulatory approval. Effective immediately, executive management of the Bank will report to Dean. Ronald K. Migita, age 68, will be retiring as President and CEO and stepping down as Chairman of the Board of CPF and CPB upon the appointment of Dean, and will remain a director of the holding company and bank.
(Photo: http://www.newscom.com/cgi-bin/prnh/20100316/LA71760)
Dean, 62, is currently managing general partner of Startup Capital Ventures based in Palo Alto, California. He has been credited with the turnaround of Silicon Valley Bank as its CEO from 1993 to 2001 and Chairman from 2001 to 2003, as well as the turnaround of two other financial institutions throughout his banking career. Dean has strong ties to Hawaii, including co-founding and serving as Chairman Emeritus of the Entrepreneur's Foundation of Hawaii, supporting small business ventures, endowing a faculty position at the University of Hawaii's Shidler College of Business, and sponsoring the University's Kipapa i ke Ala lecture series. He has a residence located in Waimanalo, Hawaii on the island of Oahu.
The appointment of Dean is part of the implementation of a Recovery Plan designed to improve the Company's capital ratios by downsizing Central Pacific Bank and focusing the Bank on its core business and traditional markets in Hawaii. The Plan was developed with the aid of the Promontory Financial Group, a highly regarded advisor to financial institutions. The Company continues to work with investment advisors Sandler O'Neill & Partners, LLP and RBC Capital to explore all options for raising additional capital concurrently with the implementation of its Recovery Plan.
"While we have received interest from private equity investors, our Board of Directors determined that consummation of a transaction on the terms and conditions proposed to date is not likely to occur in the near term," said Migita. "Our Board also determined that immediately implementing this Recovery Plan while continuing to seek new capital is in the best interests of our stakeholders."
The Company's Board of Directors has formed a Recovery Committee, chaired by independent Director Paul Kosasa, to oversee the implementation and progress of the Recovery Plan and to actively engage in the company's efforts. Kosasa, President and CEO of MNS, Ltd., dba ABC Stores, has been a director of Central Pacific Financial Corp. and Central Pacific Bank for eight years and 16 years, respectively. Promontory will advise this Committee in overseeing the implementation of the Recovery Plan.
"I know that John is the right person to lead our Company through the recovery and to re-establish a business model that has been highly successful in the past, as his stellar track record of turning banks around speaks for itself," Migita said.
"Ron took on the additional roles of President and CEO in August 2008, at a time when the Bank's commercial real estate loan portfolio began to significantly impact its credit costs and stability for the Company was critical," said Kosasa. "The Board gratefully acknowledges and thanks Ron for stepping up to the plate at a difficult and critical juncture for the Company, and wishes him well in his retirement."
The Company also reported that its independent registered public accounting firm, KPMG, issued an opinion regarding its audited financial statements as of December 31, 2009, which indicated that due to the capital ratio requirements of the regulatory Consent Order, the Company's inability to improve capital ratios in accordance with its capital plan raises substantial doubt about the Company's ability to continue as a going concern. Importantly, Central Pacific Financial Corp. currently remains adequately capitalized.
Also, to comply with the provisions of the regulatory Consent Order, the Company recognized $21.0 million in additional loan charge-offs due to a reduction of the value of certain doubtful and classified loans to the amounts mandated by the Consent Order. The resultant increase in the provision for loan losses revises the Company's previously reported net loss in its earnings report dated January 29, 2010, and is reflected in CPF's Form 10-K filed with the Securities and Exchange Commission today.
Recovery Plan
Under the Recovery Plan, Central Pacific Bank will be a smaller bank with a restructured business model focused on its core business and traditional markets in Hawaii. Reducing the Bank's assets will contribute toward improving its capital ratios, as would any increases in capital. The Plan is designed to maintain the Company's adequately capitalized ratios and improve its capital position over time while the Company continues to seek new capital. In the event additional capital is raised in the future, the Board may consider appropriate modifications to the Plan. Essential elements of the Plan include:
Aggressively manage the bank's existing loan portfolios to minimize further credit losses and to maximize recoveries,Shrink the Bank's balance sheet, including the sale of pledged securities and reducing public deposits and repo positions,Reduce the Bank's loan portfolio through paydowns, restructuring, and significantly reducing lending activity,Significantly lower operating costs to align with the restructured business model.The Company has already taken key steps toward this business model that will contribute to the efforts of the Recovery Plan, as it:
Systematically reduced its loan portfolio by almost $1 billion and lowering its CRE loan concentration in 2009;Reduced non-core deposits by over $489 million and increased core deposits by approximately $146 million in 2009, improving the quality of the Bank's deposit relationships and loan-to-deposit ratio to 85% , as of 12/31/09, from 103% a year ago;Announced closing three of four California loan offices in 2010, leaving only one commercial loan office in San Diego, as the Company exits the Mainland market;Announced the consolidation of branches in two locations in Honolulu to be completed in April, 2010, that are just a few blocks from each other, with plans to provide customers with more convenience through extended hours at both consolidated branches."We believe that the aggressive and appropriate actions we are taking to turn the Company around are realistic and doable," said Kosasa. "Central Pacific Bank was founded 56 years ago to support the financial needs of Hawaii's grassroots community, and we are committed to be that bank once again."
Background – John C. Dean
Executive Chairman of the Board of Central Pacific Financial Corp. and Central Pacific Bank, John C. Dean is currently managing general partner of Startup Capital Ventures based in Palo Alto, California. Dean has spent 29 years as an executive in the financial services industry focusing for the last 10 years on technology start-up companies. Dean also has strong ties to Hawaii, including serving as co-founder and chairman emeritus of the Entrepreneur's Foundation of Hawaii, supporting small business ventures, and endowing a faculty position at the University of Hawaii's Shidler College of Business. He has a residence located in Waimanalo, Hawaii on the island of Oahu.
From 1993 to 2001, Dean was Chief Executive Officer of Silicon Valley Bancshares and Silicon Valley Bank, and then from 2001 to 2003, he served as Chairman of the Board of the bank and the holding company. During his eight years as Chief Executive Officer at the Silicon Valley Bank, assets grew from $935 million to $5.5 billion; employees from 235 to over 1,000; and market capitalization from $63 million to a high of over $3 billion. This was his third bank turnaround.
In 2000, and again in 2001, Silicon Valley Bancshares was ranked first among the second-hundred largest banking companies in the United States by U.S. Banker, based upon return of equity and growth in the per-share net income over the a five-year period. In 2001, Forbes ranked Silicon Valley Bancshares among the "fastest growing companies" based on growth in revenues, EPS and total market return over three years.
Prior to Silicon Valley Bank, Dean has been CEO of four other institutions: Pacific First Bank (1991-1993), First Interstate Bank of Washington (1990-1991), First Interstate Bank of Oklahoma (1986-1990) and First Interstate System Inc (1982-1986). Under Dean's leadership these banks, some of which were troubled institutions, grew significantly and became profitable.
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."
Dean currently serves as an advisor for various venture capital firms, both in the U.S. and overseas. Dean is also a director of various technology companies, including AGIS, BioImagene, WhiteHat Security and RadioTime.
Dean is an advisor to the board of the Wharton School of University of Pennsylvania and founder and sponsor of Kipapa i ke Ala Lecture Series at the University of Hawaii's Shidler College of Business. He is also a director of the Pacific Asian Center for Entrepreneurship and E-Business (PACE) at the business school of the University of Hawaii and a director of Pacific Health Research Institute (PHRI). He also previously served as a Director of HiBEAM, a nonprofit organization that serves as an accelerator for startup companies in Hawaii, and is Chairman of the Emmett R. Quady Foundation, his family foundation.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with $4.9 billion in assets. Central Pacific Bank, its primary subsidiary, operates 37 branches and approximately 100 ATMs throughout Hawaii. For additional information, please visit the Company's website at http://www.centralpacificbank.com.
Wonder if something significant on the horizon is driving up the volume/price (other than those insider buys). If so, there are about 5.87 million shares that shorts will need to cover.
Hoping for the best for this little bank in Hawaii.
GLTA
:)
holding up nicely 1.58, should see some eod surge...
trading nicely at HOD 1.62/1.63 so far
thanks Alyssa for info, I'm in, I like the technical situation
Lots of insider buys on 3/10. Tiny 29.3 million float, 19% of which are short.
Could be some fun coming up here.
http://ih.advfn.com/p.php?pid=squote&symbol=CPF
on the run again :) nice!
Yup. Sure has been a solid ride. Congrats to all that jumped on the bottom.
Sure is. Holy smokes. Congrats to anyone who hit it!
Nice comeback
MK
I have no idea. I just played the pinch for the bounce (opened the board because there wasn't one). I'm still watching casually, but wrapped up in stuff today so I can't take a close look at it trading. That 8-K must have scared the crap out of some people thinking that "whatever it takes" may be the mentality of the board to meet compliance. They're selling off properties, closing their CA market down, etc so who knows if they are going to be adding shares also to come up with capital. The chart took a beating with the gap down, so I will just have to sit back and see how it responds. Wish I had a crystal ball, but at this moment things don't look good for CPF. All just my opinion.
Is this gong to go back up or go down . thanks
CPF 8-K:
Form 8-K for CENTRAL PACIFIC FINANCIAL CORP
11-Dec-2009
Entry into a Material Definitive Agreement, Financial Statements a
Item 1.01. Entry into a Material Definitive Agreement.
On December 8, 2009, Central Pacific Bank (the "Bank"), a wholly-owned subsidiary of Central Pacific Financial Corp. ("CPF") entered into a Stipulation to the Issuance of a Consent Order (the "Consent Order") with the Federal Deposit Insurance Corporation ("FDIC") and the Hawaii Division of Financial Institutions ("DFI").
Among other things, under the terms of the Consent Order, the Bank has agreed to:
1. Have and retain qualified management, notify the FDIC and the DFI of any changes in the Bank's Board of Directors or senior executive officers at least 30 days before the change is intended to be effective and within 60 days independently assess management and personnel needs, responsibilities, qualifications and remuneration and adopt a plan to implement any recommendations;
2. The Bank's Board of Directors shall increase its participation in the Bank's affairs, including full responsibility for approving the Bank's policies and objectives, and supervising the Bank's activities;
3. By March 31, 2010, the Bank must increase its Tier 1 Capital in an amount to ensure that its leverage capital ratio is not less than 10% and thereafter maintain it at or above that ratio and increase and maintain its total risk based capital at or above 12%;
4. Within 60 days, the Bank shall develop and adopt a plan to meet and maintain the capital requirements of the Consent Order. Such plan shall include a contingency plan in the event the Bank fails to comply with the capital requirements of the Consent Order, fails to submit a capital plan acceptable to the FDIC and DFI or fails to implement or comply with the capital plan and must include a plan to sell or merge the Bank if the FDIC and DFI so direct;
5. Not pay cash dividends or make any other payments to shareholders without the prior written consent of the FDIC and the DFI;
6. Immediately charge off or collect all assets classified as "Loss" and one-half the assets classified as "Doubtful" in the FDIC examination report and in 120 days reduce "Doubtful" and "Substandard" assets in the examination report to not more than 75% of the Bank's Tier 1 Capital and allowance for loan and lease losses ("ALLL");
7. Within 30 days, develop or revise, if necessary, and implement the Bank's comprehensive policy for determining the appropriate level of ALLL;
8. Maintain an adequate ALLL at all times and remedy any deficiency in the ALLL in the calendar quarter it is discovered;
9. Within 60 days, develop or revise and implement lending and collection policies to provide additional guidance and control over the Bank's lending functions;
10. Within 60 days, develop or revise and implement a plan to systematically reduce the amount of commercial real estate loans, particularly in the land development and construction loan areas;
11. Not extend additional credit to borrowers with existing credits classified as "Loss," "Doubtful" or "Substandard," except in limited circumstances;
12. Within 60 days, develop or revise and implement a written three-year strategic plan and a three-year written plan addressing retention of profits, reduction of overhead and other budget matters;
13. Within 60 days, develop or revise and implement, a written liquidity and funds management policy that addresses liquidity needs and reduces reliance on non-core funding sources.
14. Comply with the interest rate limitations on solicitation and acceptance of brokered deposits under the FDIC's rules and regulations and submit to the FDIC and the DFI within 60 days, a written plan to eliminate its reliance on brokered deposits;
15. Within 30 days, the Bank must eliminate or correct any violations of law;
16. Within 60 days, the Bank must develop or revise and implement a written plan addressing procedures and operations in the information technology area;
17. Within 60 days, the Bank must revise and implement a written trust plan addressing trust operations;
18. Within 30 days of the end of each quarter, the Bank must provide quarterly written progress reports to the FDIC and the DFI.
The Consent Order will remain in effect until modified or terminated by the FDIC and the DFI.
A copy of the press release issued by CPF disclosing entry into the Consent Order is attached hereto as Exhibit 99.1.
Although management is undertaking actions to comply with all aspects of the Consent Order, there is no assurance that full compliance will be achieved within the timeframes specified.
Central Pacific Bank Agrees to Consent Order With FDIC
Loan Sales in Progress to Reduce Credit Risk
* Press Release
* Source: Central Pacific Financial Corp.
* On 4:00 pm EST, Friday December 11, 2009
HONOLULU, Dec. 11 /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE: CPF) announced today that its primary subsidiary, Central Pacific Bank (CPB), agreed to a Stipulation to the Issuance of a Consent Order with the Federal Deposit Insurance Corporation (FDIC) and the Hawaii Division of Financial Institutions (HDFI). The Consent Order requires CPB to improve its capital position, asset quality, liquidity, and management oversight, among other matters.
CPB will continue to offer a full range of financial products and services, and its deposits continue to be insured by the FDIC. The bank elected to continue its participation in the extended FDIC insurance program, which in addition to the $250,000 coverage per depositor, provides unlimited insurance coverage on transactional accounts earning less than a one-half percent interest rate.
The Consent Order requires CPB to take numerous actions that include increasing its Tier 1 Capital to maintain a minimum leverage capital ratio of 10% and total risk-based capital ratio of 12%, as well as the development of a contingency plan if those ratios are not attained by March 31, 2010. An adequate allowance for loan and lease losses must be maintained at all times, and the amount of commercial real estate loans, particularly land development and construction loans, must be reduced systematically. The company has filed a Form 8-K with the U.S. Securities and Exchange Commission reporting this Consent Order, which can be referenced for more information.
"We have been in close communication with our regulators, and as previously disclosed, expected to agree to this Consent Order," said Ronald K. Migita, Chairman, President, and Chief Executive Officer. "With a major loan sale completed this week, we have already made progress toward the regulatory order and are fully committed to meeting the requirements of the agreement."
On December 8, 2009, CPB completed the sale of a $47.5 million package of commercial real estate loans at par value. Additional loans, primarily commercial real estate loans, with an aggregate book value of $62 million as of Sept. 30, 2009, have also been sold or are contracted to be sold in this quarter at a net discount of 10% of book value. The company has engaged an outside loan review firm, Alvarez & Marsal, to conduct an independent review of its commercial real estate loan portfolio and expects to continue pursuing sales of certain loans, in addition to loan restructurings and renegotiations with its borrowers, over the coming quarters. "The loan review and loan sales are important steps in reaching our capital and asset quality goals in order to comply with the Consent Order," said Migita.
The company continues to work with its financial advisors, Sandler O'Neill + Partners, L.P. and RBC Capital Markets, to evaluate options for raising additional capital, including private placements of equity securities and public stock offerings. Central Pacific Financial Corp. shareholders approved increasing the number of authorized shares of common stock on October 22, 2009, which provides the company with added flexibility in addressing their capital needs.
CPB recently announced its plan to exit the California market, where many of its commercial real estate loans are located, and to focus on business development in Hawaii. The bank has not made a loan in California for more than 18 months and intends to wind down or dispose of its existing California loan portfolio over the next two years.
"Hawaii is our market, and despite the local economic conditions, our core deposit base has grown by 17% from a year ago," Migita stated. "We are committed to continue being a leading force in supporting home ownership and small businesses in Hawaii."
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii based financial institution with $5.2 billion in assets. Central Pacific Bank, its primary subsidiary, operates 37 branches, a residential mortgage subsidiary, and more than 100 ATMs throughout the State of Hawaii. For additional information, please visit the Company's website at http://www.centralpacificbank.com.
Forward-Looking Statements
This document may contain forward-looking statements concerning projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure, or other financial items, concerning plans and objectives of management for future operations, concerning future economic performance, or concerning 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", "intends", "expects", "anticipates", "forecasts" or words of similar meaning. 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 materially differ from projections for a variety of reasons, to include, but not limited to: the impact of local, national, and international economies and events, including natural disasters, 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; the impact of legislation affecting the banking industry including the Emergency Economic Stabilization Act of 2008; the impact of competitive products, services, pricing, and other competitive forces; movements in interest rates; loan delinquency rates and changes in asset quality generally; the price of the Company's stock; and volatility in the financial markets and uncertainties concerning the availability of debt or equity financing. 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/A for the last fiscal year. The Company does not update any of its forward-looking statements.
I just got up and haven't even looked into it. I was out on Friday also. Gotta be some news.
What happened to this stock? I sold at $1.18 during the day Friday, and then I see that AH's it tanked big time??
New lo a/h s .47
only 175 shares though, a few .60s
http://ih.advfn.com/p.php?pid=nmona&cb=1260636955&article=40739253&symbol=NY%5ECPF
MK
Buy Signal
http://www.stoxline.com/quote.php?symbol=cpf
We're holding the 20ma very well right now. Any close at or above 1.10 still shows sign of strength, IMO.
I hope all that shorts are forced. Plenty of them. Right now, I'd settle for at least one more solid day. Nice gains so far for everyone that hopped in. Congrats.
Mav
CPF looking good here today . Time for them shorts to cover . imo
I'm a buyer here at this resistance, thinking this PINCH should POP very soon.
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