Share sale by the Treasury and other minority holders brought PPS to $12.50 down $1.70.
Central Pacific Offers 12.8 Million Shares; Treasury To Sell 5.6 Million
Date : 06/15/2011 @ 8:45AM
Source : Dow Jones News
Stock : Central Pacific Financial Corp. (CPF)
Quote : 12.4 -1.73 (-12.24%) @ 7:52AM
Central Pacific Offers 12.8 Million Shares; Treasury To Sell 5.6 Million
Central Pacific Financial (NYSE:CPF)
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Today : Wednesday 15 June 2011
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Central Pacific Financial Corp. (CPF) said the U.S. Treasury plans to offer all 5.6 million shares of its holdings in the bank, while other shareholders are offering 12.8 million shares.
The Treasury acquired the shares this year as part of the Hawaii-based bank holding company's recapitalization. The stock was trading around $29 a share at the time of the Treasury's investment, taking into account a reverse stock split, and closed Tuesday at $14.13.
The selling shareholders' offer includes 79,288 shares issuable upon the exercise of warrants held by the Treasury. The parent of Central Pacific Bank, which has 34 branches in Hawaii and one office in California, won't receive any proceeds from the stock sales.
The company, which has about 41.7 million shares outstanding, said the sale amounts reflect its one-for-20 stock split in February. Central Pacific Financial didn't disclose expected pricing terms in its filing with the U.S. Securities and Exchange Commission.
For the quarter ended March 31, the bank swung to a profit of $4.6 million as it posted a credit to its provision for loan losses, compared with a charge of $58.8 million a year earlier.
Central Pacific shares were inactive premarket. The stock is down 64% in the past year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
