HONOLULU, Oct. 20,
2022 /PRNewswire/ -- Central Pacific Financial (NYSE
CPF, the "Company") today announced the appointment of Arnold Martines to Chief Executive Officer (CEO)
of CPF and Central Pacific Bank ("CPB", the "Bank") as well as to
the boards of both entities. All appointments are effective
January 1, 2023.
Martines, 58, who is currently President and Chief Operating
Officer, will become President and CEO of the bank and the holding
company. He is succeeding Paul
Yonamine, 65, who is retiring to become Chairman Emeritus of
the bank and the holding company. Catherine
Ngo, 61, currently Executive Vice Chair of both the bank and
the holding company, will become Chair of both boards.
"Arnold has more than 25 years of experience in the local
banking industry, nearly two decades here at Central Pacific Bank,
where he has moved the bank forward in significant ways as he
progressed through the ranks," Yonamine said. "He has developed a
solid relationship with an ever-increasing number of our customers
and has a genuine love of the community. I cannot think of a more
qualified individual to lead CPB into the future and it will be my
pleasure to support him in his new role anyway I can."
Ever since joining CPB in 2004, Martines has distinguished
himself and the bank. He is a true champion of small business,
advocating for this important customer segment. During the
pandemic, he led the bank's Paycheck Protection Program (PPP), a
key lifeline for local small businesses. As a result of his
leadership, CPB originated 11,833 PPP loans worth $870 million, more loans than any other local
bank and 28% of the total number of all PPP loans made in
Hawaii, the highest percentage of
any bank in the nation. More recently, Martines played a key
role in the implementation of RISE 2020, a multi-faceted renovation
and rebranding program that invested $40
million in the bank's branches, ATMs, and digital platforms,
as well as the redevelopment of Central Pacific Plaza, the bank's
landmark building in downtown Honolulu.
"It is my distinct pleasure and an honor to be named CEO of
Central Pacific Bank, where I have spent the majority of my
professional career," Martines said. "With our recent rebrand and
upgraded digital capabilities, we are well positioned to continue
to grow our franchise here in Hawaii, by leveraging our strong legacy of
service, while offering the latest and most up-to-date digital
technology to our valued customers. I am proud to work side by side
with my fellow employees to continue to meet our customers'
expectations, while taking CPB to new heights of achievement. I
will work hard to assure that the values I learned growing up on
the Big Island are reflected in my management of the bank."
With 25 years of experience in the financial services industry,
Martines joined CPB in 2004 and has held various executive
leadership positions within the company, including President and
Chief Operating Officer and Chief Banking Officer. He
attended Honokaa High School, the University
of Hawaii at Manoa and is a graduate of the Pacific Coast
Banking School. Active in various community causes and charities,
Martines currently serves on the board of the Aloha Council - Boy
Scouts of America (past chair), Child and Family Service (past
chair) and the YMCA of Honolulu.
He is also a Trustee of Saint Louis School.
Yonamine plans to stay involved in business and community causes
in Hawaii and Japan as well as serving as an advisor to
Martines and remaining on the board of the bank and holding
company. He will also continue to serve on the boards of the
Sumitomo Mitsui Banking Corporation of Japan (SMBC), Seven & i Holdings Co.,
Ltd., Japan (7-Eleven), Circlace
Co, Ltd., Japan, and the
U.S.-Japan Council. In Hawaii, he
will remain on the board of the Pacific International Center of
High Technology Research (PICHTR).
In addition to her role as Chair of both the bank and holding
company boards, Ngo will continue as President of the CPB
Foundation and be active in local community and business
activities, particularly those that support women-owned businesses.
She is on the Board of Trustees of the Queen's Health Systems where
she will serve as Chair of the Board Finance Committee. She will
continue to serve on the Board of Hawaii Gas, and on the Board of
Governors of the Hawaii Community Foundation, the Advisory Board of
Catholic Charities of Hawaii, and
the Trust for Public Lands.
About Central Pacific Financial Corp.
Central Pacific
Financial Corp. is a Hawai'i-based bank holding company with
approximately $7.3 billion in assets
as September 30, 2022. Central
Pacific Bank, its primary subsidiary, operates 27 branches and 65
ATMs in the state of Hawai'i. For additional information, please
visit the Company's website at 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.