Bailout: $60M Loss as Feds Sell Interest in Central Pacific Bank ...
www.hawaiifreepress.com/.../Bailout-60M-Loss-as-Feds-Sell-Interest-in-Central-Pacifi...
Mar 30, 2012 - TARP, provided Central Pacific with a $135 million financial lifeline in the midst of the recession but will be ... News Release from Central Pacific Bank, Honolulu, Hawaii, March 29, 2012 .... ObamaCare Abortion Hawaii.
One day after the bank's request, an Inouye aide called the FDIC's regional office in San Francisco, which regulates Central Pacific.
CPB requested help with checking on bailout status
The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.
the Treasury announced in October that it would invest up to $250 billion in healthy financial firms. But the Inouye inquiry stands apart because of the senator's ties to Central Pacific. While at least 33 senators own shares in banks that got federal aid, a review of financial disclosures and records obtained from regulatory agencies shows no other instance of the office of a senator intervening on behalf of a bank in which he owned shares.
Even if Inouye were directly involved, it would not violate the rules the Senate sets for itself, experts said.
Since the end of 2007, the bank's stock has lost 79 percent of its value.
In recent years, it increasingly used the money to make loans in California, funding several large residential developments. By last year, the bank was facing the consequences of California's collapsing housing market. In July, Central Pacific reported a quarterly loss of $146 million, matching its total profit in the previous three years.
Long odds
The bank faced long odds. More than 1,600 banks submitted applications to the FDIC in the three months after the program was announced, according to a report by the FDIC's inspector general's office. The agency forwarded 408 applications to Treasury, which approved only 267, or roughly 16 percent of the total.
Central Pacific's situation was even bleaker because it was in trouble with the FDIC. Regulators had raised concerns about the bank earlier in the year.
The bank would soon sign an agreement with its state regulator and the FDIC requiring it to raise an additional $40 million in capital and to improve its management practices.
Internal FDIC e-mails obtained through the Freedom of Information Act show that Luong's question was referred from San Francisco to FDIC headquarters in Washington.
A few days later, Alice Goodman, who heads the FDIC's office of legislative affairs — and whose office is typically the point of contact for congressional inquiries — called Luong to say that the application "was still under process."
"Congress has never been willing to adopt strong conflict-of-interest rules for its members, but for the most part, has left it up to each member to decide for themselves whether they have a potential conflict of interest,"
CPB requested help with checking on bailout status
The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.
the Treasury announced in October that it would invest up to $250 billion in healthy financial firms. But the Inouye inquiry stands apart because of the senator's ties to Central Pacific. While at least 33 senators own shares in banks that got federal aid, a review of financial disclosures and records obtained from regulatory agencies shows no other instance of the office of a senator intervening on behalf of a bank in which he owned shares.
Even if Inouye were directly involved, it would not violate the rules the Senate sets for itself, experts said.
Since the end of 2007, the bank's stock has lost 79 percent of its value.
In recent years, it increasingly used the money to make loans in California, funding several large residential developments. By last year, the bank was facing the consequences of California's collapsing housing market. In July, Central Pacific reported a quarterly loss of $146 million, matching its total profit in the previous three years.
Long odds
The bank faced long odds. More than 1,600 banks submitted applications to the FDIC in the three months after the program was announced, according to a report by the FDIC's inspector general's office. The agency forwarded 408 applications to Treasury, which approved only 267, or roughly 16 percent of the total.
Central Pacific's situation was even bleaker because it was in trouble with the FDIC. Regulators had raised concerns about the bank earlier in the year.
The bank would soon sign an agreement with its state regulator and the FDIC requiring it to raise an additional $40 million in capital and to improve its management practices.
Internal FDIC e-mails obtained through the Freedom of Information Act show that Luong's question was referred from San Francisco to FDIC headquarters in Washington.
A few days later, Alice Goodman, who heads the FDIC's office of legislative affairs — and whose office is typically the point of contact for congressional inquiries — called Luong to say that the application "was still under process."
"Congress has never been willing to adopt strong conflict-of-interest rules for its members, but for the most part, has left it up to each member to decide for themselves whether they have a potential conflict of interest,"
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CPB's Dean hits the road again
Pacific Business News - by Janis L. Magin
Date: Thursday, November 4, 2010, 8:35pm HST
Wednesday, April 14, 2010
Central Pacific Bank closes two branches
Central Pacific Bank
Central Pacific Bank will close two of its Honolulu branches after receiving regulatory approval.
The bank will close its branch at 1018 Bethel St. in downtown Honolulu and consolidate it into its main branch at 220 S. King St. on April 23.
A second branch at 1600 Kapiolani Boulevard will be closed and consolidated into the branch at 818 Keeaumoku St. on April 30.
The bank will close its branch at 1018 Bethel St. in downtown Honolulu and consolidate it into its main branch at 220 S. King St. on April 23.
A second branch at 1600 Kapiolani Boulevard will be closed and consolidated into the branch at 818 Keeaumoku St. on April 30.
Friday, March 26, 2010 | Modified: Saturday, March 27, 2010
Central Pacific Bank CFO Hirata resigns
Pacific Business News (Honolulu)
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Wednesday, July 8, 2009
DISCREPANCIES - WERE NOT JUST IN KANSAS ANYMORE
Aid for bank followed call from Inouye staff
Jun 30, 2009 ... CPB got TARP money after Inouye call ... While at least 33 senators own shares in banks that got federal aid, a review of financial ...
www.bizjournals.com/pacific/stories/2009/06/.../daily27.html
www.bizjournals.com/pacific/
CPB requested help with checking on bailout status
Sep 18, 2000 ... Senator Inouye's most valuable asset is $500000 worth of CPB stock. CPB is the Hawaii affiliate of Sumitomo Bank of Japan. ...www.greaterthings.com/News/Clinton.../Riadi.../ripple.htm - Cached - Similar
By Paul Kiel and Binyamin Appelbaum
Advertiser News Services
One day after the bank's request, an Inouye aide called the FDIC's regional office in San Francisco, which regulates Central Pacific.
CPB requested help with checking on bailout status
The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal cases, according to agency documents.
the Treasury announced in October that it would invest up to $250 billion in healthy financial firms. But the Inouye inquiry stands apart because of the senator's ties to Central Pacific. While at least 33 senators own shares in banks that got federal aid, a review of financial disclosures and records obtained from regulatory agencies shows no other instance of the office of a senator intervening on behalf of a bank in which he owned shares.
Even if Inouye were directly involved, it would not violate the rules the Senate sets for itself, experts said.
Since the end of 2007, the bank's stock has lost 79 percent of its value.
In recent years, it increasingly used the money to make loans in California, funding several large residential developments. By last year, the bank was facing the consequences of California's collapsing housing market. In July, Central Pacific reported a quarterly loss of $146 million, matching its total profit in the previous three years.
Long odds
Central Pacific's situation was even bleaker because it was in trouble with the FDIC. Regulators had raised concerns about the bank earlier in the year.
The bank would soon sign an agreement with its state regulator and the FDIC requiring it to raise an additional $40 million in capital and to improve its management practices.
Internal FDIC e-mails obtained through the Freedom of Information Act show that Luong's question was referred from San Francisco to FDIC headquarters in Washington.
A few days later, Alice Goodman, who heads the FDIC's office of legislative affairs — and whose office is typically the point of contact for congressional inquiries — called Luong to say that the application "was still under process."
"Congress has never been willing to adopt strong conflict-of-interest rules for its members, but for the most part, has left it up to each member to decide for themselves whether they have a potential conflict of interest,"
FULL STORY
Aid for bank followed call from Inouye staff |honoluluadvertiser.comJul 1, 2009 ... Aid for bank followed call from Inouye staff | The Honolulu ... One day after the bank's request, an Inouye aide called the FDIC's regional ... the.honoluluadvertiser.com/art
Posted by Vernon at 4:09 PM 0 comments
Labels: Hawaii's Business Bank, wizard of oz.OZ, www.centralpacificbank.com
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Monday, July 6, 2009
FRIENDS IN HIGH PLACES
Wednesday, July 1, 2009
GUESS WHO?
Call from Inouye's office raises conflict of interest question
By Associated Press
POSTED: 01:41 p.m. HST, Jul 01, 2009
CENTRAL PACIFIC
Posted by Vernon at 3:49 PM 0 comments
FDIC & THE BOY SCOUTS
Thursday, May 28, 2009
FDIC & THE BOY SCOUTS OF AMERICA
Central Pacific Bank's Migita Awarded 'Silver Buffalo Award'
By Shayna Coleon, 5/18/2009 10:52:01 AM
CPB earns 'outstanding' rating
Advertiser Staff
Federal regulators gave Central Pacific Bank the highest rating of "outstanding" for its efforts from 2005 to 2008 in meeting the lending needs of its community, including low- and moderate-income neighborhoods and minorities.
The rating was issued by the Federal Deposit Insurance Corp. as part of a performance evaluation under the Community Reinvestment Act.
"Just as our founding fathers envisioned, Central Pacific continues to be the bank that works for you and our communities," said Ronald Migita, Chairman, president and chief executive officer of Central Pacific Bank.
The report showed Central Pacific Bank originated 293 qualified community development loans totaling $1.5 billion over the three-year period. By dollar volume, the lending was higher than CPB's peers and represents more than a $900 million increase since the last evaluation.
Posted by Vernon at 9:14 AM 0 comments Links to this post
Monday, May 18, 2009
THIS ONE'S PERCOLATING
Q: Who is the transfer agent for Central Pacific Financial Corp.'s common stock?
A: Wells Fargo Bank, N.A. is the transfer agent and can be contacted at 1-800-468-9716 or you can obtain general shareholder information from their web site at http://www.wellsfargo.com/com/
Posted by Vernon at 3:48 PM 0 comments
Labels: the boy scouts of america
IT HAPPENS TO THE BEST OF US
Tuesday, December 9, 2008
Central Pacific Bank gets $135 million from Feds
By Rick Daysog
Advertiser Staff Writer
Central Pacific reported a net loss of $146.3 million during its second quarter after the company wrote down a large portion of its loans to California homebuilders hard-hit by the subprime lending crisis.$135 million from Feds
Posted by Vernon at 1:32 PM 0 comments Links to this post
Posted by Vernon at 3:47 PM 0 comments
Labels: www.fdic.gov
COME ON!!
Thursday, May 29, 2008
COME ON !
Nov, 2007 . My complaint about Central Pacific Bank is not sent to the FDIC regional offices in California. Instead it is sent to Kansas City Missouri. The response I get from FDIC says my concerns are contractual, although I point out two misrepresentations by the bank's compliance counsel, Judith A. Villarreal.
Ms. Villarreal says I did not contact Mr. Clint Arnoldus, Mr. Dennis K. Isono.
I have Certified Receipts and electronic verification from USPS that says I did.
Coincidentally, there are officials at the Kansas City offices with the name Villarreal: Jesse O. Villarreal Jr., Lisa M. Villarreal and Victor Villarreal.
It is my opinion that a person trained as a lawyer would verify facts before submitting them in official documentation. Therefore I can only assume that Ms. Villarreal had a serious lapse in judgement, or she was lied to by those she spoke with.
Was that Mr. Arnoldus, that sat next to me in serials and asked to be excused? For what, I don't know. He didn't disturb me in any way.
HAWAII REVISED STATUTES
§412:2-607 Deception; false statements.
(a) An institution-affiliated party who does any of the following shall be guilty of a class C felony punishable pursuant to sections 706-660 and 706-640:
(1) With intent to deceive, makes any false or misleading statement or entry or omits any statement or entry required by law or rule to be made in any book, account, report or statement of the institution; or
(2) Knowingly obstructs or endeavors to obstruct a lawful examination or investigation of the institution or any of its affairs by an official or employee of the division.
(b) Any person who intentionally or knowingly makes, circulates, or transmits to another or others any statement or rumor, written, printed, or by word of mouth, which is untrue in fact and is directly or by inference derogatory to the financial condition or affects the solvency or financial standing of any Hawaii financial institution that is a depository financial institution, or who knowingly counsels, aids, procures, or induces another to start, transmit or circulate such statement or rumor, shall be guilty of a misdemeanor punishable pursuant to sections 706-663 and 706-640.
(c) Any person who maliciously or for personal financial gain makes, circulates, or transmits to another or others any statement or rumor, written, printed, or by word of mouth, which is untrue in fact and is directly or by inference derogatory to the financial condition or affects the solvency or financial standing of any Hawaii financial institution that is a depository institution, or who maliciously or for personal financial gain counsels, aids, procures, or induces another to start, transmit or circulate any such statement or rumor, shall be guilty of a class C felony punishable pursuant to sections 706-660 and 706‑640. [L 1993, c 350, pt of §1]
Posted by Vernon at 3:45 PM 0 comments
IN THE MAIL -
CENTRAL PACIFIC BANK AND FDIC
Tuesday, April 1, 2008
IT'S
Ms. Villareal, COUNSEL for Central Pacific Bank tells the FDIC that I sent no correspondence to Mr. Arnoldus.
FDIC Chairman Sheila C. Bair today announced the appointment of Jesse O. Villarreal, Jr., as her Chief of Staff
"This one was sent to Clint Arnoldus", Central Pacific Bank
Label/Receipt Number: 7005 1820 0002 1636 7109
Status: Delivered
Your item was delivered at 4:50 am on July 28, 2006 in HONOLULU, HI 96811. A proof of delivery record may be available through your local Post Office for a fee.
Additional information for this item is stored in files offline.
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"These two were sent to Mr. Denis K. Isono", Central Pacific Bank
1. Label/Receipt Number: 7005 1820 0002 1768 5493
Status: Delivered
Your item was delivered at 4:33 am on July 14, 2006 in HONOLULU, HI 96811. A proof of delivery record may be available through your local Post Office for a fee.
Additional information for this item is stored in files offline.
2. Label/Receipt Number: 7005 1820 0002 1636 7116
Status: Delivered
Your item was delivered at 4:50 am on July 28, 2006 in HONOLULU, HI 96811. A proof of delivery record may be available through your local Post Office for a fee.
Additional information for this item is stored in files offline.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
These two were sent to Susan Tachino, Central Pacific Bank
1. Label/Receipt Number: 7005 1820 0002 1768 5486
Status: Delivered
Your item was delivered at 4:33 am on July 14, 2006 in HONOLULU, HI 96811. A proof of delivery record may be available through your local Post Office for a fee.
2. Label/Receipt Number: 7005 1820 0002 1636 7123
Status: Delivered
Your item was delivered at 4:50 am on July 28, 2006 in HONOLULU, HI 96811. A proof of delivery record may be available through your local Post Office for a fee.
Additional information for this item is stored in files offline.
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Maybe someone can get this to where I should be received and worked.
| to: | lgottesburen@fdic.gov, kedaniels@fdic.gov |
I have been in recipt of the response from Central Pacific Bank and Ms. Lynne Gottesburen since August. This is another example of the powerful entity in a complaint, that has lawyers and firms to represent them, brainstorming and coming up with responses, half truths and fabrications that the "investigative body" finds to be gospel.
If the FDIC had bothered to do an investigation they would have found that I did send letters to Mr. Arnoldus, Mr. Isono, and Mr. Tachino.
They would have discovered that no terms or conditions of the overdraft protection state a minimum amount of time the deposit needs to remain in the account.
They would have discovered that I was told that the account needed to be brought to a positive balance within a months time.
They would have found other egregious and unreasonable acts on the part of CPB
They would have read on the back of Exhibit D I was given 5 days on the letter dated 1/03/06 to "resolve" the issue, but the account was closed on the 6th of Jan.
They would have discovered the only letters I received were collection letters. No "statements, policies, and letters responding to my claims", as stated by Ms. Villarreal, Esq. who represents CPB.
I also do not understand why my complaint would be responded to by Ms. Gottesburen, and not the regional offices in San Francisco, that may know more about Hawaii Banks and doing business in Hawaii. I have seen collusion and cronyism at work in myriad instances here. l can only hope that there is no correlation to there being both Chief Of Staff Jesse O. Villarreal, Jr. and Regional Manager Joyce Yamasaki associated with this office in Kansas City
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General Information
| Name | Value |
|---|---|
| Master Name | CENTRAL PACIFIC BANK |
| Business Type | Domestic Profit Corporation |
| File Number | 50529 D1 |
| Status | Active |
| Purpose | BANKING |
| Place Incorporated | Hawaii UNITED STATES |
| Incorporation Date | Mar 16, 1982 |
| Mailing Address | P O BOX 3590 HONOLULU Hawaii 96811 United States of America |
| Term | PER |
| Agent Name | GLENN K. C. CHING |
| Agent Address | 220 S. KING STREET HONOLULU Hawaii 96813 United States of America |
Annual Filings
| Filing Year | Status |
|---|---|
| 2007 | Processed |
| 2006 | Processed |
| 2005 | Processed |
| 2004 | Processed |
| 2003 | Processed |
| 2002 | Not Required |
| 2001 | Processed |
| 2000 | Processed |
| 1999 | Processed |
Trade Names, Trademarks and Service Marks
| View Trade Names, Trademarks and Service Marks for CENTRAL PACIFIC BANK |
Stocks
| Date | Class | Shares | Paid Shares | Par Value | Stock Amount |
|---|---|---|---|---|---|
| Dec 31, 2000 | COMMON | 3,545,000 | 3,542,000 | 5. | |
| Jan 1, 2006 | PREFERRED-SERIES B | 100 | 0 | NPV |
Officers
| Name | Office | Date |
|---|---|---|
| MIGITA,RONALD K | C/D | Jan 1, 2007 |
| FUJIMOTO,BLENN A | VC | Jan 1, 2007 |
| HIRATA,DEAN K | VC/CFO | Jan 1, 2007 |
| ARNOLDUS,CLINT | P/D/CEO/VC | Jan 1, 2007 |
| YIM,SHERRI Y | SRV/CO | Jan 1, 2007 |
| CHING,GLENN K C | SRV/S | Jan 1, 2007 |
| MORIMOTO,DAVID S | SRV/T | Jan 1, 2007 |
| CHINN,CURTIS W | EV/CRO | Jan 1, 2007 |
| ISONO,DENIS K | EV | Jan 1, 2007 |
| BLANGIARDI,RICHARD J | D | Jan 1, 2007 |
| CAMP FREIDMAN,CHRISTINE H H | D | Jan 1, 2007 |
| FRY,EARL E | D | Jan 1, 2007 |
| HEDBERG,B JEANNIE | D | Jan 1, 2007 |
| HIROTA,DENNIS I | D | Jan 1, 2007 |
| HONBO,CLAYTON K | D | Jan 1, 2007 |
| KOSASA,PAUL J | D | Jan 1, 2007 |
| KURISU,DUANE K | D | Jan 1, 2007 |
| MATSUMOTO,COLBERT M | D | Jan 1, 2007 |
| ROSE,CRYSTAL K | D | Jan 1, 2007 |
| SAYAMA,MIKE K | D | Jan 1, 2007 |
| YAMASATO,MAURICE H | D | Jan 1, 2007 |
| YOSHIMURA,DWIGHT L | D |
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