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Central Pacific Bank board authorizes $30 million stock buyback

By Star-Advertiser staff

LAST UPDATED: 12:29 p.m. HST, May 20, 2014

The board of Central Pacific Bank's parent has approved a new stock repurchase program to buy back up to $30 million of the company's  outstanding common stock.

Repurchases may be made in the open market or privately negotiated transactions when deemed appropriate by management, the bank said.

Central Pacific Financial Corp. recently repurchased $125 million, or approximately 14.7 percent, of its common stock outstanding through a tender offer and private purchases from its two largest shareholders, which concluded on April 7. 

The additional $30 million share repurchase, upon completion, would represent an estimated 4.6 percent of the total shares outstanding as of May 19 based on Monday's closing price of $18.06.

"We are pleased to be in a position to deploy excess capital by repurchasing additional shares, which is consistent with our long-term plan to enhance shareholder value," Central Pacific President and CEO John Dean said.

Central Pacific's stock closed down 26 cents at $17.80 Tuesday on the New York Stock Exchange. The repurchase program was announced after the market closed.

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markat wrote:
They should pay back taxpayers before they are allowed to buy back stock.
on May 20,2014 | 01:03PM
cojef wrote:
Is this the bank Inouye had shares in?
on May 20,2014 | 02:51PM
kwensel wrote:
Yes sir that is how they were the only bank in Hawaii to get tarp money. Then they don't even pay most of it back. Thank you Obama should be their slogan
on May 20,2014 | 03:18PM
HD36 wrote:
Not only that but with manipulation of interest rates to historically low levels savers have lost more than $454 billion in interest.
on May 20,2014 | 05:04PM
HD36 wrote:
This is how and why the CEO pay has reached historically high levels. Buy back the shares, which increase the earnings, which usually drive up the stock price, which the CEO has a couple hundred thousand shares from option he was privileged to purchase at 50% off.
on May 20,2014 | 04:59PM
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