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Regulators approve Dean as Central Pacific’s executive chairman

 

John Dean, appointed acting executive chairman in March at financially troubled Central Pacific Financial Corp., has received regulatory approval to formally take over that role at the holding company and subsidiary Central Pacific Bank. Dean also received approval from the Federal Deposit Insurance Corp., Federal Reserve Board and Hawaii Division of Financial Institutions to become a member of the company’s board of directors.

Dennis Hirota, president of Sam O. Hirota Inc., resigned his board posts at both the holding company and bank so that Dean could become a director. Hirota, who this year will reach the maximum age of 70 for directors, previously said he was willing to step down a few months early.

Separately, Central Pacific said it has hired three executives to head credit risk management, loan review and underwriting operations.

Bill Wilson was named executive vice president, special credits; Irene Dlugopolsky was appointed senior vice president, director of credit risk management; and Michael Rose was hired as vice president, special assets senior manager.

“Their addition to our credit management team further strengthens our efforts to improve our credit risk profile,” Dean said.

Central Pacific has been streamlining operations to comply with a December consent order from the FDIC and state DFI that calls for the bank to improve its capital position, asset quality, liquidity and management oversight.

Wilson will oversee Central Pacific’s special credits locally and on the mainland, while Dlugopolsky is responsible for the bank’s overall loan portfolio. Rose heads a special credits group that will focus on managing real estate and disposing assets and notes.

 

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