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Business Briefs

Alaska Air adds Bay Area-Maui flights

Alaska Airlines is adding more flights linking Northern California and Hawaii.

The Seattle-based airline said yesterday it plans to fly from Oakland and San Jose to Kahului on a daily basis starting June 5. Alaska currently flies between Oakland, Calif., and Maui four times a week and between San Jose and Maui three times a week.

Alaska plans to use Boeing 737-800 airplanes, which seat 16 in first class and 141 in economy, on the routes.

Last March, Alaska began three-days-a-week service between San Jose, Calif., and Lihue, Kauai, and four-days-a-week service between Oakland and Lihue.

The airline plans to discontinue flights between San Jose and Austin, Texas, on May 6. It will continue to fly nonstop between Seattle and Austin.


CPF tops capital ratio requirements

Central Pacific Financial Corp. said yesterday that its capital ratios now exceed the minimum levels required by its regulatory consent order and are at "well-capitalized" levels under applicable guidelines.

The parent of Central Pacific Bank received federal and state regulatory approvals Thursday to close a $325 million sale of common stock to two private-equity firms and other private investors, as well as a restructured agreement with the U.S. Treasury to exchange $135 million in preferred shares for approximately 5.62 million shares of common stock priced at $10 a share.

"We are pleased to have attained a critical milestone in our company’s recovery plan and look forward to serving our customers and supporting our community with a solid capital foundation," Central Pacific Executive Chairman John Dean said.

Central Pacific has been under a consent order since December 2009 by federal and state regulators to improve its capital ratios. The bank hired Dean, a turnaround specialist, in March as executive chairman.

The Carlyle Group and an affiliate of Anchorage Capital Group LLC each agreed to invest about $94.6 million in Central Pacific’s common stock at $10 a share. Other institutional investors and some directors and officers of the company agreed to invest the remaining approximate $135.8 million at the same $10 price.

In addition, Central Pacific plans to file a registration statement next week with the Securities and Exchange Commission that will outline details of a $20 million stock rights offering in which eligible shareholders will be able to purchase a set number of shares at $10 apiece.

The company’s shares closed down 69 cents, or 2.4 percent, at $28.33 on the New York Stock Exchange yesterday.


Schuler begins part 3 of development

D.R. Horton Schuler Division has started construction of 132 new single-family homes in Kapolei. The La Hiki development will begin selling homes next month, the company said. The project is the third phase of Schuler’s Mehana community in Kapolei. La Hiki is the first single-family housing neighborhood at Mehana, the company said.

Schuler said the homes will feature solar hot water heaters and will be equipped to accept photovoltaic systems and to charge electric cars.


On the Move

» Wells Fargo Advisors has announced Cynthia Schnack Lee as first vice president of investments. She was previously vice president of wealth management with Morgan Stanley Smith Barney for 10 years.HHH

» American Savings Bank has awarded $220,725 to public and private schools across the state of Hawaii, including a $100,000 award to Waianae Intermediate School as part of its Bank for Education program that ran Sept. 18-Nov. 26. The funds are used to purchase computers, books, teaching supplies, musical instruments and athletic equipment.

» Coldwell Banker Pacific Properties has announced the following:
Tonya M. Coutsourakis as Realtor-associate specializing in the North Shore and Hawaii Kai areas. She was previously a Realtor-associate for Pacific International Realty.
Cindy M.K. Melim as Realtor-associate. She was previously a Realtor-associate at Sell-EZ-1 Realty.
William J. Samari as Realtor-associate. He was previously an audit associate for PriceWaterhouseCoopers.


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