Central Pacific preparing for moves in Honolulu and Ewa

CINDY ELLEN RUSSELL / CRUSSELL@STARADVERTISER.COM
BSN KGMB - 18 JULY 2012- Central Pacific Bank will move into the old KGMB studio on Kapiolani Blvd next door to a large First Hawaiian Bank branch. Pictured is the KGMB site which is currently under construction on Kapiolani Blvd. Honolulu Star-Advertiser photo by Cindy Ellen Russell

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Central Pacific Bank, the state’s fourth-largest with $4.2 billion in assets, is planning to expand in the Ewa area next year.

"It’s because of the growth there," CPB spokesman Wayne Kirihara said Wednesday.

The bank, which has 34 branches, also is planning to relocate its branch on Keeaumoku Street into the former KGMB-TV building in the first quarter of 2013.

Kirihara said Hawaii Medical Service Association did not renew its lease at the 5,453-square-foot site at 818 Keeaumoku St. and the bank has signed a lease to move into the smaller location at 1534 Kapiolani Blvd.

KGMB sold its property on Kapiolani Boulevard in January 2008.

"The space is more efficient (than the current location) while providing all of the same services to our customers," Kirihara said. "HMSA, which owns the Keeaumoku building, wanted our space back and is not renewing our lease, which caused us to find a new location."

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HMSA said it is going to use the space for its own operations.

Central Pacific, which has posted five straight profitable quarters after three consecutive years of losses, will report second-quarter earnings before the stock market opens next Thursday. The stock of parent company Central Pacific Financial Corp. closed down 2 cents at $13.99 Wednesday on the New York Stock Exchange.