Longtime Central Pacific Bank executive, Arnold Martines, named president, chief operating officer

Big Island-born Arnold Martines didn’t set out to pursue a career in banking.

But more than 25 years after working his way through the ranks, the 57-year-old Martines’ journey has culminated with his appointment Tuesday to president and chief operating officer of Central Pacific Bank and its holding company, Central Pacific Financial Corp. He will begin his new duties Jan. 1.

Martines, who has been executive vice president and chief banking officer of the state’s fourth-largest bank and holding company since June 1, 2020, will replace Catherine Ngo, who is being elevated from president and CEO of the bank, and president of the holding company, to executive vice chairwoman of the bank and its holding company. Ngo’s CEO position at the bank will stay vacant.

Paul Yonamine remains chairman and CEO of Central Pacific Financial and executive chairman of the bank.

“Honestly, I never thought I was going to be in banking,” Martines said in a phone interview. “I stumbled across banking in the middle of my career. I had met a banker who was in charge of another bank on the Big Island — just through community service — and he just kind of popped the question and asked whether I wanted to be a banker and said he thought I could be a great banker. I fell in love with banking because it’s one of the ways to help people build success. I have a wonderful relationship with our customers and our businesses that we see, and helping them become successful is a wonderful way to help people and the Hawaii market at the same time.”

Martines is one of a handful of top executives at the company who are moving up to new positions. The others are:

>> David Morimoto, 53, who is moving from executive vice president and chief financial officer of CPF and CPB to senior executive vice president and chief financial officer of both entities.

>> Kevin Dahlstrom, 50, who is moving from executive vice president and chief marketing officer to executive vice president and chief strategy officer of both entities.

In addition to her vice chairwoman role, Ngo, 60, will continue to be a member of the executive committee that oversees the management of the bank.

All of these other new appointments also begin Jan. 1.

“When people do a great job, they deserve to get promoted, and to that extent we’ll shortly be announcing a number of additional promotions in the ranks below us,” Yonamine said in a phone interview.

“This was an opportunity, given everything we’ve accomplished, especially in the last year and a half during the pandemic,” Yonamine said. “Catherine still will be involved in the management of the business and the executive committee. Arnold will be entrusted with the day-to-day operations of CPF and CPB. And David Morimoto will continue on as senior executive vice president and chief financial officer in addition to overseeing our technology, legal and compliance. That’s a reflection of all of our executives who are moving up the ranks as a result of some of the success we’re having. It’s a good story, and it’s a perfect time to do that now that we’re hopefully at the beginning of the end of the pandemic.”

Martines, who was born and raised in Paauilo on Hawaii island, attended Hono­kaa High School and the University of Hawaii at Manoa and is a graduate of the Pacific Coast Banking School. He started his banking career in 1995 as an assistant branch manager at Bank of Hawaii. He subsequently took on increasing responsibility in both line and credit management roles for small business, middle-market and corporate lending before joining Central Pacific in February 2004 as vice president and portfolio management approval manager, where he oversaw commercial and industrial loan approvals. Prior to his appointment as executive vice president and chief banking officer, Martines was group executive vice president, revenue, and executive vice president, commercial markets, of the holding company and the bank.

“I grew up in a small town on the Big Island,” Martines said. “I was there for the final operations of the sugar industry. I learned from my mom and my family and all the families who lived there how resilient they were to overcome the situation with the plantation shutting down. My mom’s generation adjusted and found other ways to support the family.

“The thing about working as a team and working together to overcome challenges really resonates with me and has given me the strength and the fortitude just to be able to do what it takes to work together and accomplish great things. I feel humbled to be appointed president and provide leadership to a wonderful organization and a lot of great people working every day to support our customers and our community.”

Ngo called Martines “an effective leader” and said that under his guidance Central Pacific made more Paycheck Protection Program loans than any other local bank.

“And as a percentage of loans made among lenders in Hawaii, we made more PPP loans than any other lender in the country,” Ngo said. “He is a true champion of supporting businesses in our community.”

Morimoto has more than 30 years of banking experience, having started his career at CPB in 1991. He previously served as the bank’s treasurer for over 10 years and has broad experience in asset/liability and investment portfolio management.

Dahlstrom was appointed executive vice president, chief marketing officer of CPB in 2020. From 2014 to 2019 he was chief marketing officer at Mr. Cooper Group Inc., a nonbank home loan servicer, where he led a transformation of the company’s brand, product line and culture.