UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported):
December
9, 2008
Central
Pacific Financial Corp.
(Exact
name of registrant as specified in its charter)
|
Hawaii
|
0-10777
|
99-0212597
|
|
(State
or other jurisdiction
|
(Commission
File
|
(I.R.S.
Employer
|
|
of
incorporation)
|
Number)
|
Identification
No.
|
|
220
South King Street, Honolulu, Hawaii
|
96813
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(808)
544-0500
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[
]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
8.01 Other Events.
(a) On
December 9, 2008, Central Pacific Financial Corp. (“CPF”) issued a press release
announcing that it has received preliminary approval to participate in the
Capital Purchase Program (the “Capital Purchase Program”) under which the U.S.
Department of the Treasury would purchase $135 million of senior preferred stock
and $20 million in warrants to purchase common stock issued by
CPF. This press release is furnished with this report as Exhibit 99.1
and is incorporated herein by reference.
The
information contained in this press release shall not be deemed filed for
purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except
as shall be expressly set forth by reference.
(b) As of
December 5, 2008, the members of the Board of Directors of Central Pacific Bank
(the “Bank”), a wholly-owned subsidiary of CPF, entered into a Memorandum of
Understanding with the Federal Deposit Insurance Corporation and Hawaii Division
of Financial Institutions (collectively, the “Regulators”) to address certain
issues raised in the Bank’s most recent regulatory examination in August,
2008. The issues required to be addressed by management include,
among other matters, to review and establish more comprehensive policies and
methodologies relating to the adequacy of the allowance for loan and lease
losses; the re-evaluation, development and implementation of strategic and other
plans; to increase the Bank's leverage capital ratio to 9% within 120 days; and
to obtain approval of the Regulators for the payment of cash dividends by the
Bank to CPF. The Bank had a leverage capital ratio of 8.3% at
September 30, 2008, and, as of that date, would have required approximately $40
million in additional Tier 1 capital to satisfy the 9%
requirement. The capital to be received from the Capital Purchase
Program will help satisfy the 9% requirement.
The Board
and management are committed to addressing and resolving these issues on a
timely basis. Since completion of the regulatory examination, actions
have already commenced to comply with many of these requirements, including
working to improve our internal allowance for loan and lease losses policies and
procedures and refining our strategic planning efforts.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit
No.
|
Description
|
||
|
99.1
|
Press
Release dated December 9, 2008, of Central Pacific Financial
Corp.
|
||
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
Central
Pacific Financial Corp.
|
|
|
(Registrant)
|
|
Date: December
9, 2008
|
By:
|
/s/ Dean K. Hirata |
| Dean K. Hirata | ||
| Vice Chairman and Chief Financial Officer |
EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated December 9, 2008, of Central Pacific Financial
Corp.
|