CENTRAL PACIFIC FINANCIAL CORP. ANNOUNCES PLANNED CHANGES TO MANAGEMENT RELATED TO ITS NEXT LAUNCH OF BANQUE AS-A-SERVICE

Honolulu Hawaii, January 3, 2022 / PRNewswire / – Central Pacific Financial Corp. (NYSE: “CPF”, the “Company” of Central Pacific Bank (the “Bank”, “CPB”), today announced that Kevin dahlstrom, current Executive Vice President and Chief Strategy Officer of CPF and CPB, has left CPB to lead a new fintech initiative being formed in partnership with CPB. This planned departure is part of the overall strategy of CPB Banking-As-A-Service which will be announced in conjunction with the next earnings report.

“We would like to thank Kevin for his leadership in our transformation to become a digitally driven bank,” said Paul Yonamine, Chairman and CEO of CPF. “We are delighted to be working together in the future in a new partnership. “

Dahlstrom joined the company in 2020 as Executive Vice President and Chief Marketing Officer before being appointed Executive Vice President and Chief Strategy Officer in October 2021. During his two-year tenure at CPB, he led the rebranding of the company and the development of the company’s digital strategy, including the design and coordination of Shaka, the first all-digital account offered by a Hawaii Bank.

“I have really enjoyed my time at CPB over the past two years, launching a new brand and creating a solid first digital foundation upon which the company can build,” said Dahlstrom. “I look forward to continuing to work with the bank as a partner. “

Dahlstrom’s role at CPB as executive vice president and chief marketing officer will be filled by a veteran Hawaii Marketing Manager Brandt Farias, who joined CPB in June 2021 with 30 years of experience in the local banking market.

About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based banking holding company with approximately $ 7.3 billion active at September 30, 2021. The Central Pacific Bank, its main subsidiary, operates 30 branches and 70 ATMs in the state of Hawaii. For more information, please visit the Company’s website at cpb.bank.

Forward-looking statements

This document may contain forward-looking statements regarding: projections of income, expenses, income or loss, profit or loss per share, capital expenditure, payment or non-payment of dividends, capital position , credit losses, net interest margin or other financial items; the statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or board of directors, including those relating to business plans, the use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance, including expected performance results from our business initiatives; or any statement of assumptions underlying or related to any of the foregoing. Words such as “believes”, “plans”, “anticipates”, “expects”, “intends”, “plans”, “hopes”, “aims”, “continues”, “stay” , “Will”, “should,” “estimates”, “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Although we believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are inherently subject to risks and uncertainties, and therefore may later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from such statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to: without limitation, the negative impact on tourism and construction in the State of Hawai’i, our borrowers, customers, contractors, vendors and third party employees as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program (“PPP”) and the realization of government guarantees on our PPP loans; increased inventory or unfavorable real estate market conditions and the deterioration of the construction industry; adverse changes in the financial performance and / or condition of our borrowers and, as a result, increased loan default rates, deterioration in asset quality and losses in our loan portfolio; our ability to successfully implement our business initiatives; the impact of local, national and international economies and events (including natural disasters such as forest fires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases, including COVID-19) on the business and operations of the Company and on tourism, military and other major industries operating in the Hawaiian market and any other market in which the Company operates; deterioration or malaise of national economic conditions, including any destabilization of the financial sector and deterioration of the real estate market, as well as the impact of the decline in consumer and business confidence on the state of the economy in general and in the financial institutions in particular; changes in estimates of future reserve requirements based on the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Act on Wall Street reform and consumer protection (the “Dodd-Frank Act”), changes in capital standards, other regulatory reforms, and federal and state law, including including, but not limited to, regulations promulgated by the Consumer Financial Protection Bureau (the “CFPB”), government sponsored business reform and all related rules and regulations that affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or governmental investigations and proceedings and their resolution, the results of regulatory reviews or reviews and the effect and our ability to comply with any order or action regulatory we are or may become subject to; ability to successfully implement our initiatives to reduce our efficiency ratio; effects and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the “FRB” or the “Federal Reserve”); inflation, interest rates, the securities market and currency fluctuations, including the early replacement of the London Interbank Offered Rate (“LIBOR”) index and the impact on our loans and debts related to this index ; negative trends in our market capitalization and adverse changes in the price of the Company’s common shares; political instability; acts of war or terrorism; pandemic viruses and diseases, including COVID-19; changes in consumer spending, borrowing and saving habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and their consequences; the ability to address weaknesses in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment between financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by regulators, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other standard setters accountants, as well as the costs and resources necessary to implement such changes; our ability to attract and retain key personnel; changes in our staff, organization, compensation and benefit plans; and our success in managing the risks involved in the above.

For more information about the factors that could cause actual results to differ materially from the expectations or projections set forth in the forward-looking statements, please see the public documents of the Securities and Exchange Commission, including Form 10-K of the Company for the last financial year and, in particular, the discussion of the “risk factors” set out therein. We urge investors to carefully consider all of these factors when evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date such statements are made, or to reflect the occurrence of unforeseen events, except as required by law.

SOURCE Central Pacific Financial Corp.


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