The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Central Pacific in Hawaii incurred 3Q costs to explore ‘strategic opportunity’

Central Pacific Bancorp in Honolulu reported quarterly earnings that included expenses tied to assessing a “strategic opportunity.”

The $7.4 billion-asset company said in a press release that its third-quarter profit increased by 1.5% from a year earlier, to $13.3 million. Central Pacific, which was rumored earlier this year to be in talks to buy American Savings Bank in Honolulu, said it incurred $3.1 million in pretax expenses when it evaluated an opportunity.

“While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions,” Arnold Martines, Central Pacific’s chairman and CEO, said during a conference call to discuss the quarterly results.

Bloomberg reported in September that Central Pacific had been looking to raise capital in conjunction with a potential purchase of the $9.3 billion-asset American Savings from Hawaiian Electric.

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