After 20 years of faithful service, Christine Camp, president
and CEO of the Avalon Group, has decided to step down from the
boards of Central Pacific Financial (CPF) and Central Pacific Bank
(CPB), effective immediately. Camp has a long tenure with the bank,
having served on the boards since 2004.
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Christine Camp (Photo: Business Wire)
“I have been fortunate to be a part of the CPB family for 20
years and, throughout that time, the one constant has been the
bank’s commitment to its customers, employees and the community.
I’m confident that current management will lead the bank to even
greater accomplishments,” Camp said.
In acknowledging her years of contributions, CPB President and
CEO Arnold Martines said, “The advice and counsel that Christine
has provided to our bank the past two decades has been invaluable.
I appreciate her personal and professional support. She is like
family to us and always will be.”
Camp founded the Avalon Group, a local real estate and brokerage
services firm, in 1999.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawaii-based bank holding
company with approximately $7.64 billion in assets as of December
31, 2023. Central Pacific Bank, its primary subsidiary, operates 27
branches and 58 ATMs in the State of Hawaii. For additional
information, please visit the Company's website at
http://www.cpb.bank.
Equal Housing Lender Member FDIC NYSE Listed: CPF
Forward-Looking Statements ("FLS")
This document may contain FLS concerning: projections of
revenues, expenses, income or loss, earnings or loss per share,
capital expenditures, the payment or nonpayment of dividends,
capital position, credit losses, net interest margin or other
financial items; statements of plans, objectives and expectations
of Central Pacific Financial Corp. (the "Company") or its
management or Board of Directors, including those relating to
business plans, use of capital resources, products or services and
regulatory developments and regulatory actions; statements of
future economic performance including anticipated performance
results from our business initiatives; or any statements of the
assumptions underlying or relating to any of the foregoing. Words
such as "believe," "plan," "anticipate," "expect," "intend,"
"forecast," "hope," "target," "continue," "remain," "estimate,"
"will," "should," "may" and other similar expressions are intended
to identify FLS but are not the exclusive means of identifying such
statements.
While we believe that our FLS and the assumptions underlying
them are reasonably based, such statements and assumptions are by
their nature subject to risks and uncertainties, and thus could
later prove to be inaccurate or incorrect. Accordingly, actual
results could differ materially from those statements or
projections for a variety of reasons, including, but not limited
to: the effects of inflation and interest rate fluctuations; the
adverse effects of recent bank failures and the potential impact of
such developments on customer confidence, deposit behavior,
liquidity and regulatory responses thereto; the adverse effects of
the COVID-19 pandemic virus (and ongoing pandemic variants) on
local, national and international economies, including, but not
limited to, the adverse impact on tourism and construction in the
State of Hawaii, our borrowers, customers, third-party contractors,
vendors and employees; supply chain disruptions; the increase in
inventory or adverse conditions in the real estate market and
deterioration in the construction industry; adverse changes in the
financial performance and/or condition of our borrowers and, as a
result, increased loan delinquency rates, deterioration in asset
quality, and losses in our loan portfolio; our ability to
successfully implement and achieve the objectives of our
Banking-as-a-Service ("BaaS") initiatives, including adoption of
the initiatives by customers and risks faced by any of our bank
collaborations including reputational and regulatory risk; the
impact of local, national, and international economies and events
(including natural disasters such as wildfires, volcanic eruptions,
hurricanes, tsunamis, storms, earthquakes and pandemic viruses and
diseases) on the Company's business and operations and on tourism,
the military, and other major industries operating within the
Hawaii market and any other markets in which the Company does
business; deterioration or malaise in domestic economic conditions,
including any destabilization in the financial industry and
deterioration of the real estate market, as well as the impact of
declining levels of consumer and business confidence in the state
of the economy in general and in financial institutions in
particular; changes in estimates of future reserve requirements
based upon the periodic review thereof under relevant regulatory
and accounting requirements; the impact of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (the "Dodd-Frank Act"),
changes in capital standards, other regulatory reform and federal
and state legislation, including but not limited to regulations
promulgated by the Consumer Financial Protection Bureau (the
"CFPB"), government-sponsored enterprise reform, and any related
rules and regulations which affect our business operations and
competitiveness; the costs and effects of legal and regulatory
developments, including legal proceedings and lawsuits we are or
may become subject to, or regulatory or other governmental
inquiries and proceedings and the resolution thereof, the results
of regulatory examinations or reviews and the effect of, and our
ability to comply with, any regulations or regulatory orders or
actions we are or may become subject to; ability to successfully
implement our initiatives to lower our efficiency ratio; the
effects of 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"); securities market and monetary fluctuations, including
the impact resulting from the elimination of the London Interbank
Offered Rate ("LIBOR") Index; negative trends in our market
capitalization and adverse changes in the price of the Company's
common stock; political instability; acts of war or terrorism;
changes in consumer spending, borrowings and savings habits;
cybersecurity and data privacy breaches and the consequence
therefrom; failure to maintain effective internal control over
financial reporting or disclosure controls and procedures; the
ability to address deficiencies in our internal controls over
financial reporting or disclosure controls and procedures;
technological changes and developments; changes in the competitive
environment among financial holding companies and other financial
service providers; the effect of changes in accounting policies and
practices, as may be adopted by the regulatory agencies, as well as
the Public Company Accounting Oversight Board ("PCAOB"), the
Financial Accounting Standards Board ("FASB") and other accounting
standard setters and the cost and resources required to implement
such changes; our ability to attract and retain key personnel;
changes in our personnel, organization, compensation and benefit
plans; and our success at managing the risks involved in the
foregoing items.
For further information with respect to factors that could cause
actual results to materially differ from the expectations or
projections stated in the FLS, please see the Company's publicly
available Securities and Exchange Commission filings, including the
Company's Forms 10-Q and 10-K for the current and last fiscal year
and, in particular, the discussion of "Risk Factors" set forth
therein. We urge investors to consider all of these factors
carefully in evaluating the FLS contained in this document. FLS
speak only as of the date on which such statements are made. We
undertake no obligation to update any FLS to reflect events or
circumstances after the date on which such statements are made, or
to reflect the occurrence of unanticipated events except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240306672077/en/
Investor Contact: Ian Tanaka SVP, Treasury Manager (808)
544-3646 ian.tanaka@cpb.bank
Media Contact: Tim Sakahara AVP, Corporate Communications
Manager (808) 544-5125 tim.sakahara@cpb.bank
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