Central Pacific Financial Corp. Announces Public Offering of 2.77M Shares Owned by the United States Department of the Treasury

Central Pacific Financial Corp. CPF, parent company of Central Pacific Bank, today announced that the United States Department of the Treasury plans to offer 2,770,117 shares of the Company's common stock it currently holds in an underwritten public offering. Treasury originally acquired 5,620,117 shares of the Company's common stock on February 18, 2011 as part of the Company's recapitalization in exchange for 135,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, no par value per share and liquidation preference $1,000 per share, previously held by Treasury, and accrued and unpaid dividends thereon. The Company will not receive any of the proceeds from the sale of the shares by Treasury.