Central Pacific Financial Corp. Announces Secondary Offering, 3M Shares

Central Pacific Financial Corp.

(the "Company"), parent company of Central Pacific Bank (the "Bank"), announced today that ACMO-CPF, L.L.C. and Carlyle Financial Services Harbor, L.P. intend to offer for sale an aggregate of 3,000,000 shares of the Company's common stock in an underwritten secondary offering pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The selling shareholders will receive all of the proceeds from this offering. No shares of common stock are being sold by the Company. This transaction represents the latest continuation of the selling shareholders' orderly disposition of the Company's common stock which began in April 2014 when the Company repurchased 1,391,089 shares of stock from each of the selling shareholders, followed by the April 2015 resale of 3,802,694 shares of the Company's common stock by each of the selling shareholders of which the Company also repurchased a portion. Citigroup Inc. is acting as sole underwriter for the common stock offering. A shelf registration statement, including a base prospectus, with respect to the offering was previously filed by the Company with the SEC and became effective on March 9, 2012. A preliminary prospectus relating to the offering has been filed with the SEC. The offering will be made only by means of a prospectus supplement and the accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus relating to these securities may be obtained when available without charge from Citigroup Inc. A copy of the prospectus supplement and accompanying base prospectus may also be obtained without charge by visiting the SEC website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.