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Old April 23rd, 2004, 03:31 PM
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Default Central Pacific, City Bank Merge

Hot off the presses! One of the biggest battles of local business in years is finally drawing to a close.

CPB, City Bank merger a go
Quote:
Originally Posted by HawaiiNews.com
One of Hawaii's most contentious and public business battles in years is drawing to an end, with Central Pacific Bank announcing today that its aggressive campaign to acquire rival City Bank has finally succeeded. Central Pacific will acquire all of City Bank's outstanding shares at $91.83 each, a 26 percent premium over the value at yesterday's closing bell. The combined bank will have assets of $4 billion, solidifying CPB's position as the fourth largest player in the state behind First Hawaiian Bank, Bank of Hawaii, and American Savings Bank.
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