UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF
1934
Date of
report (Date of earliest event reported):
March 15, 2010
Central Pacific Financial
Corp.
(Exact
name of registrant as specified in its charter)
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Hawaii
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0-10777
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99-0212597
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(State
or other jurisdiction
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(Commission
File
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(I.R.S.
Employer
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of
incorporation)
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Number)
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Identification
No.
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220 South King Street,
Honolulu, Hawaii
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96813
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(Address
of principal executive offices)
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(Zip
Code)
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(808) 544-0500
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
5.03. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On March
16, 2010, Ronald K. Migita, the President, Chief Executive Officer and Chairman
of the Boards of Directors of Central Pacific Financial Corp. ("CPF") and
Central Pacific Bank ("CPB") announced his retirement from those positions. Mr
Migita will remain as a director of CPF and CPB.
On March
15, 2010, John C. Dean was appointed as the Executive Chairman of the Boards of
CPF and CPB, which appointment will become effective upon the receipt of
regulatory approval. Senior management will report to Mr. Dean. In the interim
pending regulatory approval, Mr. Dean will serve in an acting role in such
positions.
Mr. Dean,
age 62, has served for twenty-nine years in various capacities in the banking
industry, including the Chief Executive Officer and then Chairman of the Board
of Silicon Valley Bancshares and Silicon Valley Bank, the President and Chief
Executive Officer of Pacific First Bank, the Chairman and Chief Executive
Officer of First Interstate Bancorp and First Intersate Bank of Washington, the
Chairman and Chief Executive Officer of First Interstate
Bank of Oklahoma and as an executive of First Interstate System, Inc., National
Funding Corporation and Bank of America. Since 2003, he has been the managing
general partner of Startup Capital Ventures and has served as managing director
of Tuputele Ventures Fund, a small private equity firm investing in early-stage
technology companies and venture capital funds.
ITEM 8.01. Other
Events
CPF has
issued a press release with respect to the initiation of its Recovery Plan,
which press release is attached as an exhibit to this Form 8-K.
ITEM
9.01. Financial Statements and Exhibits
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(d)
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The
following Exhibits are filed herewith:
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| Exhibit | Description | ||
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99.1
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Press
release dated March 16, 2010.
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2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Central
Pacific Financial Corp.
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(Registrant)
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Date: March
16, 2010
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/s/ Ronald K. Migita
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Ronald
K. Migita
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Chairman,
President and Chief Executive
Officer
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3
EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
release issued March 16,
2010
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