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Banking & Financial Services
Central Pacific Financial Corp., the parent company of Central Pacific Bank, closed on its $325 million capital-raising effort in a private placement with affiliates from The Carlyle Group and Anchorage Capital Group on Friday.
Central Pacific (NYSE: CPF) said its capital ratios now exceed the minimum levels required by a consent order with federal regulators and that the bank is at “‘well capitalized’ levels under applicable guidelines.”
Central Pacific issued 32.5 million common shares at a price of $10 per share to the investors, the company said in a news release. It also issued 5.6 million common shares to the U.S. Treasury in exchange for 135,000 shares of Central Pacific’s preferred stock the government had acquired under the Troubled Asset Relief Program.
Central Pacific also expects to raise up to $20 million in a common stock rights offering for existing shareholders at the same price, $10 per share, that likely will happen within the next 30 to 60 days.
Shares of Central Pacific closed at $28.33 on Friday, which was down 69 cents, or 2.38 percent, from the previous day.
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