Central Pacific Financial Corp. Announces Rights Offering Is Fully Subscribed (CPF)

Central Pacific Financial Corp. CPF, parent company of Central Pacific Bank, announced today that its rights offering, which expired at 5:00 p.m., Eastern time, on May 6, 2011, is fully subscribed based on preliminary results.  CPF expects to issue a total of 2.0 million shares of CPF common stock, which is the maximum number that can be issued in the offering, to subscribing rights holders following the completion of the over-subscription allocation procedure.  Rights were exercised at $10 per share, the same price per share paid by investors in the Company's $325 million private placement transaction that closed on February 18, 2011.  The total gross proceeds to the Company from the rights offering will be $20 million.