Central Pacific Financial Corp. Names Ronald K. Migita Chief Executive Officer

HONOLULU, July 31 /PRNewswire-FirstCall/ -- Central Pacific Financial
Corp. (NYSE: CPF), parent company of Central Pacific Bank, announced today
that Ronald K. Migita, Chairman of the Board of Central Pacific Financial
Corp. and Central Pacific Bank, has been named President and Chief Executive
Officer of the Company and the Bank.
Migita will continue to serve as Chairman of the Board of both Central
Pacific Financial Corp. and Central Pacific Bank.
The Board of Directors had been actively engaged in searching for a
successor for the Company since March 2008 after President and CEO Clint
Arnoldus announced his plans to retire.
"Ron Migita is the right leader for the job at the right time," said
Crystal Rose, Chair of the Board's search committee. "After conducting an
extensive national search for the past four months, and interviewing a number
of internal and external candidates, we selected Ron because he brings more
than 40 years of banking experience to the table, has an in-depth
understanding of the Hawaii market, and knows Central Pacific Bank's
customers, employees and shareholders. The Board looks forward to working
with Ron to ensure a smooth and seamless transition."
Before joining Central Pacific, Migita served as the President and Chief
Executive Officer of CB Bancshares, Inc. whose principal subsidiary was City
Bank, which merged with Central Pacific Financial in 2004. Migita's four
decades of banking experience includes an extensive background in corporate
and retail banking.
"Central Pacific Bank is a solid company with strong Hawaii roots and I am
excited about leading the team in my new capacity," said Migita, who will be
Central Pacific Bank's first Hawaii-born CEO. "These are difficult times for
financial institutions across the country. But during my career, I have seen
difficult times before, and met every challenge head on. My banking
experience and my knowledge of the Hawaii market will allow me to move quickly
and decisively to tackle our current challenges. I am confident that our team
at Central Pacific Bank can successfully overcome these challenges."
A native of Maui, Migita earned his Bachelor's Degree in Business
Administration from the University of Hawaii at Manoa. Shortly thereafter he
joined Bank of Hawaii where he served in various managerial and executive
capacities, and eventually, was named Executive Vice President and Manager of
the bank's Business Financial Services Group. He graduated from the Pacific
Coast Banking School at the University of Washington and the University of
Hawaii Advanced Management Program.
Migita joined Central Pacific Financial Corp. in September 2004, following
the merger of Central Pacific Financial Corp and CB Bancshares, Inc. He first
joined CB Bancshares, Inc. in 1995.
Migita currently serves on the University of Hawaii Board of Regents, the
Research Corporation of the University of Hawaii, the Aloha Council of the Boy
Scouts of America, the National Board of the Boy Scouts of America, and is a
Trustee for the Public Schools of Hawaii Foundation.
Migita's appointment will take effect on August 1.
Central Pacific Financial Corp. is one of the largest financial
institutions in Hawaii with more than $5.6 billion in assets. Central Pacific
Bank, its primary subsidiary, operates 39 branch offices and more than 90 ATMs
throughout Hawaii. For additional information, please visit our website at
http://www.centralpacificbank.com.
Forward-Looking Statements
This document may contain forward-looking statements concerning
projections of revenues, income, earnings per share, capital expenditures,
dividends, capital structure, or other financial items, concerning plans and
objectives of management for future operations, concerning future economic
performance, or concerning any of the assumptions underlying or relating to
any of the foregoing. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts, and may
include the words "believes", "plans", "intends", "expects", "anticipates",
"forecasts" or words of similar meaning. While we believe that our
forward-looking statements and the assumptions underlying them are reasonably
based, such statements and assumptions, are by their nature subject to risks
and uncertainties, and thus could later prove to be inaccurate or incorrect.
Accordingly, actual results could materially differ from projections for a
variety of reasons, to include, but not limited to: the impact of local,
national, and international economies and events, including natural disasters,
on the company's business and operations and on tourism, the military, and
other major industries operating within the Hawaii market; the impact of
legislation affecting the banking industry; the impact of competitive
products, services, pricing, and other competitive forces; movements in
interest rates; loan delinquency rates and changes in asset quality generally;
and trading of the company's stock. For further information on factors which
could cause actual results to materially differ from projections, please see
the Company's publicly available Securities and Exchange Commission filings,
including the Company's Form 10-K for the last fiscal year. The Company does
not update any of its forward-looking statements.
SOURCE Central Pacific Financial Corp.

Investors, David Morimoto, SVP & Treasurer, +1-808-544-0627,
investor@centralpacificbank.com, or Media, Cedric Yamanaka, Public Relations|
Communications Manager, +1-808-544-6898,
cedric.yamanaka@centralpacificbank.com, both of Central Pacific Financial
Corp.