Central Pacific Financial Corp. Announces New Executive Chairman's Compensation

HONOLULU, May 25 /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, announced today that it finalized a compensation agreement with John C. Dean, Executive Chairman of the Board of Central Pacific Financial Corp. (CPF) and Central Pacific Bank (CPB), who joined the company on March 15, 2010, and whose appointment is pending regulatory approval. The terms of the compensation agreement include an annual salary of $1.00 and a grant of 200,000 shares of Restricted Stock Units, which become fully vested on December 1, 2010. Dean will not receive any other salary, board or committee retainer fees, or other compensation during this period, except for standard employee benefits and an automobile allowance of $1,000 per month.

"The primary reason I accepted this position is my belief that CPB plays an important role in the financial services landscape of Hawaii and in providing banking choices for the businesses and consumers in our community," said Dean. "As I previously announced, I plan to donate the CPF shares I receive as compensation to charitable causes in Hawaii, as well as contribute to the venture capital firm with which I am associated."

Dean, 62, is a 29-year veteran of the banking industry and has been credited with the turnaround of Silicon Valley Bank as its CEO from 1993 to 2001 and Chairman from 2001 to 2003, as well as the turnaround of two other financial institutions throughout his banking career. Dean has strong ties to Hawaii, including co-founding and serving as Chairman Emeritus of the Entrepreneur's Foundation of Hawaii, supporting small business ventures, endowing a faculty position at the University of Hawaii's Shidler College of Business, and sponsoring the University's Kipapa i ke Ala lecture series. He has a residence located in Waimanalo, Hawaii on the island of Oahu.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with $4.4 billion in assets. Central Pacific Bank, its primary subsidiary, operates 35 branches, approximately 110 ATMs, and residential mortgage offices throughout the State of Hawaii. For additional information, please visit the Company's website at http://www.centralpacificbank.com.

Forward-Looking Statements

This document contains forward-looking statements concerning business plans, management changes, 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 Company's ability to successfully implement business plans, 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 and any other markets in which the Company does business; the impact of regulatory actions on the Company including the Consent Order by the FDIC and the Hawaii Division of Financial Institutions; the impact of legislation affecting the banking industry including the Emergency Economic Stabilization Act of 2008; the impact of competitive products, services, pricing, and other competitive forces; movements in interest rates; loan delinquency rates and changes in asset quality generally; the price of the Company's stock; volatility in the financial markets and uncertainties concerning the availability of debt or equity financing; and the impact of regulatory supervision.  For further information on factors that 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 2009.  The Company does not update any of its forward-looking statements.

SOURCE Central Pacific Financial Corp.