Central Pacific Financial Corp., American Savings Bank, Evercore, Finance, Hawaiian Electric Industries

Central Pacific Financial Corporation Acquires American Savings Bank

In a deal valued at $225 million, Central Pacific Financial Corporation (NYSE: CPF) has entered into an agreement to acquire American Savings Bank (ASB), a leading Hawaii-based financial institution with $7.4 billion in assets.

The acquisition, which is expected to close in the first half of 2023, will make Central Pacific the second-largest bank in Hawaii with approximately $20 billion in assets and over 60 branches statewide.

Benefits of the Acquisition

The acquisition is expected to provide several benefits for Central Pacific, including:

• Expansion of market share in Hawaii
• Increased loan and deposit portfolio
• Enhanced product and service offerings
• Improved financial performance

For ASB customers, the acquisition is expected to provide access to a wider range of financial products and services, as well as an expanded branch network.

Evercore Advises Central Pacific Financial Corporation on Acquisition

Evercore (NYSE: EVR) served as the exclusive financial advisor to Central Pacific Financial Corporation in connection with the acquisition of American Savings Bank.

Evercore's team provided a full range of advisory services, including financial analysis, transaction structuring, and negotiation support.

About Evercore

Evercore is a leading independent investment banking advisory firm. The firm provides a range of services to corporations, financial institutions, and governments, including mergers and acquisitions, capital raising, and financial advisory.

Central Pacific Financial Corporation Reports Strong Financial Results

Central Pacific Financial Corporation recently reported strong financial results for the third quarter of 2022.

Net income for the quarter was $59.8 million, an increase of 11% compared to the same period last year. Diluted earnings per share were $1.29, an increase of 10% compared to the same period last year.

Factors Contributing to Strong Results

The strong financial results were attributed to several factors, including:

• Growth in loans and deposits
• Improved net interest margin
• Controlled expenses
• Strong credit quality

Hawaiian Electric Industries Reports Mixed Results

Hawaiian Electric Industries (NYSE: HE) reported mixed financial results for the third quarter of 2022.

Net income for the quarter was $113.4 million, a decrease of 5% compared to the same period last year. Diluted earnings per share were $0.56, a decrease of 5% compared to the same period last year.

Factors Impacting Results

The mixed financial results were attributed to several factors, including:

• Increased fuel costs
• Lower electricity sales
• Increased operating expenses
• Partially offset by rate increases

Conclusion

Central Pacific Financial Corporation's acquisition of American Savings Bank is a significant development that will create the second-largest bank in Hawaii. Evercore's role as financial advisor to Central Pacific Financial Corporation demonstrates the firm's expertise in the financial services industry.

Central Pacific Financial Corporation's strong financial results reflect the company's solid financial foundation and its ability to generate consistent earnings. Hawaiian Electric Industries' mixed financial results highlight the challenges facing the utility sector in the current environment.