Howard's Hit: CPB - Hawaii News Now - KGMB and KHNL

Howard's Hit: CPB

HONOLULU (HawaiiNewsNow) - Central Pacific has cash reserves well above the five percent that regulators require for most banks. But it's going to miss a deadline raising reserves to twice that much, a move that will cover the risk of more mainland loans going bad.

CEO Ron Migita is retiring and that new executive chairman, former Silicon Valley Bank CEO John Dean, confirms he will consider meeting the goal by shrinking the bank. But no layoffs yet, and the more capital raised, the less downsizing required. Fourteen other banks on the mainland are running normally after missing similar deadlines with less cash cushion that CPB has.

Continental Airlines says on March 28th it will start selling code share tickets from Honolulu to Tokyo that will actually be seats on ANA flights. ANA and Continental both belong to United Airlines' Star Alliance.

Recent rains are finally denting the drought. The Molokai irrigation system water level rose a foot, to more than seventeen feet. But drought conditions actually got worse on the Kona coast.

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