HONOLULU (HawaiiNewsNow) - The news isn't so rosy for Hawaii's fourth largest financial institution. Central Pacific Bank says it needs $200 million to survive. Executive chairman John Dean is traveling to the mainland to urge investors to chip in. Dean says his stops could include New York, Chicago, Boston, Los Angeles and San Francisco.
Central Pacific lost over $100 million in the first quarter, and $293 million last year from bad construction and commercial real estate loans, primarily in California. Dean says he's optimistic about raising the capital needed to comply with capital ratio requirements mandated by the Federal Deposit Insurance Corp. and the state Division of Financial Institutions.