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Previous: CB BANCSHARES INC/HI, DFAN14A, 1996-05-21 |
Next: PRUDENTIAL INCOMEVERTIBLE R PLUS FUND, NSAR-B, 1996-05-21 |
<PAGE>
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF
1934
Filed by the registrant [_]
Filed by party other than the registrant [X]
Check the appropriate box:
[_] Preliminary proxy statement [_] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[ ] Definitive proxy statement
[X] Definitive additional materials
[_] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
CB BANCSHARES, INC.
-----------------------------------------------------
(Name of Registrant as Specified In Its Charter)
M.A. SCHAPIRO & CO., INC.
-----------------------------------------------------
(Name of Person(s) Filing Proxy Statement)
Payment of filing fee (Check the appropriate box):
[_] $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(j)(2).
[_] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-
6(i)(3).
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)4 and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
<PAGE>
To The Shareholders of CB Bancshares:
CB Bancshares Needs A Change
[GRAPH APPEARS HERE]
Return on Average Assets
CB Bancshares
1990 1.19
1991 1.15
1992 1.09
1993 1.06
1994 0.95
1995 0.54
CB Bancshares, Inc. v. MAS 60-Bank Index*
Daily Data through 04/12/96
(December 30, 1994=100%)
[GRAPH APPEARS HERE]
MAS 60-Bank Index CB Bancshares, Inc.
30-Dec 100 100
3-Jan 101 103
4-Jan 102 103
5-Jan 102 104
6-Jan 102 104
10-Jan 102 103
11-Jan 101 104
12-Jan 101 103
13-Jan 104 103
16-Jan 106 103
17-Jan 105 103
18-Jan 104 103
19-Jan 103 103
20-Jan 102 103
23-Jan 103 106
24-Jan 103 106
25-Jan 105 106
26-Jan 105 106
27-Jan 106 106
30-Jan 106 106
31-Jan 106 104
1-Feb 106 104
2-Feb 107 104
3-Feb 110 104
6-Feb 111 104
7-Feb 111 102
8-Feb 110 102
9-Feb 110 102
10-Feb 110 102
13-Feb 110 102
14-Feb 111 102
15-Feb 111 102
16-Feb 111 102
17-Feb 110 102
21-Feb 111 102
22-Feb 111 102
23-Feb 112 102
24-Feb 113 105
27-Feb 112 102
28-Feb 113 102
1-Mar 112 102
2-Mar 112 102
3-Mar 112 102
6-Mar 111 102
7-Mar 109 102
8-Mar 109 102
9-Mar 109 102
10-Mar 111 102
13-Mar 110 102
14-Mar 110 102
15-Mar 111 103
16-Mar 111 103
17-Mar 111 103
20-Mar 110 102
21-Mar 110 102
22-Mar 110 102
23-Mar 110 102
24-Mar 110 102
27-Mar 111 102
28-Mar 112 102
29-Mar 112 102
30-Mar 112 102
31-Mar 111 102
3-Apr 112 102
4-Apr 113 102
5-Apr 114 102
6-Apr 115 102
7-Apr 116 102
10-Apr 115 102
11-Apr 114 102
12-Apr 114 102
13-Apr 115 104
17-Apr 115 102
18-Apr 115 102
19-Apr 115 102
20-Apr 115 102
21-Apr 115 102
24-Apr 115 103
25-Apr 115 102
26-Apr 115 102
27-Apr 115 103
28-Apr 115 103
1-May 115 104
2-May 115 104
3-May 116 104
4-May 117 102
5-May 118 102
8-May 120 102
9-May 120 102
10-May 120 102
11-May 119 102
12-May 120 102
15-May 121 102
16-May 122 101
17-May 121 100
18-May 120 100
19-May 120 100
22-May 121 100
23-May 123 100
24-May 124 103
25-May 124 100
26-May 123 100
30-May 123 100
31-May 125 101
1-Jun 126 101
2-Jun 127 102
5-Jun 128 100
6-Jun 127 103
7-Jun 126 100
8-Jun 124 102
9-Jun 122 100
12-Jun 123 102
13-Jun 125 103
14-Jun 125 103
15-Jun 125 103
16-Jun 124 100
19-Jun 127 102
20-Jun 128 100
21-Jun 128 100
22-Jun 129 100
23-Jun 128 100
26-Jun 127 100
27-Jun 127 100
28-Jun 128 100
29-Jun 127 100
30-Jun 126 103
3-Jul 127 103
5-Jul 127 102
6-Jul 128 100
7-Jul 129 102
10-Jul 131 103
11-Jul 130 100
12-Jul 132 100
13-Jul 133 100
14-Jul 132 103
17-Jul 130 100
18-Jul 130 100
19-Jul 129 100
20-Jul 130 100
21-Jul 129 103
24-Jul 130 103
25-Jul 131 103
26-Jul 132 103
27-Jul 132 100
28-Jul 132 100
31-Jul 132 100
1-Aug 131 100
2-Aug 132 100
3-Aug 132 101
4-Aug 132 100
7-Aug 133 103
8-Aug 134 100
9-Aug 133 100
10-Aug 133 100
11-Aug 132 100
14-Aug 132 100
15-Aug 132 101
16-Aug 133 99
17-Aug 133 99
18-Aug 134 99
21-Aug 134 99
22-Aug 134 99
23-Aug 134 102
24-Aug 134 100
25-Aug 136 100
28-Aug 139 99
29-Aug 139 100
30-Aug 140 98
31-Aug 139 102
1-Sep 139 98
5-Sep 140 102
6-Sep 141 102
7-Sep 140 100
8-Sep 141 100
11-Sep 142 99
12-Sep 143 98
13-Sep 143 102
14-Sep 145 102
15-Sep 146 100
18-Sep 144 99
19-Sep 146 100
20-Sep 146 100
21-Sep 144 102
22-Sep 143 101
25-Sep 143 101
26-Sep 143 103
27-Sep 144 103
28-Sep 145 100
29-Sep 145 102
2-Oct 145 102
3-Oct 147 102
4-Oct 148 101
5-Oct 148 99
6-Oct 149 99
9-Oct 149 99
10-Oct 149 99
11-Oct 150 99
12-Oct 151 99
13-Oct 152 103
16-Oct 152 103
17-Oct 152 103
18-Oct 154 99
19-Oct 152 99
20-Oct 150 102
23-Oct 150 102
24-Oct 148 101
25-Oct 145 99
26-Oct 143 103
27-Oct 145 99
30-Oct 144 99
31-Oct 143 100
1-Nov 145 102
2-Nov 148 99
3-Nov 146 101
6-Nov 147 101
7-Nov 146 103
8-Nov 148 103
9-Nov 150 99
10-Nov 150 99
13-Nov 149 99
14-Nov 147 101
15-Nov 147 101
16-Nov 148 101
17-Nov 149 101
20-Nov 149 98
21-Nov 150 100
22-Nov 151 98
24-Nov 150 98
27-Nov 151 98
28-Nov 152 101
29-Nov 153 101
30-Nov 154 101
1-Dec 155 98
4-Dec 158 98
5-Dec 158 101
6-Dec 159 101
7-Dec 156 98
8-Dec 157 97
11-Dec 156 101
12-Dec 155 101
13-Dec 155 97
14-Dec 152 97
15-Dec 153 99
18-Dec 150 98
19-Dec 153 98
20-Dec 152 100
21-Dec 152 100
22-Dec 152 99
26-Dec 153 98
27-Dec 153 102
28-Dec 154 98
29-Dec 154 98
2-Jan 155 101
3-Jan 155 101
4-Jan 151 98
5-Jan 149 102
8-Jan 149 102
9-Jan 147 102
10-Jan 144 100
11-Jan 145 100
12-Jan 147 100
15-Jan 146 100
16-Jan 149 102
17-Jan 150 100
18-Jan 149 102
19-Jan 151 102
22-Jan 152 100
23-Jan 152 103
24-Jan 153 103
25-Jan 153 103
26-Jan 153 103
29-Jan 155 103
30-Jan 156 100
31-Jan 159 100
1-Feb 158 103
2-Feb 158 101
5-Feb 159 101
6-Feb 160 100
7-Feb 162 100
8-Feb 164 102
9-Feb 164 100
12-Feb 164 103
13-Feb 165 100
14-Feb 164 100
15-Feb 164 100
16-Feb 163 102
20-Feb 161 100
21-Feb 164 100
22-Feb 165 100
23-Feb 167 102
26-Feb 165 100
27-Feb 165 100
28-Feb 166 102
29-Feb 165 102
1-Mar 167 100
4-Mar 168 100
5-Mar 171 100
6-Mar 169 100
7-Mar 168 100
8-Mar 162 100
11-Mar 161 100
12-Mar 160 100
13-Mar 161 102
14-Mar 163 103
15-Mar 162 100
18-Mar 166 100
19-Mar 166 100
20-Mar 167 102
21-Mar 166 102
22-Mar 167 102
25-Mar 169 105
26-Mar 169 100
27-Mar 169 105
28-Mar 169 100
29-Mar 169 104
1-Apr 172 108
2-Apr 173 108
3-Apr 172 107
4-Apr 172 107
8-Apr 167 107
9-Apr 167 107
10-Apr 163 108
11-Apr 161 108
12-Apr 164 105
- ---------
* The MAS 60-Bank Index is an index, prepared by M.A. Schapiro & Co., Inc.,
of the sixty largest publicly traded bank holding companies in the United
States.
Profitability Has Plunged... ...And The Value Of Your
Shares Has Gone Nowhere!
Are You Satisfied With Your Company's Performance?
Consider the Following:
[_] While profitability in the banking industry has reached record levels and
bank stock prices have soared, CB Bancshares' profitability has declined
sharply and its stock price has significantly underperformed the market.
[_] Incumbent management changed the voting structure for the Employee Stock
Ownership Plan, which makes it more difficult for shareholders to adopt
proposals not supported by management.
[_] CB Bancshares is the only bank in a universe of 225 commercial banks tracked
by the American Banker newspaper that is selling below book value.
[_] Incumbent management and the board have recently put in place "golden
parachutes" for 19 offices. These self-enriching severance arrangements are
vastly disproportionate to the size of the Company and its financial
performance and represent an unusually high percentage of the Company's) net
worth. This action serves to entrench and enrich management at shareholder
expense.
--YOUR VOTE CAN BRING CHANGE AT CB BANCSHARES--
The independent nominees for director have each pledged to represent the
interests of all shareholders. They are opposed to management nepotism and
programs which serve to entrench management. They can bring to the board sorely
needed financial acumen, expertise and experience.
IT IS TIME TO SEND A CLEAR MESSAGE TO INCUMBENT MANAGEMENT AND DIRECTORS.
IF YOU WANT REPRESENTATIVES ON THE BOARD WHO WILL WORK FOR YOUR
----
INTERESTS, PLEASE SIGN, DATE AND MAIL THE WHITE PROXY CARD TODAY.
-----
Only By Voting For The Two Independent Nominees
For Director Can You Express Dissatisfaction
And Help Bring About Change.
If you have any questions, or require any assistance in voting your shares,
please contact GEORGESON & COMPANY INC. toll free at 1-800-223-2064.
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