<PAGE> 1
Draft of March 20, 1996
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ______________)*
CB Bancshares, Inc.
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
124785106
(CUSIP Number)
George D. Reycraft
M.A. Schapiro & Co., Inc.
One Chase Manhattan Plaza
New York, New York 10005
(212) 425-6600
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 12, 1996
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box [x].
Check the following box if a fee is being paid with the statement [ ]. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7).
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
SEC 1746(12-91)
<PAGE>
<PAGE> 2
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
M.A. Schapiro & Co., Inc. 13-5638227
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- - - - - - - ------------------------------------------------------------------------------
7 SOLE VOTING POWER 161,482
NUMBER OF -----------------------------------------------------------------
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------
EACH
REPORTING 9 SOLE DISPOSITIVE POWER 161,482
PERSON -----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 3
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.D. Securities, Inc. 13-5502475
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- - - - - - - ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 52,878
SHARES -----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 52,878
PERSON -----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 4
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
M.A. Schapiro & Co., Inc. Profit Sharing/Retirement Plan
LT-13-5638227-001-9501
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- - - - - - - ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 2,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 2,000
REPORTING -----------------------------------------------------------------
PERSON
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 5
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Second District Securities Co., Inc. Profit Sharing/Retirement Plan
LT-135638227-002-9501
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- - - - - - - ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 2,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 2,000
REPORTING
PERSON -----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 6
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald J. Andres ###-##-####
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- - - - - - - ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 1,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 1,000
REPORTING -----------------------------------------------------------------
PERSON
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 7
SCHEDULE 13D
CUSIP No. 124785106 Page of Pages
- - - - - - - ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas J. Mirante ###-##-####
- - - - - - - ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- - - - - - - ------------------------------------------------------------------------------
3 SEC USE ONLY
- - - - - - - ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- - - - - - - ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - - - - - - ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- - - - - - - ------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 1,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 1,000
REPORTING -----------------------------------------------------------------
PERSON
WITH 10 SHARED DISPOSITIVE POWER
- - - - - - - ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 220,360*
- - - - - - - ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* [ ]
- - - - - - - ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.21%*
- - - - - - - ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - - - - - - ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE> 8
*The information contained in this statement is filed by the
undersigned (the "Reporting Persons") pursuant to Regulation 13D-G of the
General Rules and Regulations under the Securities and Exchange Act of 1934
(the "Act"). Such filing is made by each of the Reporting Persons
individually. The Reporting Persons are making this single, joint filing
because they may be deemed to constitute a "group" within the meaning of
Section 13(d)(3) of the Act although neither the fact of this filing nor
any of the information contained herein shall be deemed to be an admission
by any of the Reporting Persons that a group exists. Each Reporting Person
may be deemed to beneficially own, but expressly disclaims any such
beneficial ownership, the aggregate number of shares of Common Stock owned
by each other Reporting Person.
Item 1. Security and Issuer.
This statement relates to the Common Stock, par value $1.00 per share
("Common Stock") of CB Bancshares, Inc., a Hawaii corporation (the
"Issuer"), the principal executive offices of which are located at
201 Merchant Street, Honolulu, Hawaii 96813.
Item 2. Identity and Background.
This statement is being filed by Thomas J. Mirante, Donald J.
Andres, M.A. Schapiro & Co., Inc., a New York corporation ("Schapiro"),
S.D. Securities, Inc., a New York corporation ("SD"), M.A. Schapiro & Co.,
Inc. Profit Sharing/Retirement Plan (the "Schapiro Plan") and Second District
Securities Co., Inc. Profit Sharing/Retirement Plan (the "SDS Plan")
(collectively, the "Reporting Persons"). Morris A. Schapiro directly owns
stock with approximately 90% of the voting rights in SD and over 50% of the
voting rights in Schapiro. SD owns approximately 20% of the voting stock of
Schapiro. The principal business offices of each of the Reporting Persons is
One Chase Manhattan Plaza, New York, New York 10005. Schapiro is a broker-
dealer specializing in bank securities and through its division, Second
District Securities (SDS), is a broker-dealer in U.S. Government Securities.
SD is an investor in bank securities and U.S. government obligations. The
principal business of the Schapiro Plan is the administration and investment
of the plan assets. The Schapiro Plan's Trustee is The Bank of New York,
One Wall Street, New York, New York 10286. The Trustee has no responsibility
with respect to the administration or investment policy of the Plan. The
principal business of the SDS Plan is the administration and investment of
the plan assets. The SDS Plan's Trustee is The Bank of New York, One Wall
Street, New York, New York 10286. The Trustee has no responsibility with
respect to the administration or investment policy of the Plan. The names
of the directors and executive officers of Schapiro and SD, and the members
of the retirement committees governing the Schapiro Plan and the SDS Plan,
and their respective business addresses, citizenship and present principal
occupations or employment, as well as the names, principal business and
addresses of any corporations or other organizations in which such
employment is conducted, are set forth in Schedule I hereto, which Schedule
is incorporated herein by reference.
None of the Reporting Persons nor, to the best of the Reporting
Persons' knowledge, any of the persons listed in Schedule I hereto has
during the last five years been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
None of the Reporting Persons nor, to the best of the Reporting
Persons' knowledge, any of the persons listed in Schedule I hereto has
during the last five years been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation of such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Schapiro and SD used funds from working capital to purchase the
Common Stock which they hold. The Schapiro Plan and the SDS Plan used
assets from the Plan. Thomas J. Mirante and Donald J. Andres used personal
funds to purchase the Common Stock they hold.
<PAGE>
<PAGE> 9
Item 4. Purpose of the Transaction.
Schapiro has been a market maker with respect to the Common Stock
since April, 1993. In the ordinary course of such market making
activities, owing to inequalities in buy orders and sell orders received,
Schapiro accumulated the shares of Common Stock listed in Item 5 of this
Schedule 13D. On January 11, 1996 the Reporting Persons filed a Schedule
13G with respect to the shares of Common Stock which the Reporting Persons
beneficially owned on December 31, 1995.
Schapiro was a financial advisor to the Issuer from October 8, 1993
until recently. On November 30, 1995, the Issuer sent to Schapiro a letter
terminating Schapiro's financial advisory agreement. The termination
became effective on December 13, 1995.
In its role as financial adviser, Schapiro made recommendations as to
the management of the Company which recommendations were designed to
improve the Company's earnings performance.
As a shareholder, Schapiro and SD believe these recommendations, if
adopted and effected, would enhance stockholder value. In the ordinary
course of their business, Schapiro and SD from time to time review the
performance of their material securities positions and consider possible
strategies for enhancing value. On March 12, 1996, Schapiro and SD
concluded that, in order to effect these recommendations, it would be
helpful to nominate two persons to the Issuer's Board of Directors.
Accordingly, George D. Reycraft sent to the Issuer the two letters attached
hereto as Exhibit 1 which are incorporated herein by reference.
On March 14, 1996, James H. Kamo, secretary of the Company, sent two
response letters to Mr. Reycraft. The response letters are attached hereto
as Exhibit 2 and are incorporated herein by reference. Schapiro and SD may
make other recommendations or proposals to the Company or its stockholders,
and may solicit proxies or consents in respect thereof.
Item 5. Interest in Securities of the Issuer.
(a) Schapiro owns 161,482 shares of Common Stock, 4.55% of those
outstanding. SD owns 52,878 shares of Common Stock, 1.49% of
those outstanding. The Schapiro Plan owns 2,000 shares of
Common Stock, 0.06% of those outstanding. The SDS Plan owns
2,000 shares of Common Stock, 0.06% of those outstanding.
Thomas J. Mirante owns 1,000 shares of Common Stock, 0.03% of
those outstanding. Donald J. Andres owns 1,000 shares of
Common Stock, 0.03% of those outstanding. Each Reporting Person
may be deemed to beneficially own, but expressly disclaims any
such beneficial ownership, the aggregate number of shares of
Common Stock owned by each other Reporting Person. All
Reporting Persons, in the aggregate, beneficially own 220,360
shares of Common Stock, 6.21% of those outstanding. In each
case the percentages were calculated based on the most recently
available filing by the issuer with the Securities and Exchange
Commission.
(b) Schapiro has sole power to vote and dispose of all of the
shares of Common Stock it owns. SD has sole power to vote and
dispose of all the shares of Common Stock it owns. The
Schapiro Plan has sole power to vote and dispose of all the
shares of Common Stock it owns. The SDS Plan has sole power to
vote and dispose of all the shares of Common Stock it owns.
(c) Except as indicated in Schedule II, the Reporting Persons have
not engaged in any transactions in the Common Stock in the 60
days prior to the date of filing of this Schedule 13D.
<PAGE>
<PAGE> 10
(d) Not Applicable.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
None of the Reporting Persons nor, to the best of the Reporting
Persons' knowledge, any of the persons listed in Schedule I hereto, has any
contract, arrangement, understanding or relationship with any other person
with respect to any securities of the Issuer, including the transfer or
voting of any of the securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, division of
profits or losses, or the giving or withholding of proxies.
Item 7. Material to Be Filed as Exhibits.
1. Two letters, dated March 12, 1996, from George D. Reycraft to
James H. Kamo, corporate secretary of CB Bancshares, Inc., and
attachments thereto.
2. Two letters, dated March 14, 1996, from James H. Kamo to George D.
Reycraft.
3. Joint Filing Agreement.
<PAGE>
<PAGE> 11
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
M.A. SCHAPIRO & CO., INC.
By: /s/ Stephen J. Paluszek
Name: Stephen J. Paluszek
Title: President
<PAGE>
<PAGE> 12
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
S.D. SECURITIES, INC.
By: /s/ Stephen J. Paluszek
Name: Stephen J. Paluszek
Title: President
<PAGE>
<PAGE> 13
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
M.A. SCHAPIRO & CO., INC. PROFIT
SHARING/RETIREMENT PLAN
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
Title: Member, Retirement Committee
<PAGE>
<PAGE> 14
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
SECOND DISTRICT SECURITIES CO., INC. PROFIT
SHARING/RETIREMENT PLAN
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
Title: Member, Retirement Committee
<PAGE>
<PAGE> 15
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
<PAGE>
<PAGE> 16
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
Dated: March 21, 1996
By: /s/ Donald J. Andres
Name: Donald J. Andres
<PAGE>
<PAGE> 1
SCHEDULE I
DIRECTORS, EXECUTIVE OFFICERS AND CONTROL PERSONS OF
REPORTING PERSONS
The names, business addresses and present principal occupations of
the directors, executive officers and control persons of the Reporting
Persons are set forth below. If no business address is given, such
person's business address is One Chase Manhattan Plaza - 58th Floor,
New York, New York, 10005. The business address of each person is also the
business address of such director's employer, if any. Unless otherwise
indicated, all persons listed below are citizens of the United States.
Name Present Principal Occupation or Employment and Address
- - - - - - - ------------------ ------------------------------------------------------
Morris A. Schapiro Director and Chairman Emeritus, M.A. Schapiro & Co.,
Inc.
Director and Chairman Emeritus, S.D. Securities, Inc.
George D. Reycraft Director and Chairman, M.A. Schapiro & Co., Inc.
Director and Chairman, S.D. Securities, Inc.
Stephen J. Paluszek Director and President, M.A. Schapiro & Co., Inc.
Director and President, S.D. Securities, Inc.,
Member of Retirement Committee for M.A. Schapiro &
Co., Inc. Profit Sharing/Retirement Plan and the
Second District Securities Co., Inc. Profit
Sharing/Retirement Plan
Thomas J. Mirante Director and Executive Vice President, M.A. Schapiro &
Co., Inc.
Director and Executive Vice President, S.D.
Securities, Inc.,
Member of Retirement Committee for M.A. Schapiro &
Co., Inc. Profit Sharing/Retirement Plan and the
Second District Securities Co., Inc. Profit
Sharing/Retirement Plan
Donald J. Andres Director and Executive Vice President, M.A. Schapiro &
Co., Inc.
Director and Executive Vice President, S.D.
Securities, Inc.
Carmine DeVito Member of Retirement Committee for M.A. Schapiro &
Co., Inc. Profit Sharing/Retirement Plan and the
Second District Securities Co., Inc. Profit
Sharing/Retirement Plan and Secretary-Treasurer and
Comptroller of M.A. Schapiro & Co., Inc. and
S.D. Securities, Inc.
Filomena Laccetti Member of Retirement Committee for M.A. Schapiro &
Co., Inc. Profit Sharing/Retirement Plan and the
Second District Securities Co., Inc. Profit
Sharing/Retirement Plan and Assistant Vice President
of S.D. Securities, Inc.
Jean Oechsner Member of Retirement Committee for M.A. Schapiro &
Co., Inc. Profit Sharing/Retirement Plan and
Assistant Vice President of M.A. Schapiro & Co., Inc.
<PAGE>
<PAGE> 1
SCHEDULE II
<TABLE>
<CAPTION>
M.A. Schapiro & Co., Inc.
Inventory - Agency
From: 01/01/96 To: 03/20/96
(Final Report)
Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
<S> <C> <C> <S> <C> <C> <C> <C> <C> <C> <C>
CB Bancshares,
Inc.
CBBI Opening Balance: 0 .00
29.500
77408 03/06 03/11 030 - Pru Bache 0 1000 29500.00 1000 29500.00
77408 03/04 03/07 -- as of
Regional
Operations Group
(Cust) a/c H.C. 29.500
77409 03/06 03/11 03/07Whiteman 0 1000 29550.00 0 -50.00
77409 03/04 03/07 -- as of
29.500
78414 03/12 03/15 015 Y Dean Witter 0 400 11800.00 400 11750.00
78414 03/11 03/14 -- as of
Alex Brown & Sons
Inc A/C H.C. 29.500
78415 03/12 03/15 03/14Whiteman 0 400 11840.00 0 -90.00
78415 03/11 03/14 -- as of
29.500
78781 03/15 03/20 030 - Pru Bache 0 100 2950.00 100 2860.00
Alex Brown & Sons
Inc a/c H.C. 29.500
78782 03/15 03/20 03/20Whiteman 0 100 2975.00 0 -115.00
Net Cum
Trades Shares Amount Trades Cum Shares Cum Amount
Opening Balance: 0 .00 0 .00
Buys: 3 1,50044,250.00 3 1,500 44,250.00
Sells: 3 1,50044,365.00 3 1,500 44,365.00
Closing Balance: 0 -115.00 0 -115.00)
Net
** Summary Totals: Trades Shares Amount
Opening Balance: 0 .00
Buys: 3 1,50044,250.00
Sells: 3 1,50044,365.00
<PAGE>
<PAGE> 2
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
Closing Balance: 0 -115.00
<PAGE>
<PAGE> 3
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
29.250
68354 12/27 01/02 067 0 1000 29250.00 1000 29250.00
29.250
68355 12/27 01/02 067 0 1000 29250.00 2000 58500.00
Evergreen Total 29.500 -
68403 12/27 01/02 01/02Return Fund 0 5000 147500.0 -3000 89000.00
29.000 -
68417 12/27 01/02 161 Y MLCO 0 502 14558.00 -2498 74442.00
30.000 -
68446 12/27 01/02 161 Y MLCO 0 500 15000.00 -2998 89442.00
29.000 -
68479 12/28 01/03 030 0 300 8700.00 -2698 80742.00
29.000 -
68700 12/29 01/04 161 Y SOES 0 175 5075.00 -2523 75667.00
29.375 -
68851 01/02 01/05 067 0 600 17625.00 -1923 58042.00
-
30.000 208042.0
69490 01/04 01/09 352 Y LIEB 0 5000 150000.00 -6923 0
-
29.500 192820.0
69545 01/05 01/10 90064 CHAS 0 516 15222.00 -6407 0
-
29.750 133320.0
69546 01/05 01/10 327 J 0 2000 59500.00 -4407 0
-
30.000 136320.0
69833 01/09 01/12 141 Y 0 100 3000.00 -4507 0
-
29.625 106695.0
69870 01/09 01/12 327 J 0 1000 29625.00 -3507 0
-
29.500 106665.5
70305 01/11 01/17 015 Y SOES 0 1 29.50 -3506 0
<PAGE>
<PAGE> 4
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
29.000 103765.5
70361 01/11 01/17 015 Y SOES 0 100 2900.00 -3406 0
70361 01/03 01/08 <-- As of
29.625 -
70442 01/12 01/18 327 J 0 2000 59250.00 -1406 44515.50
29.750 -
70621 01/15 01/18 015 Y 0 136 4046.00 -1270 40469.50
29.500 -
70642 01/15 01/18 90064 Chase 0 3 88.50 -1267 40381.00
29.500 -
70668 01/15 01/18 015 Y 0 1000 29500.00 -267 10881.00
29.750
71007 01/17 01/22 015 Y 0 1000 29750.00 733 18869.00
29.500
71065 01/17 01/22 164 F 0 300 8850.00 1033 27719.00
30.000
71129 01/18 01/23 015 Y 0 1000 30000.00 2033 57719.00
30.250
71137 01/18 01/23 9551 SWST 0 200 6050.00 1833 51669.00
29.500
71325 01/19 01/24 015 Y Dean Witter 0 234 6903.00 2067 58572.00
30.000 -
71394 01/19 01/24 443Y Lieber & Co. 0 5000 150000.00 -2933 91428.00
015 Y SOES - Dean 29.500 -
71441 01/19 01/24 Witter 0 115 3392.50 -2818 88035.50
221 Y OES - Paine 29.500 -
71452 01/22 01/25 Webber 0 30 885.00 -2788 87150.50
29.500 -
71519 01/22 01/25 015 Y Dean Witter 0 300 8850.00 -2488 78300.50
30.000 -
71657 01/23 01/26 015 Y Dean Witter 0 1323 39690.00 -1165 38610.50
<PAGE>
<PAGE>
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
443 Y - Lieber & 30.250 -
71660 01/23 01/26 Co. 0 2000 60500.00 -3165 99110.50
030 SOES - Pru 29.500 -
71862 01/24 01/29 Bache Sec. 0 200 5900.00 -2965 93210.50
164 F - Charles 29.500 -
71925 01/25 01/30 Schuab 0 718 21181.00 -2247 72029.50
161 Y MLCO - 30.500 -
71994 01/25 01/30 Merrill Lynch 0 700 21350.00 -2947 93379.50
164 F SOES Charles 30.500 -
72489 01/30 02/02 Schuab 0 26 793.00 -2973 94172.50
015 Y - Dean 30.250 -
72694 01/31 02/05 Witter 0 1000 30250.00 -1973 63922.50
161 Y SOES - 29.500 -
72695 01/31 02/05 Merrill Lynch 0 107 3156.50 -1866 60766.00
161 Y MLCO - 29.500 -
72866 01/31 02/05 Merrill Lynch 0 385 3156.50 -1481 49408.50
015 Y - Dean 29.750 -
72924 02/01 02/06 Witter 0 1000 29750.00 -481 19658.50
161 Y MLCO - 29.500
72925 02/01 02/06 Merrill Lynch 0 531 15664.50 50 -3994.00
30.000 -
72970 02/01 02/06 067 - INCA 0 600 18000.00 -550 21994.00
221 Y - Paine 29.500 184506.0
73395 02/06 02/09 Webber 0 7000206500.00 6450 0
639 J - Mayer & 29.500 185243.5
73451 02/06 02/09 Schweitzer 0 25 737.50 6475 0
443Y LIEB - Lieber 30.000
73529 02/07 02/12 & Co. 0 5000 150000.00 1475 35243.50
Evergreen Total -
Return Fund 30.000 114756.5
73552 02/07 02/12 02/12(Customer) 0 5000 150000.00 -3525 0
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
<PAGE>
<PAGE>
6 -
015 Y - Dean 29.500 102956.5
73603 02/07 02/12 Witter 0 400 11800.00 -3125 0
Patrick K & 29.500 -
73868 02/08 02/13 02/15Maureen C Sullivan 0 500 14750.00 -2625 88206.50
Sue Silver
Harivand, William 29.500 -
73869 02/08 02/13 02/13June & Assoc. 0 1000 29500.00 -1625 58706.50
015 Y - Dean 29.500
73891 02/09 02/14 Witter 0 2000 59000.00 375 293.50
015 Y - Dean 29.500
73916 02/09 02/14 Witter 0 114 3363.00 489 3656.50
-
Evergreen Total 29.750 100468.5
73982 02/09 02/14 02/14Return Fund (cust) 0 3500 104125.00 -3011 0
221 Y - Paine 29.500 -
74004 02/09 02/14 Webber 0 176 5192.00 -2835 95276.50
015 Y - Dean 29.500 -
74005 02/09 02/14 Witter 0 18 531.00 -2817 94745.50
015 Y - Dean 29.500 -
74383 02/13 02/16 Witter 0 100 2950.00 -2717 91795.50
161 Y - MLCO - 29.500 -
74561 02/14 02/20 Merrill Lynch 0 682 20119.00 -2035 71676.50
164 F - Charles 29.500 -
75221 02/20 02/23 Schwab 0 600 17700.00 -1435 53976.50
221 Y - Paine 29.500 -
75272 02/20 02/26 Webber 0 174 5133.00 -1261 48843.50
161 Y - MLCO 29.500
75430 02/21 02/26 Merrill Lynch 0 1321 38969.50 60 -9874.00
161 Y - MLCO 29.500
75649 02/22 02/27 Merrill Lynch 0 136 4012.00 196 -5862.00
015 Y - Dean 29.500
-2912.00
75650 02/22 02/27 Witter 0 100 2950.00 296
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
<PAGE>
<PAGE>
7
161 Y - MLCO 29.500
75851 02/23 02/28 Merrill Lynch 0 136 4012.00 432 1100.00
015 Y - SOES Dean 29.500
76444 02/28 03/04 Witter 0 50 1475.00 482 2575.00
015 Y - Dean 29.500
76833 03/01 03/06 Witter 0 900 26550.00 1382 29125.00
29.500
77056 03/04 03/07 030 Pru Bache 0 504 14868.00 1886 43993.00
29.500
77305 03/06 03/11 030 Pru Bache 0 1000 29500.00 2886 73493.00
030 Second 1 - Pru 29.500 102993.0
77306 03/06 03/11 Bache 0 1000 29500.00 3886 0
29.500 128599.0
77307 03/06 03/11 030 Pru Bache 0 868 25606.00 4754 0
022 MCBD -
McConnell Budd & 29.750 -
77610 03/07 03/12 Downes 0 5000 148750.00 -246 20151.00
015 Y - Dean 29.500 -
78157 03/11 03/14 Witter 0 12 354.00 -234 19797.00
015 Y - Dean 29.500
78229 03/12 03/15 Witter 0 900 26550.00 666 6753.00
015 Y - Dean 29.500
78354 03/12 03/15 Witter 0 100 2950.00 766 9703.00
Net Cum
Trades Shares Amount Trades Cum Shares Cum Amount
Opening Balance: 0 .00 0 .00
Buys: 3 1,50044,250.00 3 1,500 44,250.00
Sells: 3 1,50044,365.00 3 1,500 44,365.00
Closing Balance: 0 -115.00 0 -115.00
Net
** Summary Totals: Trades Shares Amount
Opening Balance: 0 .00
Buys: 3 1,50044,250.00
Sells: 3 1,50044,365.00
M.A. Schapiro & Co., Inc.
Inventory - Regular Trading
From: 01/01/96 To: 03/20/96
(Final Report) Date: 3/21/96
Dates Account Bought Sold Balance
Trans Trade Set Clear Description Price Shares Amount Shares Amount Shares Amount
Closing Balance: 0 -115.00
</TABLE>
<PAGE>
<PAGE> 2
EXHIBIT INDEX
1. Two letters dated March 12, 1996 from George D. Reycraft to James H.
Kamo, corporate secretary of CB Bancshares, Inc., and attachments
thereto.
2. Two letters dated March 14, 1996 from James H. Kamo to George D.
Reycraft.
3. Joint Filing Agreement.
<PAGE> 1
EXHIBIT 1
[S.D. SECURITIES, INC. LETTERHEAD]
March 12, 1996
James H. Kamo, Esq.
Corporate Secretary
CB Bancshares, Inc.
201 Merchant Street,
Suite 902
Honolulu, Hawaii 96813
Dear Mr. Kamo:
I hereby nominate William M. Griffin as a candidate for the Board
of Directors of CB Bancshares, Inc. Mr. Griffin has agreed to serve as a
Director, if elected, and I enclose his letter expressing that agreement.
I also enclose a copy of a brief summary of Mr. Griffin's
background. He is obviously a highly qualified candidate to be a Member of
the Board of Directors of CB Bancshares, Inc.
I am making this nomination in my capacity as Chairman of the
Board of S.D. Securities, Inc. which owns 52,878 shares of CB Bancshares,
Inc. Mr. Griffin is the beneficial owner of 5,000 shares of CB Bancshares,
Inc. through his partnership interest in Rita K. Hillman 2604.
If you require any further information, please advise.
Very truly yours,
/s/ George D. Reycraft
George D. Reycraft
Enclosures
BY FEDERAL EXPRESS
/jw
<PAGE>
<PAGE> 1
[THE WMG COMPANY LETTERHEAD]
March 5, 1996
Mr. James H. Kamo, Esq.
Corporate Secretary
CB Bancshares, Inc.
201 Merchant Street, Suite 902
Honolulu, Hawaii 96813
Dear Mr. Kamo:
This is to confirm that I agree to serve as a director of CB Bancshares,
Inc. if elected by the shareholders at the next annual meeting.
Sincerely,
/s/ William M. Griffin
William M. Griffin
Chairman
cad
<PAGE>
<PAGE> 2
William M. Griffin, Chairman
The WMG Company
One State Street, Suite 1740
Hartford, Connecticut 06103
(860) 527-1687
Mr. Griffin, who is Chairman of The WMG Company, organized the
business in 1986 for the purpose of managing the funds of certain limited
partnerships which specialize in the ownership of shares of regional banks
and thrift institutions.
Prior to 1986, Mr. Griffin was Executive Vice President of
Hartford Fire Insurance Company and Chairman of its Finance Committee. Mr.
Griffin continued as a Director of the Hartford Fire Insurance Company
until March 1991. Mr. Griffin was a Director of Shawmut National
Corporation from 1988 through April 1992. Preceding the Shawmut merger,
Mr. Griffin was a Director of Hartford National Corporation. Mr. Griffin
is a Director of Texas Utilities Company and Gradient Lens Corporation.
<PAGE>
<PAGE> 1
[S.D. SECURITIES, INC. LETTERHEAD]
March 12, 1996
James H. Kamo, Esq.
Corporate Secretary
CB Bancshares, Inc.
201 Merchant Street,
Suite 902
Honolulu, Hawaii 96813
Dear Mr. Kamo:
I hereby nominate H. Clifton Whiteman as a candidate for the Board
of Directors of CB Bancshares, Inc. Mr. Whiteman has agreed to serve as a
Director, if elected, and I enclose his letter expressing that agreement.
I also enclose a copy of a brief summary of Mr. Whiteman's
background. He is obviously a highly qualified candidate to be a Member of
the Board of Directors of CB Bancshares, Inc.
I am making this nomination in my capacity as Chairman of the
Board of S.D. Securities, Inc. which owns 52,878 shares of CB Bancshares,
Inc. Mr. Whiteman owns 1,500 shares of CB Bancshares, Inc.
If you require any further information, please advise.
Very truly yours,
/s/ George D. Reycraft
George D. Reycraft
Enclosures
BY FEDERAL EXPRESS
/jw
<PAGE>
<PAGE> 2
March 4, 1996
Mr. James H. Kamo, Esq.
Corporate Secretary
CB Bancshares, Inc.
201 Merchant Street
Suite #902
Honolulu, HI 96813
Dear Mr. Kamo:
This is to confirm that I agree to serve as a Director of CB
Bancshares, Inc. if elected by the shareholders at the next annual meeting.
Very truly yours,
/s/ H. Clifton Whiteman
H. Clifton Whiteman
<PAGE>
<PAGE> 1
CURRICULUM VITAE
H. Clifton Whiteman Home: (212) 758-6235
136 East 64th Street
New York, N.Y. 10021 Office: (212) 557-6200
Present Position
Retired Bank Executive, serving as Consultant and Director of several
corporations:
Director and Consultant, York Research Corporation, New York, since 1991
Director and Consultant, Keene Corporation, New York, since 1991
Director, Teltec Communications Corp., Westernville, N.Y., since 1995
Previous Positions
1982-89 Executive Vice President, The Bank of Tokyo Trust Company, and
Senior Deputy General Manager, The Bank of Tokyo, Ltd., New York
Agency, 100 Broadway, New York
1978-82 Senior Vice President and Manager, Worldwide Corporate Banking
Division, The Irving Trust Company, One Wall Street, New York
1976-78 President and Trustee, The Bowery Savings Bank, 110 East 42nd
Street, New York
1968-76 Senior Vice President - Finance and Director, Investors
Diversified Services, Inc., Minneapolis, Minnesota
1951-68 Vice President, Morgan Guaranty Trust Company, 23 Wall Street, New
York
Education
Mark Keppel High School, Alhambra, California
Dartmouth College, Hanover, New Hampshire, BA 1950
Amos Tuck School of Business Administration, Dartmouth, MBA 1951
Other Data
Married to Joan Coffin Whiteman since 1977
Member The Down Town Association and Piping Rock Club
<PAGE> 1
EXHIBIT 2
[CB BANCSHARES, INC. LETTERHEAD]
March 14, 1996
Mr. George D. Reycraft
Chairman of the Board
S.D. Securities, Inc.
One Chase Manhattan Plaza
New York, NY 10005
Dear Mr. Reycraft:
I received on March 13, 1996, (1) your letter of March 12, 1996, nominating
Mr. William M. Griffin, owner of 5,000 shares of CB Bancshares, Inc., in
your capacity as Chairman of the Board of S.D. Securities, Inc., which owns
52,878 shares of CB Bancshares, Inc. (2) confirmation of Mr. Griffin to
serve as a Director of CB Bancshares, Inc., if elected by the shareholders
at the next annual meeting, and (3) a copy of a brief summary of Mr.
Griffin's background.
Thank you very much for your communication. I will write you requesting
further information that may be required, and to inform you of the date,
time and place of the 1996 Annual Meeting of Stockholders.
Yours sincerely,
/s/ James H. Kamo
James H. Kamo
Corporate Secretary
JHK:jm
<PAGE>
<PAGE> 1
[CB BANCSHARES, INC. LETTERHEAD]
March 14, 1996
Mr. George D. Reycraft
Chairman of the Board
S.D. Securities, Inc.
One Chase Manhattan Plaza
New York, NY 10005
Dear Mr. Reycraft:
I received on March 13, 1996, (1) your letter of March 12, 1996, nominating
Mr. H. Clifton Whiteman, owner of 1,500 shares of CB Bancshares, Inc., in
your capacity as Chairman of the Board of S.D. Securities, Inc., which owns
52,878 shares of CB Bancshares, Inc. (2) confirmation of Mr. Whiteman to
serve as a Director of CB Bancshares, Inc., if elected by the shareholders
at the next annual meeting, and (3) a copy of a brief summary of Mr.
Whiteman's background.
Thank you very much for your communication. I will write you requesting
further information that may be required, and to inform you of the date,
time and place of the 1996 Annual Meeting of Stockholders.
Yours sincerely,
/s/ James H. Kamo
James H. Kamo
Corporate Secretary
JHK:jm
<PAGE> 1
EXHIBIT 3
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing with all
other Reporting Persons (as such term is defined in the Schedule 13D
referred to below) on behalf of each of them of a statement on Schedule 13D
(including amendments thereto) with respect to the Common Stock, par value
$1.00 per share, of CB Bancshares, Inc., and that this Agreement be
included as an Exhibit to such joint filing. This Agreement may be
executed in any number of counterparts all of which taken together shall
constitute one and the same instrument.
Date: March 21, 1996 M.A. SCHAPIRO & CO., INC.
By: /s/ Stephen J. Paluszek
Name: Stephen J. Paluszek
Title: President
S.D. SECURITIES, INC.
By: /s/ Stephen J. Paluszek
Name: Stephen J. Paluszek
Title: President
M.A. SCHAPIRO & CO., INC. PROFIT
SHARING/RETIREMENT PLAN
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
Title: Member, Retirement Committee
SECOND DISTRICT SECURITIES CO., INC.
PROFIT SHARING/RETIREMENT PLAN
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
Title: Member, Retirement Committee
By: /s/ Thomas J. Mirante
Name: Thomas J. Mirante
By: /s/ Donald J. Andres
Name: Donald J. Andres
