FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Current Report Pursuant to Section 13
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event reported)- April 30, 1997
Commission File Number 2-67419
CB BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Hawaii 99-0197163
(State of Incorporation) (IRS Employer Identification No.)
201 Merchant Street, Honolulu, Hawaii 96813
(Address of principal executive offices)
(808) 546-2411
(Registrant's Telephone Number)
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ITEM 5. Other events
Refer to attachments I.
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Attachment I.
Contact: Daniel Motohiro Wayne Miyao
Senior Vice President Senior Vice President
CB Bancshares, Inc. City Bank
Ph: 808-546-2424 Ph: 808-535-2810
FOR IMMEDIATE RELEASE
HONOLULU, HI, APRIL 30, 1997 -- CB Bancshares, Inc. (NASDAQ: CBBI)elected four
directors at the Company's Annual Meeting today: James M. Morita, recently
retired Chairman and CEO of CB Bancshares; Ronald K. Migita, President and CEO
of CB Bancshares; H. Clifton Whiteman, Director and Consultant to York Research
Corporation; and Donald J. Andres, Director and Executive Vice President of
M.A. Schapiro & Co., Inc.
At their meeting following the Annual Shareholders Meeting, the Board of CB
Bancshares elected James H. Kamo to the position of Chairman of the Board of CB
Bancshares. Mr. Kamo was also named to the position of Corporate Secretary.
Mr. Kamo was elected to CB Bancshares' Board of Directors in 1993 and has
served as the Corporate Secretary since 1981. Mr. Kamo has been a member of
the City Bank Board of Directors since 1976.
James M. Morita was elected Chairman Emeritus by the Board of Directors.
As reported earlier, Mr. Migita was appointed President and Chief Executive
Officer of CB Bancshares. Prior to joining CB Bancshares, he was employed by
Bank of Hawaii for 29 years, where he held the position of Executive Vice
President before leaving in May of 1995 to join CB Bancshares. Mr. Migita has
also been named Vice Chairman and Chief Executive Officer of City Bank.
The Company also announced that based on a reassessment of various operational
and organizational issues, it was delaying the merger of its principal
subsidiaries, International Savings and Loan and City Bank. The institutions
are continuing to work together to integrate operations and increase efficiency
in contemplation of the merger.
CB Bancshares provides a full range of banking products and services for small-
to medium sized businesses and retail customers through its principal
subsidiaries, City Bank and International Savings and Loan. The company, with
24 branches on the islands of Oahu, Maui and Hawaii, is the third-largest bank
holding company headquartered in Hawaii with $1.4 billion in assets, $1.0
billion in loans and $1.0 billion in deposits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CB Bancshares, Inc.
May 6, 1997 /s/ Daniel Motohiro
Senior Vice President and
Chief Financial Officer
