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)- March 6, 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
808-546-2424 808-546-8484
CB Bancshares, Inc. Announces Executive Appointment;
Board to Recommend Reduction in Quarterly Dividend
Honolulu, Hawaii - March 6, 1997 - the Board of Directors of CB Bancshares,
Inc. (NASDAQ: CBBI) today announced that it has approved the election of Mr.
Ronald K. Migita as President and Chief Executive Officer of CB Bancshares,
Inc., upon the retirement of Mr. James M. Morita as President and Chief
Executive Officer. The appointment is subject to the negotiation of a final
agreement with Mr. Migita and to regulatory approval.
Ronald Migita is a career banker with extensive background in corporate and
retail banking. Mr. Migita, 55, was born on Maui and graduated from H.P.
Baldwin High School. He went on to earn a degree in business administration
from the University of Hawaii, and shortly thereafter joined Bank of Hawaii as
a credit analyst. He went on to serve in various managerial and executive
positions, and eventually became the executive vice president and manager of
the bank's Business Financial Services Group. After 29 years of service with
Bank of Hawaii, Mr. Migita joined CB Bancshares as President and Chief
Operating Officer in 1995.
Separately, CB Bancshares reported that it is in negotiations with certain
shareholders to resolve issues related to a possible challenge regarding the
election of Directors at the company's 1997 Annual Meeting.
In addition, the Board announced that it intends to recommend a reduction in
the upcoming quarterly dividend from $0.325 per share to $0.05 per share. As
previously announced, any cash dividend paid by the company must be approved by
the Federal Reserve Bank under the company's Memorandum of Understanding (MOU)
entered into late last year. The dividend, if approved, would be payable on
April 30, 1997, to shareholders of record on April 15, 1997.
The Board indicated that the recommended dividend reflects a review of the
company's current financial requirements, including earnings and the cost
associated with the consolidation of its two subsidiary institutions and other
expenses incurred in restructuring the company and re-aligning its management.
The Board will continue to evaluate the dividend on a quarterly basis.
CB Bancshares, Inc., based in Honolulu, provides a full range of banking
products and services for small- and medium-sized business and retail customers
through its principal subsidiaries, City Bank and International Savings & Loan.
The company operates 24 branches on the islands of Oahu, Maui and Hawaii, and
is the third-largest bank holding company headquartered in Hawaii with $1.4
billion in assets.
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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.
March 6, 1997 /s/ Daniel Motohiro
Senior Vice President and
Chief Financial Officer
