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)- February 15, 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: Wayne T. Miyao Daniel Motohiro
Senior Vice President Senior Vice President
City Bank CB Bancshares, Inc.
(808) 546-8484 (808) 546-2424
CB Bancshares Chairman James M. Morita Announces Retirement Plans
Honolulu, Hawaii...February 15, 1997 - James M. Morita, 83, Chairman and Chief
Executive Officer of CB Bancshares, Inc. (NASDAQ: CBBI), today announced plans
to relinquish his executive roles with the bank holding company and its two
operating subsidiaries, City Bank and International Savings and Loan (ISL) by
the 1997 annual meeting.
"A succession plan has been the subject of our strategic thinking during the
past year, in conjunction with our determination to return the bank to its
historic performance," Mr. Morita commented.
Under the plan, which is subject to approval by the CB Bancshares Board of
Directors and the bank's regulators, Mr. Morita will retire as Chief Executive
Officer of ISL effective February 28, 1997. A president for ISL has been
selected, pending approval by ISL's Board.
Mr. Morita was one of the founders of City Bank and was primarily responsible
for organizing it in 1958. Mr. Morita has been Chairman of the Board of City
Bank since 1961 and became President in 1969. He was named Chairman and Chief
Executive Officer in 1973, and has served as Chairman of the Board and Chief
Executive Officer of CB Bancshares, Inc., a bank holding company, since 1980.
Mr. Morita has been instrumental in the growth of the bank since its formation
and helped direct the acquisition of International Savings and Loan in 1994.
Mr. Morita will remain Chairman and a Director of ISL and Chairman and Chief
Executive Officer of City Bank until the holding company's annual meeting, when
he will step down from these posts. The current President of City Bank will
retain that post. Mr. Morita intends to recommend that a search committee be
formed by the Board of Directors to seek qualified successors. As previously
announced, ISL and City Bank are to be merged by mid-1997.
Mr. Morita will also step down as Chairman and CEO of CB Bancshares upon the
naming of a successor, but no later than the annual meeting. The Presidency of
CB Bancshares is currently vacant.
"We are disappointed that Mr. Morita, a co-founder of the bank, will be
stepping down from his executive responsibilities. But we are pleased that he
will continue to be available as a Director and a consultant to provide his
counsel and judgment to the bank," said Robert R. Taira, Vice Chairman of CB
Bancshares.
"Throughout my 39 years of service to CB Bancshares and its predecessor banks
I have remained committed to the ideals of customer service, community
involvement and building shareholder value. I have enjoyed my tenure at the
bank, sharing its growth with our dedicated employees and loyal customers,"
Mr. Morita concluded.
Mr. Morita is one of Hawaii's most distinguished leaders in the banking and
civic community and has also frequently been recognized for his distinguished
legal career.
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Born in Kealakekua, South Kona, Hawaii on July 18, 1913, he attended public
schools in Kona and received his undergraduate degree from the University of
Hawaii in 1936. He received a law degree from the Georgetown University School
of Law in 1940.
In 1951, he was named First Assistant Public Prosecutor for the City and County
of Honolulu, and later was appointed City and County Attorney for Honolulu. He
was Special Counsel in charge of the famous Wilson Tunnel litigations and
defended the City and County of Honolulu in what may be the largest lawsuit in
its history.
Later, as his career shifted from law to banking, he attended and graduated
from the Stonier School of Banking at Rutgers University. Mr. Morita has
served in various leadership capacities with the American Bankers Association
(ABA) during his career. He was Hawaii's First Vice President of the ABA, and
has served as a member of the ABA Council, Government Relations Council, the
Education Policy and Development Council, and the Advisory Board of the Stonier
Graduate School of Banking.
In addition to his accomplishments in the banking industry, Mr. Morita is also
well-known for his many years of civic and community involvement in Hawaii.
His work includes fundraising for the Kuakini Foundation; the Alzheimer's
Association; the Hawaii Bone Marrow Donor Registry; the Association for
Retarded Citizens; Prevent Child Abuse Hawaii; the University of Hawaii - Hilo;
and the Maui Arts and Culture Center.
Mr. Morita has been recognized numerous times for his contributions to the
community and the banking industry. He received a Doctor of Laws, Honoris
Causa, from Georgetown University in 1995; the Distinguished Alumni Award from
the ABA's Stonier Graduate School of Banking in 1991; and the Imperial
Decoration from the Emperor of Japan, Third Order of the Rising Sun in 1985.
CB Bancshares provides a full range of banking products and services for small-
to medium-sized businesses and retail customers through its two principal
subsidiaries, City Bank and International Savings. The Company, with 24
branches on the islands of Oahu, Maui, and Hawaii, is the third-largest bank
holding company headquartered in Hawaii.
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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.
February 21, 1997 /s/ Daniel Motohiro
Senior Vice President and
Chief Financial Officer
