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) - August 30, 1999
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) 535-2500
(Registrant's Telephone Number)
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Item 4. Changes in Registrant's Certifying Accountant
(a) On August 24, 1999, Grant Thornton LLP was replaced as the independent
accountant engaged to audit the consolidated financial statements of CB
Bancshares, Inc. and Subsidiaries (the "Company") by KPMG LLP.
Grant Thornton LLP's report on the consolidated financial statements of the
Company for the past two years did not contain an adverse opinion or a
disclaimer of opinion and was not qualified or modified as to uncertainty, audit
scope or accounting principles. The decision to change accountants from Grant
Thornton LLP to KPMG LLP was recommended by the audit committee and approved by
the board of directors of the Company. During the Company's two most recent
fiscal years and through the date of their replacement, there were no
disagreements with Grant Thornton LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreement, if not resolved to the satisfaction of Grant Thornton LLP, would
have caused it to make reference to the subject matter of the disagreement in
connection with its report.
The Company has requested Grant Thornton LLP to furnish it with a letter
addressed to the Securities and Exchange Commission stating whether they agree
with the statements made by the Company herein and, if not, stating the respects
in which they do not agree. Said letter is filed as Exhibit 16 hereto.
Item 7. Financial Statements, Pro Forma Financial information and Exhibits
(c) Exhibits
No. Description
16 Letter dated August 30, 1999 from Grant Thornton LLP, the Company's former
independent accountants.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed by the undersigned hereunto
duly authorized.
Date: August 30, 1999 CB Bancshares, Inc.
By: /s/ Dean K. Hirata
Dean K. Hirata
Senior Vice President and
Chief Financial Officer
(principal financial officer)
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Securities and Exchange Commission
Washington, D.C. 20549
Re: CB Bancshares, Inc.
File No. 0-12396
Dear Sir or Madam:
We have read Item 4 of the Form 8-K of CB Bancshares, Inc. dated August 30,
1999, and agree with the statements contained therein.
Very truly yours,
GRANT THORNTON LLP
/s/ Grant Thornton LLP
Honolulu, Hawaii
August 30, 1999
