Aloha Pacific FCU Buys Honolulu Office Building From Troubled Bank For $21 Million

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HONOLULU – Aloha Pacific FCU last week agreed to acquire the Central Pacific Bank Kaimuki Plaza building from the troubled bank for $20.8 million.

The sale was part of a plan by Central Pacific Bank’s parent company, Central Pacific Financial Corp., to reduce its assets by $1.4 billion over the next three years to improve its capital ratio.

The 16-year-old building has 62,000 square feet of office space housing tenants including Central Pacific Bank and several other businesses.

It will provide Aloha Pacific with much-needed office space as we expand our operations, said Wallace Watanabe, president of the $720 million credit union.

CUSO of Hawaii also will be using some of the space, and Aloha Pacific will be using space there for future office expansion.

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