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.
