HONOLULU -- CB Bancshares Inc. said it has made a tentative offer to acquire International Holding Capital Corp., which is in separate negotiations to be bought by Bancorp Hawaii Inc.

CB parent of the $700 million-asset City Bank of Honolulu, said it offered at least $31 a share in cash or stock, totaling $43.4 million.

International, which owns the $470 million-asset International Savings and Loan Association, said it granted CB's unsolicited due-diligence request last week.

Bancorp Hawaii, the state's largest banking company, announced a nonbinding letter of intent in April to pay $43 million in ash or stock.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.