Central Pacific Financial Corp. in Honolulu has entered into an agreement with state and federal regulators requiring it to submit a capital restoration plan within 60 days.

The $4.4 billion-asset bank has been operating under a memorandum of understanding with the Federal Reserve Bank of San Francisco and the Hawaii division of financial institutions since April 9, 2009. The written agreement requires Central Pacific to submit an acceptable capital plan and cash flow projections to regulators by Sept. 1. The move was announced Thursday.

It also requires Central Pacific to obtain regulatory approval before it can pay dividends, receive dividends or payments that might reduce capital, make payments on subordinated debentures or trust-preferred securities, incur or increase debt directly or through its nonbank subsidiaries, or purchase or redeem shares of its stock.

Central Pacific, which had a total leverage ratio of 5.86% at March 31, said it is considering a capital-raising effort and plans to meet with potential investors. Central Pacific had a loss of $301 million in 2009, and reported a loss of $156.3 million in the first quarter. At March 31, 11.3% of its total assets were nonperforming

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