Central Pacific Financial (CPF) in Honolulu will repurchase $125 million of common stock.
Central Pacific said Monday that shareholders elected to sell about 3.4 million shares of common stock back to the $4.7 billion-asset company at or below $20.20 a share. The company said it would pay about $68.8 million for the shares it repurchases.
The company had already agreed to repurchase $56.2 million in stock from Carlyle Group and Anchorage Capital. Each investor is selling about 1.4 million shares of stock for $28.1 million in transactions that should take place on April 7.