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.

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.