Central Pacific Financial (CPF) in Honolulu will repurchase a large block of stock from two investors.

The $4.7 billion-asset company said Friday that it will buy back $56.2 million of common stock, split evenly between affiliates Carlyle Group and Anchorage Capital. The company will pay between $18.50 and $21 a share for the stock.

Central Pacific also said it would conduct a tender offer for another $68.8 million in common stock. The price range for the tender offer is the same as that of the privately negotiated repurchases. The offer will expire on March 21.

"Deploying our excess capital to repurchase … shares is consistent with our long-term plan to enhance shareholder value," John Dean, Central Pacific's president and chief executive, said in a press release. "We are pleased to offer our shareholders an efficient way to sell all or some of their shares without the potential disruption in share price from market sales."

If the tender offer is not fully subscribed, then the aggregate number of shares to be repurchased from Carlyle and Anchorage will be proportionately reduced. Carlyle and Anchorage are also allowed to sell shares in the tender offer, though that company said that neither investor has indicated plans to do that.

Carlyle and Anchorage agreed to invest in Central Pacific in November 2010.

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