Central Pacific Financial Corp. is on the verge of a private-equity commitment.
The $4.2 billion-asset Honolulu company said in a press release Tuesday that it has been working with a private-equity investor for a $98 million infusion and "is in the process of seeking to finalize an agreement for such an investment by the end of the week."
It added that it is in negotiations with a separate private-equity firm for a similar amount. Those investments would be contingent on the company's raising $325 million of new capital and getting the Treasury Department to agree to exchange its shares issued as part of the Troubled Asset Relief Program.
The potential investments were disclosed alongside the company reporting that it lost $72.5 million for the third quarter. The loss was driven by $80 million provision for loan losses.
