Central Pacific Bank and Tsubasa Alliance of Japan Enters Agreement for Business Development

HONOLULU, HI April 14, 2017 – Central Pacific Bank (CPB), primary subsidiary of Central Pacific Financial Corp (NYSE: CPF) and each member bank of the TSUBASA Alliance enhancing Financial System (TSUBASA) of Japan today signed memorandums of understanding (MOUs) to mutually explore business opportunities between Japan and Hawaii through cooperation and the sharing of ideas.

TSUBASA is made up of six regional banks throughout Japan: The Chiba Bank, Ltd., The Daishi Bank, Ltd., The Chugoku Bank, Ltd., The Iyo Bank, Ltd., The Toho Bank, Ltd., and The North Pacific Bank, Ltd. The alliance was established to investigate and research advanced IT technologies including Fintech.

“We are honored to be associated with this distinguished group,” said Catherine Ngo, President & CEO, Central Pacific Bank. “This is a great opportunity to establish mutually beneficial relationships between Central Pacific Bank, the TSUBASA Alliance banks and our collective customers.”

Hawaii serves as a vital testing ground for Japanese firms wishing to expand to the U.S. Mainland, and is an attractive market because of its large Japanese-American community that is open to Japanese products. CPB’s International Banking division is uniquely qualified to assist Japanese firms who wish to expand their business to the U.S., as well as to introduce Hawaii businesses that are pursuing the Japan market, to Japan banks.

The agreements with TSUBASA resulted from CPB’s relationship with The North Pacific Bank, Ltd. established through a similar MOU signed in August, 2015.

About TSUBASA Alliance enhancing Financial System
The TSUBASA Alliance enhancing Financial System is comprised of six regional banks in Japan with total assets in U.S. Dollars as follows: The Chiba Bank, Ltd., $118 billion, based in Chiba; The Daishi Bank, Ltd., $47 billion, based in Niigata; The Chugoku Bank, Ltd., $69 billion, based in Okayama; The Iyo Bank, Ltd., $58 billion, based in Ehime; The Toho Bank, Ltd., $52 billion, based in Fukushima; and The North Pacific Bank, Ltd., $75 billion, based in Hokkaido.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $5.4 billion in assets.  Central Pacific Bank, its primary subsidiary, operates 35 branches and 103 ATMs in the state of Hawaii, as of December 31, 2016.  For additional information, please visit the Company’s website at www.centralpacificbank.com.