o Central Pacific Financial Corp. announces planned executive changes related to Its Upcoming Banking-as-a-Service Launch

HONOLULU, HI | January 3, 2022 – Central Pacific Financial Corp. (NYSE: “CPF”, the “Company”) parent company of Central Pacific Bank (the “Bank”, “CPB”), today announced that Kevin Dahlstrom, current CPF and CPB Executive Vice President and Chief Strategy Officer, has left CPB to lead a new fintech initiative being formed in partnership with CPB. This planned departure is part of  CPB’s overall Banking-As-A-Service strategy which will be announced in conjunction with the upcoming earnings report.

“We’d like to thank Kevin for his leadership in our transformation to become a digital-first bank,” said Paul Yonamine, CPF Chairman and CEO. “We are excited to work together in the future through a new partnership.”

Dahlstrom joined the company in 2020 as EVP and Chief Marketing Officer before being named EVP and Chief Strategy Officer in October, 2021. During his two-year tenure at CPB, he led the Company’s rebrand and development of the Company’s digital strategy, including the concepting and coordination of Shaka, the first all-digital account offered by a Hawaii bank.

“I’ve truly enjoyed my time at CPB the past two years, launching a new brand and creating a solid digital first foundation for the company to build upon,” Dahlstrom said. “I look forward to continuing to work with the bank as a partner.”

Dahlstrom’s role at CPB as EVP and CMO will be filled by veteran Hawaii marketing executive Brandt Farias, who joined CPB in June of 2021 with 30 years of experience in the local banking market.