Ronald K. Migita on Thursday was named president and chief executive of Central Pacific Financial Corp, parent company of Central Pacific Bank. He will continue to serve as chairman of the board of directors. The board had been actively engaged in searching for a successor for the company since March 2008, when then-President and CEO Clint Arnoldus announced his plans to retire.
“Ron Migita is the right leader for the job at the right time,” Crystal Rose, chair of the board’s search committee, said. “After conducting an extensive national search for the past four months, and interviewing a number of internal and external candidates, we selected Ron because he brings more than 40 years of banking experience to the table, has an in-depth understanding of the Hawai‘i market, and knows Central Pacific Bank’s customers, employees and shareholders.”
Before joining Central Pacific, Migita served as the president and chief executive of CB Bancshares Inc., whose principal subsidiary was City Bank, which merged with Central Pacific Financial in 2004. Migita’s four decades of banking experience includes an extensive background in corporate and retail banking.
“Central Pacific Bank is a solid company with strong Hawai‘i roots and I am excited about leading the team in my new capacity,” said Migita, who will be Central Pacific Bank’s first Hawai‘i-born CEO. “These are difficult times for financial institutions across the country. But during my career, I have seen difficult times before, and met every challenge head on.”
Central Pacific Financial Corp., parent company of Central Pacific Bank, on Thursday reported a net operating loss for the second quarter of $52 million, or $1.81 per diluted share.
The loss includes pre-tax credit costs directly related to the company’s Mainland loan portfolio of $112.0 million. It does not include a non-cash goodwill impairment charge of $94.3 million.
Including the charge, the company recognized a current quarter net loss of $146.3 million, compared to net income of $21 million in the second quarter of 2007 and net income of $1.7 million in the first quarter of 2008.
Last quarter, the company announced plans to reduce its exposure to the troubled California residential construction market. In July the company sold assets with a combined carrying amount of $44.2 million.
“We believe our success in reducing our exposure to the troubled California housing market, our continued scrutiny of portfolio risk, and our focus on our core Hawai‘i operations will position the bank for improved financial performance over the long term,” Hirata said.
A native of Maui, Migita earned a bachelor’s degree in business administration from the University of Hawai‘i at Manoa. Shortly thereafter he joined Bank of Hawaii, where he served in various managerial and executive capacities. He was eventually named executive vice president and manager of the bank’s Business Financial Services Group. He graduated from the Pacific Coast Banking School at the University of Washington and the University of Hawai‘i Advanced Management Program.
Migita joined Central Pacific Financial Corp. in September 2004, following the merger of Central Pacific Financial Corp and CB Bancshares, Inc. He first joined CB Bancshares, Inc. in 1995.
Migita currently serves on the University of Hawai‘i Board of Regents, the Research Corporation of the University of Hawai‘i, the Aloha Council of the Boy Scouts of America, the National Board of the Boy Scouts of America, and is a Trustee for the Public Schools of Hawai‘i Foundation.
Migita’s appointment took effect Friday.