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CB BANCSHARES COMMON STOCK OFFERING PRICED BY M.A. SCHAPIRO & CO., INC.

 NEW YORK, April 7 /PRNewswire/ -- CB Bancshares, Inc. (NASDAQ-NMS: CBBI), Honolulu-based bank holding company, said today that its public offering of 500,000 shares of common stock was priced for sale to the public at $31.50 per share through its sole underwriter, M.A. Schapiro & Co., Inc., New York. The company also granted M.A. Schapiro & Co. an over-allotment option to purchase up to 75,000 additional shares of common stock, which M.A. Schapiro has exercised. Of that total, 27,830 shares have been reserved for sale by the company to an existing shareholder at the public offering price, with the purchase subject to approval by the Japanese Ministry of Finance.
 The total offering through M.A. Schapiro is 547,170 shares. Delivery of shares to the underwriter is scheduled for April 15, 1993.
 Proceeds will be used to increase the working capital of City Bank, for general corporate purposes and for possible acquisitions.
 CB Bancshares, Inc., is the fourth largest holding company in Hawaii and parent of City Bank, a state-chartered commercial bank operating 12 branches on the islands of Oahu, Maui and Hawaii. Its primary clients are small to medium-sized businesses and retail customers.
 A written prospectus meeting the requirements of the Securities Act of 1933, as amended, may be obtained from M.A. Schapiro & Co., Inc., at 212-530-7520.
 -0- 4/7/93 R
 /CONTACT: Richard Kelly of M.A. Schapiro & Co., 212-530-7509/
 (CBBI)


CO: CB Bancshares, Inc.; M.A. Schapiro & Co., Inc. ST: New York, Hawaii IN: FIN SU: OFR

GK-LR -- NY013R -- 3851 04/07/93 15:07 EDT
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Date:Apr 7, 1993
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