CB BANCSHARES MAKES TENTATIVE OFFER FOR INTERNATIONAL HOLDING CAPITAL CORP.
HONOLULU, June 4 /PRNewswire/ -- CB Bancshares, Inc. (NASDAQ-NMS: CBBI) confirmed today that it had sent a letter to International Holding Capital Corp., parent of International Savings & Loan Association, Hawaii, requesting "due diligence" data, and outlining a tentative offer of a minimum of $31 per share in cash or CB Bancshares stock for International's outstanding 1.4 million shares. CB Bancshares Chairman, James M. Morita said, "International's portfolio and operations complement our bank's business and fits into CB Bancshares long-term strategy." CB Bancshares is the fourth largest holding company in Hawaii and parent of City Bank, Honolulu, a state-chartered commercial bank operating 12 banks on three islands. Its primary clients are mid-sized business and retail customers. -0- 6/4/93 /CONTACT: Daniel Motohiro of CB Bancshares, 808-546-2424, or Robert Amen of Robert Amen & Associates, 203-629-2244, for CB Bancshares/ (CBBI)
CO: CB Bancshares, Inc.; International Holding Capital Corp. ST: Hawaii IN: FIN SU:
LR-SH -- NY009 -- 5315 06/04/93 08:46 EDT
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|Date:||Jun 4, 1993|
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