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THE SUMITOMO BANK LTD. TO ACQUIRE ADDITIONAL CPB INC. STOCK

 HONOLULU, Dec. 22 /PRNewswire/ -- The Sumitomo Bank Ltd. of Japan has filed for Federal Reserve Board approval to acquire a warrant which would be convertible into 19,901 shares of common stock of CPB Inc. (NASDAQ-NMS: CPBI) at a price of $22.80 per share. An earlier newspaper article which stated that Sumitomo was seeking to acquire 128,413 shares of CPB Inc. stock was inaccurate. Sumitomo acquired 128,413 shares of CPB Inc. stock in 1989 when the company completed a stock offering of 935,000 shares. CPB Inc. offered the warrant to purchase the additional 19,901 shares to Sumitomo in November 1991 in connection with the sale of 125,000 shares of common stock to the company's Employee Stock Ownership Plan. Issuance of the warrant is required by the terms of a preemptive rights agreement between Sumitomo and CPB Inc. which allows Sumitomo to maintain a 13.734 percent ownership interest in the company.
 -0- 12/22/92
 /CONTACT: Wayne Kirihara, VP and manager-Marketing Division of Central Pacific Bank, 808-544-0500/
 (CPBI)


CO: CPB Inc.; Central Pacific Bank; Sumitomo Bank Ltd. ST: Hawaii IN: FIN SU: TNM

JB -- LA025 -- 9380 12/22/92 21:37 EST
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Publication:PR Newswire
Date:Dec 22, 1992
Words:198
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