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Central Pacific's deal talks for American Savings in Hawaii stall

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Central Pacific's deal talks for American Savings in Hawaii stall


The CEO of Central Pacific Bancorp in Honolulu said the bank recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

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Central Pacific Bancorp in Honolulu, reportedly in talks this year to buy Hawaiian Electric’s American Savings Bank, said deal discussions are now on ice.

“While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions,” Central Pacific Chairman and CEO Arnold Martines said Wednesday during the $7.4 billion-asset bank’s third quarter earnings call.

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He said Central Pacific recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

He did not name American Savings. When asked by an analyst for more detail, Martines said, “At this point, we cannot comment on this further. We just can’t comment further about it.”

Citing unnamed sources, Bloomberg in September reported that Central Pacific was in discussions with multiple alternative asset managers to help buy the $9.3 billion-asset American Savings from Hawaiian Electric, the utility under scrutiny for its role in the August 2023 Lahaina wildfires that devastated a town on the island of Maui and killed more than 100 people.

Central Pacific reported third-quarter net income of $13.3 million, or 49 cents per share. Those results compared with net income of $13.1 million, or 49 cents, a year earlier.

Excluding the expense hit related to the deal talks, Central Pacific said its adjusted net income was $15.7 million, or 58 cents per share.

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Earlier this year, Bloomberg reported that Hawaiian Electric was looking to sell American Savings to create a cash buffer against dozens of lawsuits across state and federal courts. Many of the complaints accused the utility of sparking the blazes that ultimately caused more than $5 billion of property damage.

After that report, Evercore ISI analyst Michael Lonegan noted that the bank was in a strong financial position and had suffered minimal direct impact from the fires. “We would value the bank in the range of $600-$800 million in these circumstances,” Lonegan said.

American Savings, also based in Honolulu, on Wednesday reported third-quarter net income of $18.8 million, up from $11.4 million a year earlier. As a unit of Hawaiian Electric, it does not hold an earnings call.

“We remain well-positioned to support our customers and community for the long term, with a strong capital and liquidity position, strong credit quality, and ample lending capacity,” Ann Teranishi, president and CEO of American Savings, said in the bank’s earnings release.

Hawaiian Electric is scheduled to report earnings and hold a call with analysts on Nov. 8.

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Earlier this month, authorities culminated an investigation with a report blaming the Lahaina fire on Hawaiian Electric. The report from the Maui Fire Department and the Federal Bureau of Alcohol Tobacco, Firearms and Explosives said the disaster was started from a blaze caused by broken power lines.

“We deeply regret that our operations contributed to the fire. … We have looked closely at our protocols and actions that day and have made many changes in our operations and resilience strategies to ensure we fulfill our commitment to keep the public safe, especially in extreme weather events, which are becoming more frequent and severe,” Hawaiian Electric said in a statement.

American Savings is not the only Hawaiian bank on the potential sale block. The $17.4 billion-asset Hope Bancorp in Los Angeles agreed in April to an all-stock deal valued at $78.6 million to buy Territorial Bancorp in Honolulu. Hope said its offer priced Territorial at $8.82 per share and that it expected to close the transaction by Dec. 31. 

The seller’s shareholders are slated to vote on the pending sale to Hope on Nov. 6. Approval is hardly a sure thing, however, given there is a competing offer on the table. An investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon made a competing offer in August. Its initial cash bid valued Territorial at $12 per share. It has since upped that to $12.50 per share. 

More than 100 banks announced plans to sell in 2024. That put the industry ahead of last year’s total of 98 deals, according to updated data from S&P Global Market Intelligence.

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One of the biggest transactions of the year was announced this month. Atlantic Union Bankshares in Richmond, Virginia, said it would acquire Sandy Spring Bancorp in Olney, Maryland, for $1.6 billion of stock. It marked the third-largest bank acquisition announced this year by deal value.

Winter Haven, Florida-based SouthState Corp.’s May announcement that it would pay $2 billion in stock to acquire Independent Bank Group in McKinney, Texas, was the largest bank deal to date in 2024. Kansas City-based UMB Financial’s April plan to purchase Heartland Financial USA in Denver in an all-stock transaction valued at just under $2 billion was second.



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Hawaii Is Looking For Its Next Supreme Court Justice

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Hawaii Is Looking For Its Next Supreme Court Justice


The Judicial Selection Commission is seeking applicants to succeed Mark Recktenwald, who must retire next year when he turns 70.

Gov. Josh Green is likely to appoint a new Hawaii Supreme Court chief justice next year, his third pick for the five-member court.

On Friday the Judicial Selection Commission posted a vacancy for the position, currently held by Chief Justice Mark Recktenwald. By law, judges and justice in Hawaii are mandated to retire at age 70, an age Recktenwald will reach in 2025.

Applicants must be residents and citizens of Hawaii and licensed to practice law here for not less than 10 years preceding their nomination.

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Chief Justice Mark Recktenwald with then newly confirmed Associate Justices Vlad Devens and Lisa Ginoza, Nov, 21, 2023. (Courtesy Hawaii Judiciary)

The term of office of the CJ, as the position is known in shorthand, is 10 years. The annual salary is $248,124.

The Judicial Selection Commission will publish the list of all applicants to its website, and the public will be invited to provide comments. The commission will then forward not less than four names and not more than six names to the governor for his consideration.

A justice’s nomination is then subject to confirmation by the state Senate.

A year ago at this time the Senate confirmed Lisa Ginoza and Vlad Devens to serve on the court.

Recktenwald was named CJ in 2010, after Gov. Linda Lingle’s nomination of Appeals Court Judge Katherine Leonard was rejected by the Senate for lacking leadership and management experience.



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Hannah Kobayashi’s last known movements as her family takes the search into their own hands

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Hannah Kobayashi’s last known movements as her family takes the search into their own hands


The search for missing Hawaii woman Hannah Kobayashi continued on Friday as her distraught family scoured Los Angeles for clues that could lead to her being found. 

Kobayashi, 30, vanished after she missed a connecting flight between her home in Maui and New York where she was due to visit an aunt.

The missing woman landed in Los Angeles and was seen leaving LAX Airport and heading downtown on November 8. 

Her family say they received cryptic messages from her before she stopped contacting them altogether – behavior they describe as highly unusual. 

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The family are frustrated with the pace of the official police investigation. 

They say the LAPD didn’t contact them for 10 days after they initially reported her missing, and that they are the ones having to drive the search. 

Their desperation has driven them to Hollywood mediums and internet web sleuth groups. 

Last night, the family passed out flyers at a L.A. Lakers Game. 

 

November 8

 Now, Hannah’s sister Sydni is sharing a list of every sighting they have on record. 

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Kobayashi landed at LAX airport at 9:53pm and was seen on airport surveillance footage disembarking the aircraft.

She was due to take a connecting flight at 11pm, however she never made it.

The family of missing Hawaii woman Hannah Kobayashi, 30, have slammed the police for failing to find her and revealed they have turned to psychics for help

Missing Hawaii woman Hannah Kobayashi’s sister has shared details of every last known sighting as her family continue their agonizing search

She called her aunt Geordan Montalvo to explain she had missed the connection and promised to meet her in New York. 

She is then believed to have stayed the night at the airport before being spotted at various locations across LA.

November 9

Kobayashi was spotted at The Grove shopping mall between midday and 3pm.

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She spent a considerable amount of time at Taschen Books, where she stopped to charge her phone.

At 2:43 she snapped a picture and sent it to her aunt, before returning to the airport where she is believed to have spent the night.

From there, she once again called Montalvo to tell her she was still trying to get to New York.

November 10

On Sunday, two days after she landed, Kobayashi went back to The Grove.

She appeared in the background of a video outside a Nike event featuring LeBron James at 3:30pm

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Kobayashi also shared a post on her Instagram from the event with an eye emoji as the caption.

She was next spotted talking to a ticketing agent at LAX at around 5pm.

Kobayashi, 30, vanished during a layover in Los Angeles while traveling from her home in Maui to New York and was spotted getting off her flight at LAX

Kobayashi, 30, vanished during a layover in Los Angeles while traveling from her home in Maui to New York and was spotted getting off her flight at LAX 

In a YouTube video, Hannah was seen in the background at an event in The Grove bookstore for Lakers player Lebron James

In a YouTube video, Hannah was seen in the background at an event in The Grove bookstore for Lakers player Lebron James

Her final post was shared on November 11. It is understood she was attending an event in Los Angeles at the time

Her final post was shared on November 11. It is understood she was attending an event in Los Angeles at the time

A missing-persons report was filed by her family the same day amid what they described as uncharacteristic correspondence from Kobayashi.

One of the messages reportedly said: ‘Deep Hackers wiped my identity, stole all of my funds, & have had me on a mind f**k since Friday.’

Kobayashi’s mother, Brandi Yee, also reported sending her a text message asking if she made it to New York.

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She responded simply: ‘Not yet.’ Another early-morning text mentioned how she was in the midst of a ‘spiritual awakening.’

On a missing-persons poster sent out immediately after, police wrote: ‘Prior to going missing, [Kobayashi] sent a message on November 10, mentioning feeling scared, and that someone might be trying to steal her money and identity. She hasn’t been hard from since.’

November 11

The next day, Kobayashi was spotted boarding an LAX Metro C line at Aviation/Century Station.

She got on board at 9:02pm, before transferring to a different train at the Rosa Parks Station.

Sydni said that it has been confirmed her sister was accompanied by someone for the duration of the journey.

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Kobayashi made several trips to The Grove shopping mall, including to this book store the say after she landed

Kobayashi made several trips to The Grove shopping mall, including to this book store the say after she landed

The missing woman's family have taken matters into their own hands and have been handing out flyers in the area where Kobayashi was last seen

The missing woman’s family have taken matters into their own hands and have been handing out flyers in the area where Kobayashi was last seen

Kobayashi was finally seen leaving the Metro Pico Station with the unidentified person at 10:03pm.

Latest update

As of Thursday, the LAPD was yet to declare that Kobayashi has been abducted.

The investigation is still being treated as a missing-persons case, a spokesperson confirmed. 

DailyMail.com revealed yesterday that detectives waited ten days before contacting the family for an interview. 

Sydni also slammed the lack of action and revealed her relatives were appealing to psychic mediums for help. 

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In an interview with CNN on Tuesday, her aunt Larie Pidgeon said they are now fearing the worst.

‘Our mind is now going to, you know, abduction and, I hate to say the word, but, you know, trafficked,’ she said.

They  held a rally before the Lakers game Thursday afternoon, just a block from the station where Kobayashi was last seen

They  held a rally before the Lakers game Thursday afternoon, just a block from the station where Kobayashi was last seen

Kobayashi was last seen in the company of an unidentified person but has not been declared as abducted by police

Kobayashi was last seen in the company of an unidentified person but has not been declared as abducted by police

‘We’re doing the best that we can, but the family at this point is having to come to the reality that those things could be a possibility.’

The LAPD, meanwhile, is still spearheading the probe, but is now being aided by the FBI, field office agents in the city told KHON Honolulu Wednesday.

Statements given to the station by Pidgeon appeared to indicate Kobayashi is still with the person in the footage, whom has yet to be physically described.

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‘She’s not alone, she’s with an unidentified person,’ said Pidgeon. ‘And she also got off and at a, at a station that is,’ she continued, before trailing off.

‘It’s not good and it terrified us, it brought her father to tears,’ she concluded.

She and others attended held a rally to pass out fliers before the Lakers game Thursday afternoon, just a block from the station where Kobayashi was last seen. 

Prior to her disappearance, a friend of Kobayashi’s said she received bizarre messages talking about being scammed.

‘I got tricked pretty much into giving away all my funds. For someone I thought I loved,’ the messages read.

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They were seen at Metro Pico Station on November 11, before Kobayashi's phone was switched off

They were seen at Metro Pico Station on November 11, before Kobayashi’s phone was switched off

Kobayashi, a photographer, is a resident of Haiku in Maui. She had been on her way to New York to photograph a DJ when she suddenly vanished

Kobayashi, a photographer, is a resident of Haiku in Maui. She had been on her way to New York to photograph a DJ when she suddenly vanished

The family also noted that the young artist’s phone has been off since November 11.

‘She texted her that she was scared and that she couldn’t come back home or something. It was just really weird texts,’ Sydni said.

She added that the messages ‘did not sound like her’ and wonders if it was Hannah who sent them.

Kobayashi was on the same flight as her ex-boyfriend as the two had booked the trip before breaking up.

However, they did not sit together during the journey and he has since been aiding police with the search. 

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Family of Hawaii photographer Hannah Kobayashi, who vanished on ‘bucket list’ NYC trip, didn’t hear from detectives for 10 days

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Family of Hawaii photographer Hannah Kobayashi, who vanished on ‘bucket list’ NYC trip, didn’t hear from detectives for 10 days


The family of Hannah Kobayashi — the Hawaiian photographer who vanished while heading on a “bucket list” vacation to New York — say they did not hear from detectives for 10 days, and only after holding a rally demanding action.

Kobayashi missed a connecting flight to New York and was left stranded in Los Angeles after leaving the confines of LAX on Nov. 8, with her family last hearing from her three days later when she sent a series of alarming text messages.

The 30-year-old’s family filed a missing persons report the next day — but say they hadn’t heard anything from officials until they held a rally in the streets of LA on Thursday.

Hannah Kobayashi has been missing since flying from Hawaii to Los Angeles on Nov. 8, 2024. Facebook

“As of today the police have reached out to family members who last spoke with Hannah,” Kobayashi’s aunt Larie Pidgeon told the Daily Mail during the gathering. “We want them to take it a bit more seriously.

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“We think they realize we’re not going away and we’re going to be really loud. We’re going to do something until they do something,” she added. “I think now they are beginning the process of what we began six days ago.”

The Thursday rally was held in downtown LA, a block from Kobayashi’s last known location, the outlet reported.

Pidgeon said the family wasn’t giving up their search for Kobayashi.

Her father shared the same sentiment after his daughter went on a trip that was a “bucket list dream that became reality.”

“We will do everything we can until we have found her,” Ryan Kobayashi told the outlet. “We just need to get the word out there about her.”

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Volunteers put up missing person flyers for Kobayashi in Los Angeles on Nov. 21, 2024. Los Angeles Times via Getty Images
Volunteers hand out the flyers near Crypto.com Arena in downtown Los Angeles. Los Angeles Times via Getty Images

“She’s a wonderful person who brings joy to so many people,” he added

Kobayashi, of Haiku, flew from Maui to Los Angeles on Nov. 8, and was meant to make a connecting flight to New York, where she would be staying with another aunt.

Surveillance footage shows her arriving in LA, but she missed her connecting flight 42 minutes later.

After missing her flight, Kobyashi sent odd texts to her family and friends before she vanished, including messaging a friend that she “got tricked into pretty much giving away all my funds.”

A missing person poster for Kobayashi shared by family members on Facebook. Facebook / Sydni Kobayashi

In another message, she claimed she was supposedly fooled by “someone I thought I loved.”

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“Deep Hackers wiped my identity, stole all of my funds, & have had me on a mind f–k since Friday,” another message read.

Family previously said the texts supposedly from Kobayashi are not like her.

Kobayashi was seen arriving at LAX on Nov. 8, 2024. Missing People In America/Facebook

Other footage showed Kobayashi at the Grove shopping center in the Fairfax District of LA on Nov. 9 and Nov. 10, as well as video of her returning to LAX, but not getting on a flight on Nov. 11 before she was seen near the metro station, USA Today reported.

Her phone has been off since Nov. 11, the family previously said.

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