Bailout of Central Pacific results in $60M loss Bailout of Central Pacific results in $60M loss ADVERTISING HONOLULU (AP) — The federal bailout of Hawaii’s fourth-largest bank will leave the U.S Treasury with a loss of about $60 million. The
Bailout of Central Pacific results in $60M loss
HONOLULU (AP) — The federal bailout of Hawaii’s fourth-largest bank will leave the U.S Treasury with a loss of about $60 million.
The government gave Central Pacific Bank $135 million to get out of financial trouble in January 2009 but the Treasury will be collecting only about $74 million from selling its bank stock.
The Treasury plans to sell its remaining 2.77 million Central Pacific shares on Friday.
Central Pacific spokesman Wayne Kirihara says the bank was able to survive because of the Troubled Asset Relief Program, or TARP.
Central Pacific Financial Corp. is the bank’s holding company. It was founded in 1954, has 34 branches and $4.1 billion in assets.
