Central Pacific Financial Corp. (NYSE:CPF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Central Pacific Financial Corp. (NYSE:CPF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January23, 2018, the Boards of Directors of Central Pacific Financial Corp. (the “Company”) and its bank subsidiary Central Pacific Bank (the “Bank”) appointed Mr.Christopher Lutes to their respective Boards of Directors effective March1, 2018, increasing the size of their respective boards to twelve (12) directors. Mr.Lutes will be joining the Company’s Audit Committee and Bank’s Audit Committee.

Mr.Lutes, age 50, has over twenty (20) years of experience in the financial services industry in the executive and chief financial officer capacities. He is currently the Chief Financial Officer of Elevate Credit,Inc., which specializes in tech-enabled online credit solutions. He has been the Chief Financial Officer at Elevate and its predecessor Company since 2007. Prior to joining Elevate, Mr. Lutes was the Chief Financial Officer for Silicon Valley Bank from 1998-2001. He began his career in public accounting with Coopers& Lybrand.

In connection with his appointment, Mr.Lutes will be eligible to participate in the Company’s 2013 Stock Compensation Plan, as well as the directors Deferred Compensation Plan, both of which are described in the Company’s most recent definitive proxy statement filed with the Securities and Exchange Commission (SEC) on March 10, 2017 and referenced as exhibits in the Company’s Form 10-K filed with the SEC on March 1, 2017. In addition, Mr.Lutes will receive annual cash compensation, in accordance with the Company’s policies for nonemployee directors who are not chairs of any particular Company board committee, of $90,000 (pro rated for 2018).

The Bank may in the future have ordinary course loan and deposit relationships with Mr.Lutes and companies with which he and his related parties have a respective interest, which will be in the ordinary course of the Bank’s business and on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans and deposits with persons unrelated to the Bank, and will not involve more than the normal risk of collectibility or present other unfavorable features.


About Central Pacific Financial Corp. (NYSE:CPF)

Central Pacific Financial Corp. serves as the bank holding company for its bank subsidiary, Central Pacific Bank (the bank). The Company’s segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and commercial real estate lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services, and the Company’s retail branch offices, which provide a range of deposit and loan products, as well as various other banking services. The Treasury segment is responsible for managing the Company’s investment securities portfolio and wholesale funding activities. The All Others segment includes activities, such as electronic banking, data processing and management of bank owned properties. The Company provides an array of loan products, including residential mortgage loans commercial and consumer loans and lines of credit commercial real estate loans and construction loans.