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Central Pacific Financial (NYSE CPF, the “Company”) announced the appointment of Arnold Martines to Chief Executive Officer (CEO) of CPF and Central Pacific Bank (“CPB”, the “Bank”) as well as to the boards of both entities. All appointments are effective January 1, 2023.
Martines, 58, who is currently President and Chief Operating Officer, will become President and CEO of the bank and the holding company. He is succeeding Paul Yonamine, 65, who is retiring to become Chairman Emeritus of the bank and the holding company. Catherine Ngo, 61, currently Executive Vice Chair of both the bank and the holding company, will become Chair of both boards.
“Arnold has more than 25 years of experience in the local banking industry, nearly two decades here at Central Pacific Bank, where he has moved the bank forward in significant ways as he progressed through the ranks,” Yonamine said. “He has developed a solid relationship with an ever-increasing number of our customers and has a genuine love of the community. I cannot think of a more qualified individual to lead CPB into the future and it will be my pleasure to support him in his new role anyway I can.”
Ever since joining CPB in 2004, Martines has distinguished himself and the bank. He is a true champion of small business, advocating for this important customer segment. During the pandemic, he led the bank’s Paycheck Protection Program (PPP), a key lifeline for local small businesses. As a result of his leadership, CPB originated 11,833 PPP loans worth $870 million, more loans than any other local bank and 28% of the total number of all PPP loans made in Hawaii, the highest percentage of any bank in the nation. More recently, Martines played a key role in the implementation of RISE 2020, a multi-faceted renovation and rebranding program that invested $40 million in the bank’s branches, ATMs, and digital platforms, as well as the redevelopment of Central Pacific Plaza, the bank’s landmark building in downtown Honolulu.
“It is my distinct pleasure and an honor to be named CEO of Central Pacific Bank, where I have spent the majority of my professional career,” Martines said. “With our recent rebrand and upgraded digital capabilities, we are well positioned to continue to grow our franchise here in Hawaii, by leveraging our strong legacy of service, while offering the latest and most up-to-date digital technology to our valued customers. I am proud to work side by side with my fellow employees to continue to meet our customers’ expectations, while taking CPB to new heights of achievement. I will work hard to assure that the values I learned growing up on the Big Island are reflected in my management of the bank.”
With 25 years of experience in the financial services industry, Martines joined CPB in 2004 and has held various executive leadership positions within the company, including President and Chief Operating Officer and Chief Banking Officer. He attended Honokaa High School, the University of Hawaii at Manoa and is a graduate of the Pacific Coast Banking School. Active in various community causes and charities, Martines currently serves on the board of the Aloha Council – Boy Scouts of America (past chair), Child and Family Service (past chair) and the YMCA of Honolulu. He is also a Trustee of Saint Louis School.
Yonamine plans to stay involved in business and community causes in Hawaii and Japan as well as serving as an advisor to Martines and remaining on the board of the bank and holding company. He will also continue to serve on the boards of the Sumitomo Mitsui Banking Corporation of Japan (SMBC), Seven & i Holdings Co., Ltd., Japan (7-Eleven), Circlace Co, Ltd., Japan, and the U.S.-Japan Council. In Hawaii, he will remain on the board of the Pacific International Center of High Technology Research (PICHTR).
In addition to her role as Chair of both the bank and holding company boards, Ngo will continue as President of the CPB Foundation and be active in local community and business activities, particularly those that support women-owned businesses. She is on the Board of Trustees of the Queen’s Health Systems where she will serve as Chair of the Board Finance Committee. She will continue to serve on the Board of Hawaii Gas, and on the Board of Governors of the Hawaii Community Foundation, the Advisory Board of Catholic Charities of Hawaii, and the Trust for Public Lands.
About Central Pacific Financial Corp.
Central Pacific Financial Corp. is a Hawai’i-based bank holding company with approximately $7.3 billion in assets as September 30, 2022. Central Pacific Bank, its primary subsidiary, operates 27 branches and 65 ATMs in the state of Hawai’i. For additional information, please visit the Company’s website at cpb.bank.
