Reported by Star-Bulletin staff & wire
Tuesday, January 14, 1997
Reported by Star-Bulletin staff & wire
Tuesday, January 14, 1997
The parent company of Central Pacific Bank today reported a 2.3 percent increase in its fourth quarter 1996 earnings. Central Pacific parent records 2.3% net rise
CPB Inc. said it earned $3.2 million for the three months ending Dec. 31, up from $3.1 million in the year-earlier quarter. On a per-share basis, CPB said it netted 61 cents for the fourth quarter, a 1.7 percent increase from 60 cents in the same period last year.
For the full year, CPB earned $14.1 million up 2 percent compared with 1995's $13.8 million. On a per-share basis, the company earned $2.68 for the year compared with $2.64 cents per share in 1995.
"Despite the lingering slow economic growth of Hawaii in 1996, the company has maintained stable earnings," said Joichi Saito, CPB's chairman and chief executive officer.
CPB's main subsidiary, Central Pacific Bank, is a mid-sized local financial institution, with 26 branches statewide. The company said its assets rose 2.3 percent during the latest quarter to $1.40 billion from $1.37 billion in the same period last year.
Deposits declined 1.3 percent to $1.12 billion during the recently ended quarter, from fourth quarter 1995's $1.14 billion. Net loans were up 5.4 percent to $1.02 billion at the end of the fourth quarter from $970.2 million in the same period last year.
Stockholders' equity increased 6.3 percent to $140.9 million for the three months ending Dec. 31 from the year earlier's $132.5 million.
Ermenegildo Zegna, a men's fashion retailer from Italy, has opened a Honolulu boutique in Ala Moana Center. Italian retailer opens in Ala Moana Center
The 5,400-square-foot, two-story shop is the latest U.S. store for Zegna, which has boutiques in Beverly Hills and Costa Mesa, Calif., New York and Bal Harbour, Fla.
The Zegna Group began as a fabric maker in 1910 and expanded into a men's clothing business. Based in Trivero, Italy. It is a family-run business.
The company said its U.S. sales last year, through the four company stores and Zegna-managed outlets within other stores, totaled $125 million.
DEARBORN, Mich. - Ford Motor Co. agreed to sell its Budget Rent a Car unit to Team Rental Group Inc., Budget's largest franchisee, for $350 million, as automakers continue to cash in on increased investor interest in the car rental industry. Ford selling Budget to largest franchisee
Team Rental, based in Daytona Beach, Fla,, operates 13 Budget franchises with 155 locations and has annual revenue of about $370 million.
"It's a good fit," said Ed Hagenlocker, Ford's vice chairman.
Ford said it would continue as a major supplier of cars and trucks to Budget, the fourth-largest rental car company. Ford indicated last week it would sell Budget.
The automaker also is considering selling part of its stake in Hertz Corp., the largest car rental company, to the public.
Hagenlocker wouldn't discuss Ford's plans for Hertz.
