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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-_________
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CENTRAL PACIFIC FINANCIAL CORP.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>HAWAII</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>99-0212597</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation or <BR>
organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>220 South King Street<BR>
Honolulu, Hawaii 96813<BR>
(808)&nbsp;544-0500</B><BR>
(Address of principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Central Pacific Bank 401(k) Retirement Savings Plan</B><BR>
(Full Title of Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Glenn K. C. Ching<BR>
Senior Vice President and General Counsel<BR>
220 South King Street<BR>
Honolulu, Hawaii 96813<BR>
(808)&nbsp;544-0500</B><BR>
(Name, address, including zip code, and telephone number,<BR>
including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>with a copy to:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Terrence A. Everett, Esq.<BR>
Carlsmith Ball LLP<BR>
444 S. Flower Street, Ninth Floor<BR>
Los Angeles, CA 90071</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALCULATION OF REGISTRATION FEE
</DIV>

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    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registration</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registered(1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">per unit(2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price(2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">fee</TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, no
par value per share
(including associated
preferred share
purchase rights)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">500,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$35.89</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$17,945,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$550.91</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amount to be registered includes an aggregate of 500,000 shares, which may be acquired in
connection with the Central Pacific Bank </B><B>401(k)</B><B> Retirement Savings Plan. In addition,
pursuant to </B><B>Rule 416(c)</B><B> under the Securities Act of 1933, this registration statement covers
an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
plan described herein.</B></TD>
</TR>

</TABLE>
</DIV>

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    <TD width="1%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Estimated solely for the purposes of calculating the registration fee in accordance with Rule
4</B><B>16(c)</B><B> under the Securities Act of 1933 based upon the average of the high and low prices of
common stock, no par value, of Central Pacific Financial Corp. as reported on the New York
Stock Exchange on March&nbsp;9, 2007.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004"> Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">Signatures</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="a28232exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a28232exv5w2.htm">EXHIBIT 5.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="a28232exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
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<!-- link1 "PART I " -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B><BR>
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information required by Part&nbsp;I to be contained in the Section 10(a) prospectus is omitted
from this Registration Statement in accordance with Rule&nbsp;428 under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;) and the Note to Part&nbsp;I of Form S-8.
</DIV>
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<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B><BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed below have been filed with the Securities and Exchange Commission by
Central Pacific Financial Corp. (the &#147;Registrant&#148;) (File No.&nbsp;000-12396) and are incorporated herein
by reference to the extent not superseded by reports or other information subsequently filed:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Registrant&#146;s Current Reports on Form 8-K filed on January&nbsp;23, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The description of the Registrant&#146;s common stock contained in the Registrant&#146;s
registration statement filed by the Registrant pursuant to Section 12(b) of the Securities Exchange
Act of 1934 as amended (the &#147;Exchange Act&#148;), and any amendment or reports filed that update the
description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that all other documents and reports filed by the Registrant under Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to the
Registration Statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by
reference and to be part hereof from the date of filing of such documents with the Securities and
Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein, or in any subsequently filed document which also is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement shall not be deemed to constitute a part of this registration statement except as so
modified or superseded.
</DIV>
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<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s common stock registered under this Registration Statement is registered under
Section&nbsp;12 of the Exchange Act.
</DIV>
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<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;414-242 of the Hawaii Business Corporation Act provides that a corporation may
indemnify an individual who is a party to a proceeding because the individual is a director against
liability incurred in the proceeding if:
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the individual conducted himself or herself in good faith and the
individual reasonably believed (i)&nbsp;in the case of conduct in the individual&#146;s
official capacity, that the individual&#146;s conduct was in the best interests of
the corporation, and (ii)&nbsp;in all other cases, that the individual&#146;s conduct
was at least not opposed to the best interests of the corporation; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any criminal proceeding, the individual had no reasonable
cause to believe the individual&#146;s conduct was unlawful; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the individual engaged in conduct for which broader indemnification has
been made permissible or obligatory under a provision of the articles of
incorporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a director is wholly successful in the defense of any proceeding to which
the director was a party because the director was a director of the corporation, the corporation is
required by Section&nbsp;414-243 of the Hawaii Business Corporation Act to indemnify such director for
reasonable expenses incurred thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;414-244 of the Hawaii Business Corporation Act, a corporation, before final
disposition of a proceeding, may advance funds to pay for or reimburse the reasonable expenses
incurred by a director who is a party to a proceeding because the director is a director of the
corporation if the director delivers certain written affirmations and certain undertakings. Under
certain circumstances, under Section&nbsp;414-245 of the Hawaii Business Corporation Act a director may
apply for and obtain indemnification or an advance for expenses to the court conducting the
proceeding or to another court of competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, under Section&nbsp;414-246 of the Hawaii Business Corporation Act, indemnification may be
made only as authorized in a specific case upon a determination that indemnification is proper in
the circumstances because a director has met the applicable standard, with such determination to be
made:
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the board of directors by a majority vote of a quorum consisting of
directors who were not parties to the proceeding or who do not have a
familial, financial, professional or employment relationship with the director
whose indemnification is the subject of the decision being made, which
relationship would reasonably be expected to influence the director&#146;s judgment
when voting on the decision being made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by special legal counsel; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by a majority vote of the shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;414-247 of the Hawaii Business Corporation Act, a corporation may indemnify and
advance expenses to an officer who is a party to a proceeding because the officer is an officer of
the corporation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the same extent as a director; and</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the person is an officer but not a director, to such further extent as
may be provided by the articles of incorporation, the bylaws, a resolution of
the board of directors, or contract except for liability in connection with a
proceeding by or in the right of the corporation other than for reasonable
expenses incurred in connection with the proceeding, or liability arising out
of conduct that constitutes (i)&nbsp;receipt by the officer of a financial benefit
to which the officer is not entitled, (ii)&nbsp;an intentional infliction of harm
on the corporation or the shareholders; or (iii)&nbsp;an intentional violation of
criminal law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above-described provision applies to an officer who is also a director if the basis on
which the officer is made a party to the proceeding is an act or omission solely as an officer.
Further an officer of a corporation who is not a director is entitled to mandatory indemnification
under Section&nbsp;414-243 of the Hawaii Business Corporation Act and may apply to a court under Section
414-245 of the Hawaii Business Corporation Act for indemnification or an advance for expenses, in
each case to the same extent to which a director may be entitled to indemnification or advance for
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hawaii Business Corporation Act also provides that a corporation may include
indemnification provisions in its articles of incorporation that are broader than the foregoing
provisions. Our Restated Articles of Incorporation as amended, do not address the matter of
indemnification of directors and officers, however, the provisions of our Restated Bylaws relating
to indemnification of directors and officers are substantially the same as the provisions of the
Hawaii Business Corporation Act described above as related to the corporation&#146;s obligations and
authority to indemnify its directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have purchased insurance on behalf of any person who is or was a director, officer,
employee or agent of Registrant, or is or was serving at the request of Registrant as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against him or her and incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not we would have the power to
indemnify him or her against such liability under the provisions of our Restated Bylaws.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Registrant (as amended through October&nbsp;25, 2006) <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of August&nbsp;26, 1998 between Registrant and Rights
Agent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IRS Determination Letter</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To
file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by section 10(a)(3) of the Securities Act,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act of 1934 that are incorporated by reference in the Registration Statement.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;3.1 to
the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June
30, 2005, filed with the Securities and Exchange Commission on August&nbsp;9, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;3.1 to
the Registrant&#146;s Current Report on Form 8-K, filed with the Securities
and Exchange Commission on October&nbsp;31, 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;4.1 to
Registrant&#146;s Registration Statement on Form 8-A filed with the Securities
and Exchange Commission on September&nbsp;16, 1998.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit, or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of
such issue.
</DIV>
<!-- link1 "Signatures" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>The Registrant</B></U>. Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Honolulu, State of Hawaii,
on this 9th day of March, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CENTRAL PACIFIC FINANCIAL CORP.,</B><BR>
a Hawaii corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dean K. Hirata
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Dean K. Hirata&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice Chairman and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Power Of Attorney</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Clint Arnoldus, Dean Hirata and Glenn K.C. Ching, with full power to act
alone, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
registration statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done, as fully for all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or their substitutes, may lawfully do or cause to be done by virtue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ CLINT ARNOLDUS
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Clint Arnoldus</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive
Officer (Principal
Executive Officer)
and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ RONALD K. MIGITA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ronald K. Migita</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ DEAN K. HIRATA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dean K. Hirata</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice Chairman and
Chief Financial
Officer (Principal
Financial Officer
and Principal
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ RICHARD J. BLANGIARDI
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard J. Blangiardi</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ CHRISTINE H.H. CAMP FRIEDMAN
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Christine H.H. Camp Friedman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ B. JEANNIE HEDBERG
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
B. Jeannie Hedberg</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ DENNIS I. HIROTA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dennis I. Hirota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ CLAYTON K. HONBO
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Clayton K. Honbo</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ PAUL J. KOSASA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Paul J. Kosasa</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ DUANE K. KURISU
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Duane K. Kurisu</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ COLBERT M. MATSUMOTO
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Colbert M. Matsumoto</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ MIKE K. SAYAMA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Mike K. Sayama</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ MAURICE H. YAMASATO
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Maurice H. Yamasato</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ DWIGHT L. YOSHIMURA
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Dwight L. Yoshimura</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ CRYSTAL K. ROSE
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Crystal K. Rose</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March 9, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>The Plan</B></U>. Pursuant to the requirements of the Securities Act of 1933, Central Pacific
Bank (Plan Administrator) has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Honolulu, State of Hawaii, on March&nbsp;9,
2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CENTRAL PACIFIC BANK</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Karen Street
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Karen Street&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President and Director of Human Resources&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


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<TR>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
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</TABLE>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of the Registrant<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Registrant (as amended through October&nbsp;25, 2006) <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of August&nbsp;26, 1998 between Registrant and Rights
Agent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IRS Determination Letter</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page of this Registration Statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;3.1 to
the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June
30, 2005, filed with the Securities and Exchange Commission on August&nbsp;9, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits 3.1 to
the Registrant&#146;s Current Report on Form 8-K, filed with the Securities
and Exchange Commission on October&nbsp;31, 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;4.1 to
Registrant&#146;s Registration Statement on Form 8-A filed with the Securities
and Exchange Commission on September&nbsp;16, 1998.</TD>
</TR>

</TABLE>




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sv8
Table of Contents
Registration No. 333-_________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CENTRAL PACIFIC FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
HAWAII
99-0212597
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer
Identification No.)
220 South King Street
Honolulu, Hawaii 96813
(808) 544-0500
(Address of principal executive offices)
Central Pacific Bank 401(k) Retirement Savings Plan
(Full Title of Plan)
Glenn K. C. Ching
Senior Vice President and General Counsel
220 South King Street
Honolulu, Hawaii 96813
(808) 544-0500
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
with a copy to:
Terrence A. Everett, Esq.
Carlsmith Ball LLP
444 S. Flower Street, Ninth Floor
Los Angeles, CA 90071
CALCULATION OF REGISTRATION FEE
Amount
Proposed maximum
Proposed maximum
Amount of
Title of securities
to be
offering price
aggregate
registration
to be registered
registered(1)
per unit(2)
offering price(2)
fee
Common Stock, no
par value per share
(including associated
preferred share
purchase rights)
500,000
$35.89
$17,945,000.00
$550.91
(1)
Amount to be registered includes an aggregate of 500,000 shares, which may be acquired in
connection with the Central Pacific Bank
401(k)
Retirement Savings Plan. In addition,
pursuant to
Rule 416(c)
under the Securities Act of 1933, this registration statement covers
an indeterminate amount of interests to be offered or sold pursuant to the employee benefit
plan described herein.
(2)
Estimated solely for the purposes of calculating the registration fee in accordance with Rule
4
16(c)
under the Securities Act of 1933 based upon the average of the high and low prices of
common stock, no par value, of Central Pacific Financial Corp. as reported on the New York
Stock Exchange on March 9, 2007.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption From Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
Signatures
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 5.2
EXHIBIT 23.1
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
All information required by Part I to be contained in the Section 10(a) prospectus is omitted
from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as
amended (the "Securities Act") and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The documents listed below have been filed with the Securities and Exchange Commission by
Central Pacific Financial Corp. (the "Registrant") (File No. 000-12396) and are incorporated herein
by reference to the extent not superseded by reports or other information subsequently filed:
1. Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
2006.
2. Registrant's Current Reports on Form 8-K filed on January 23, 2007.
3. The description of the Registrant's common stock contained in the Registrant's
registration statement filed by the Registrant pursuant to Section 12(b) of the Securities Exchange
Act of 1934 as amended (the "Exchange Act"), and any amendment or reports filed that update the
description.
Please note that all other documents and reports filed by the Registrant under Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to the
Registration Statement which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by
reference and to be part hereof from the date of filing of such documents with the Securities and
Exchange Commission.
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein, or in any subsequently filed document which also is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement shall not be deemed to constitute a part of this registration statement except as so
modified or superseded.
Item 4. Description of Securities.
The Registrant's common stock registered under this Registration Statement is registered under
Section 12 of the Exchange Act.
Item 5. Interests of Named Experts and Counsel.
Not Applicable.
2
Table of Contents
Item 6. Indemnification of Directors and Officers.
Section 414-242 of the Hawaii Business Corporation Act provides that a corporation may
indemnify an individual who is a party to a proceeding because the individual is a director against
liability incurred in the proceeding if:
•
the individual conducted himself or herself in good faith and the
individual reasonably believed (i) in the case of conduct in the individual's
official capacity, that the individual's conduct was in the best interests of
the corporation, and (ii) in all other cases, that the individual's conduct
was at least not opposed to the best interests of the corporation; and
•
in the case of any criminal proceeding, the individual had no reasonable
cause to believe the individual's conduct was unlawful; or
•
the individual engaged in conduct for which broader indemnification has
been made permissible or obligatory under a provision of the articles of
incorporation.
To the extent that a director is wholly successful in the defense of any proceeding to which
the director was a party because the director was a director of the corporation, the corporation is
required by Section 414-243 of the Hawaii Business Corporation Act to indemnify such director for
reasonable expenses incurred thereby.
Under Section 414-244 of the Hawaii Business Corporation Act, a corporation, before final
disposition of a proceeding, may advance funds to pay for or reimburse the reasonable expenses
incurred by a director who is a party to a proceeding because the director is a director of the
corporation if the director delivers certain written affirmations and certain undertakings. Under
certain circumstances, under Section 414-245 of the Hawaii Business Corporation Act a director may
apply for and obtain indemnification or an advance for expenses to the court conducting the
proceeding or to another court of competent jurisdiction.
Further, under Section 414-246 of the Hawaii Business Corporation Act, indemnification may be
made only as authorized in a specific case upon a determination that indemnification is proper in
the circumstances because a director has met the applicable standard, with such determination to be
made:
•
by the board of directors by a majority vote of a quorum consisting of
directors who were not parties to the proceeding or who do not have a
familial, financial, professional or employment relationship with the director
whose indemnification is the subject of the decision being made, which
relationship would reasonably be expected to influence the director's judgment
when voting on the decision being made;
•
by special legal counsel; or
•
by a majority vote of the shareholders.
Under Section 414-247 of the Hawaii Business Corporation Act, a corporation may indemnify and
advance expenses to an officer who is a party to a proceeding because the officer is an officer of
the corporation:
•
to the same extent as a director; and
3
Table of Contents
•
if the person is an officer but not a director, to such further extent as
may be provided by the articles of incorporation, the bylaws, a resolution of
the board of directors, or contract except for liability in connection with a
proceeding by or in the right of the corporation other than for reasonable
expenses incurred in connection with the proceeding, or liability arising out
of conduct that constitutes (i) receipt by the officer of a financial benefit
to which the officer is not entitled, (ii) an intentional infliction of harm
on the corporation or the shareholders; or (iii) an intentional violation of
criminal law.
The above-described provision applies to an officer who is also a director if the basis on
which the officer is made a party to the proceeding is an act or omission solely as an officer.
Further an officer of a corporation who is not a director is entitled to mandatory indemnification
under Section 414-243 of the Hawaii Business Corporation Act and may apply to a court under Section
414-245 of the Hawaii Business Corporation Act for indemnification or an advance for expenses, in
each case to the same extent to which a director may be entitled to indemnification or advance for
expenses.
The Hawaii Business Corporation Act also provides that a corporation may include
indemnification provisions in its articles of incorporation that are broader than the foregoing
provisions. Our Restated Articles of Incorporation as amended, do not address the matter of
indemnification of directors and officers, however, the provisions of our Restated Bylaws relating
to indemnification of directors and officers are substantially the same as the provisions of the
Hawaii Business Corporation Act described above as related to the corporation's obligations and
authority to indemnify its directors and officers.
We have purchased insurance on behalf of any person who is or was a director, officer,
employee or agent of Registrant, or is or was serving at the request of Registrant as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against him or her and incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not we would have the power to
indemnify him or her against such liability under the provisions of our Restated Bylaws.
Item 7. Exemption From Registration Claimed.
Not applicable.
4
Table of Contents
Item 8. Exhibits.
The following exhibits are filed as part of this Registration Statement:
Exhibit
No.
Description
4.1
Restated Articles of Incorporation of the Registrant
1
4.2
Bylaws of the Registrant (as amended through October 25, 2006)
2
4.3
Rights Agreement dated as of August 26, 1998 between Registrant and Rights
Agent
3
5.1
Opinion of Counsel
5.2
IRS Determination Letter
23.1
Consent of KPMG LLP
24.1
Power of Attorney (included in signature page)
Item 9. Undertakings.
(a) The Registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by section 10(a)(3) of the Securities Act,
(ii) To reflect in the prospectus any facts or events arising after the effective date of
this Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act of 1934 that are incorporated by reference in the Registration Statement.
1
Incorporated by reference to Exhibit 3.1 to
the Registrant's Quarterly Report on Form 10-Q for the quarter ended June
30, 2005, filed with the Securities and Exchange Commission on August 9, 2005.
2
Incorporated by reference to Exhibit 3.1 to
the Registrant's Current Report on Form 8-K, filed with the Securities
and Exchange Commission on October 31, 2006.
3
Incorporated by reference to Exhibit 4.1 to
Registrant's Registration Statement on Form 8-A filed with the Securities
and Exchange Commission on September 16, 1998.
5
Table of Contents
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer, or controlling person of the Registrant in the successful
defense of any action, suit, or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of
such issue.
Signatures
The Registrant
. Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Honolulu, State of Hawaii,
on this 9th day of March, 2007.
CENTRAL PACIFIC FINANCIAL CORP.,
a Hawaii corporation
By:
/s/ Dean K. Hirata
Name:
Dean K. Hirata
Title:
Vice Chairman and Chief Financial Officer
6
Table of Contents
Power Of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Clint Arnoldus, Dean Hirata and Glenn K.C. Ching, with full power to act
alone, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
registration statement, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done, as fully for all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or their substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ CLINT ARNOLDUS
Clint Arnoldus
Chief Executive
Officer (Principal
Executive Officer)
and Director
March 9, 2007
/s/ RONALD K. MIGITA
Ronald K. Migita
Chairman of the Board
March 9, 2007
/s/ DEAN K. HIRATA
Dean K. Hirata
Vice Chairman and
Chief Financial
Officer (Principal
Financial Officer
and Principal
Accounting Officer)
March 9, 2007
/s/ RICHARD J. BLANGIARDI
Richard J. Blangiardi
Director
March 9, 2007
/s/ CHRISTINE H.H. CAMP FRIEDMAN
Christine H.H. Camp Friedman
Director
March 9, 2007
/s/ B. JEANNIE HEDBERG
B. Jeannie Hedberg
Director
March 9, 2007
/s/ DENNIS I. HIROTA
Dennis I. Hirota
Director
March 9, 2007
7
Table of Contents
Signature
Title
Date
/s/ CLAYTON K. HONBO
Clayton K. Honbo
Director
March 9, 2007
/s/ PAUL J. KOSASA
Paul J. Kosasa
Director
March 9, 2007
/s/ DUANE K. KURISU
Duane K. Kurisu
Director
March 9, 2007
/s/ COLBERT M. MATSUMOTO
Colbert M. Matsumoto
Director
March 9, 2007
/s/ MIKE K. SAYAMA
Mike K. Sayama
Director
March 9, 2007
/s/ MAURICE H. YAMASATO
Maurice H. Yamasato
Director
March 9, 2007
/s/ DWIGHT L. YOSHIMURA
Dwight L. Yoshimura
Director
March 9, 2007
/s/ CRYSTAL K. ROSE
Crystal K. Rose
Director
March 9, 2007
The Plan
. Pursuant to the requirements of the Securities Act of 1933, Central Pacific
Bank (Plan Administrator) has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Honolulu, State of Hawaii, on March 9,
2007.
CENTRAL PACIFIC BANK
By:
/s/ Karen Street
Name:
Karen Street
Title:
Senior Vice President and Director of Human Resources
8
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description
4.1
Restated Articles of Incorporation of the Registrant
1
4.2
Bylaws of the Registrant (as amended through October 25, 2006)
2
4.3
Rights Agreement dated as of August 26, 1998 between Registrant and Rights
Agent
3
5.1
Opinion of Counsel
5.2
IRS Determination Letter
23.1
Consent of KPMG LLP
24.1
Power of Attorney (see signature page of this Registration Statement)
1
Incorporated by reference to Exhibit 3.1 to
the Registrant's Quarterly Report on Form 10-Q for the quarter ended June
30, 2005, filed with the Securities and Exchange Commission on August 9, 2005.
2
Incorporated by reference to Exhibits 3.1 to
the Registrant's Current Report on Form 8-K, filed with the Securities
and Exchange Commission on October 31, 2006.
3
Incorporated by reference to Exhibit 4.1 to
Registrant's Registration Statement on Form 8-A filed with the Securities
and Exchange Commission on September 16, 1998.
9