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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>WASHINGTON, D.C. 20549  </font></p>

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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=4>FORM 8-K </font></p>

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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>Current Report Pursuant
to Section&nbsp;13 <BR>of the Securities Exchange Act of 1934 </font></p>

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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>Date of Report (Date
Earliest Event reported) April 22, 2003 </font></p>

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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=5>CB BANCSHARES, INC.  </font></h1>


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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(Exact name of
registrant as specified in its charter)  </font></p>
<BR>

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     <th><Font Face="Times New Roman, Times, Serif" Size="2">Hawaii</font></th>
     <th><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;</font></th>
     <th><Font Face="Times New Roman, Times, Serif" Size="2">0-12396</font></th>
     <th><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp;&nbsp;</font></th>
     <th><Font Face="Times New Roman, Times, Serif" Size="2">99-0197163</font></th></tr>
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     <Td><Font Face="Times New Roman, Times, Serif" Size="2">(State of Incorporation)</font></td>
     <Td><Font Face="Times New Roman, Times, Serif" Size="2"></font>&nbsp;&nbsp;</td>
     <Td><Font Face="Times New Roman, Times, Serif" Size="2">(Commission File Number)</font></td>
     <Td><Font Face="Times New Roman, Times, Serif" Size="2"></font>&nbsp;&nbsp;</td>
     <Td><Font Face="Times New Roman, Times, Serif" Size="2">(IRS Employer Identification No.)</font></td></tr>
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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>201 Merchant Street,
Honolulu, Hawaii 96813 <BR>(Address of principal executive offices)  </font></p>





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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(808) 535-2500
<BR>(Registrant&#146;s Telephone Number)  </font></p>

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<P Align=LEFT><Font Face="Times New Roman, Times, Serif" Size=3>Item 5.  Other Events and Regulation FD Disclosure </font></p>



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<P><Font Face="Times New Roman, Times, Serif" Size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 22, 2003, CB Bancshares, Inc. issued a press release announcing that it had sent a
letter to its shareholders commenting on the unsolicited takeover proposal from CPB Inc. A
copy of the letter was enclosed with the press release. </font></p>

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<P><Font Face="Times New Roman, Times, Serif" Size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the press release is attached as Exhibit 99.1 and is incorporated herein by
reference. </font></p>

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<P Align=LEFT><Font Face="Times New Roman, Times, Serif" Size=3>Item 7. Financial
Statements and Exhibits </font></p>





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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits <BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1  Press release issued April 22, 2003 </font></p>





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<H1 Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=3>Signatures </font></h1>

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<P><Font Face="Times New Roman, Times, Serif" Size=3>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
by the undersigned hereunto duly authorized. </font></p>




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     <td>Date: April 22, 2003</td>
     <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
     <td>CB Bancshares, Inc.</td></tr>
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     <td></td>
     <td> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
     <td></td></tr>
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     <td></td>
     <td>&nbsp;&nbsp;&nbsp;</td>
     <td>By:     /s/ Dean K. Hirata</td></tr>
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     <td></td>
     <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
     <td>&nbsp;&nbsp;&nbsp;&nbsp;__________________</td></tr>
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     <td></td>
     <td></td>
     <td>&nbsp;&nbsp;&nbsp;&nbsp;Dean K. Hirata<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer)<BR>
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SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13
of the Securities Exchange Act of 1934
Date of Report (Date
Earliest Event reported) April 22, 2003
CB BANCSHARES, INC.
(Exact name of
registrant as specified in its charter)
Hawaii
0-12396
99-0197163
(State of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
201 Merchant Street,
Honolulu, Hawaii 96813
(Address of principal executive offices)
(808) 535-2500
(Registrant's Telephone Number)
Item 5.  Other Events and Regulation FD Disclosure
On
April 22, 2003, CB Bancshares, Inc. issued a press release announcing that it had sent a
letter to its shareholders commenting on the unsolicited takeover proposal from CPB Inc. A
copy of the letter was enclosed with the press release.
A
copy of the press release is attached as Exhibit 99.1 and is incorporated herein by
reference.
Item 7. Financial
Statements and Exhibits
(c) Exhibits
99.1  Press release issued April 22, 2003
Signatures
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
by the undersigned hereunto duly authorized.
Date: April 22, 2003
CB Bancshares, Inc.
By:     /s/ Dean K. Hirata
__________________
Dean K. Hirata
Senior Vice President and
Chief Financial Officer
(principal financial officer)