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Business Briefs

For Tuesday, January 13, 2009

By Staff and News Reports

POSTED: 01:30 a.m. HST, Jan 13, 2009

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HAWAII

Central Pacific completes stock sale

Central Pacific Financial Corp., the state's fourth largest bank in terms of assets, said yesterday in a regulatory filing that it completed the sale of 135,000 shares to the U.S. Treasury Department under the federal Capital Purchase Program on Jan. 9. The Treasury also has a ten-year warrant to purchase up to 1,585,748 shares of the company's common stock, at an exercise price of $12.77 a share.

The bank announced its plans to issue $135 million in senior preferred stock, with an option to purchase up to $20 million in common stock, to the Treasury on Dec. 9.

Chief Financial Officer Dean Hirata said in October that the bank had applied for additional capital through the program, designed to increase lending by making $250 billion in share purchases from U.S. banks. The money will be used to continue to support lending activities, even though the bank's capital ratios continue to be well capitalized, Hirata said at that time.

Hawaii Legal Aid director resigns

The Legal Aid Society of Hawaii said yesterday that Chuck Greenfield will resign from his position as executive director, effective tomorrow. On Thursday, Deputy Director Nalani Fujimori will become the interim executive director until the board selects someone to fill the position.

Greenfield had served for nearly three years in the position and is leaving to join his wife and son who recently moved to Northern Virginia. Greenfield has worked for legal aid programs for the past 33 years.

Fujimori joined legal aid in 1999 as a staff attorney and was appointed deputy director in Honolulu in 2004 after working on Molokai and Maui.

Mesa Air receives delisting warning

Mesa Air Group Inc., the parent of interisland carrier go!, said yesterday it has received a letter stating that it may be delisted from the Nasdaq Stock Exchange if it fails to comply with filing requirements.

Nasdaq rules permit the company 60 calendar days to submit a plan to regain compliance.

Following review of this plan, Mesa may be granted an exception, up to 180 calendar days from the date of the report, or until June 29, 2009, to regain compliance.

Mesa has failed to timely file its Form 10-K for the fiscal year ended Sept. 30. The company said it intends to announce its earnings today.

United launches isle travel sale

United Vacations said yesterday it has launched an isle travel promotion. Bookings made to Hawaii by Feb. 15 for travel through May 31 will include up to $200 off each reservation and 2,000 Mileage Plus bonus miles for every adult in addition to the miles accrued from the flights. Use promotion code HAWJAN at the time of booking.

Total savings and miles are based on the price of the vacation package, with the maximum savings for vacations of $3,600 or more, down to a $50 savings on vacations of $1,200-$1,999.

Vacations can be purchased at www.unitedvacations.com, by calling (888) 328-6877 or by contacting a local travel agent.

HECO receives labor recognition

The U.S. Department of Labor's Office of Federal Contract Compliance Programs yesterday announced the selection of five federal contractor establishments, including Hawaiian Electric Co., as the first recipients of the Good Faith Initiative for Veterans Employment (G-FIVE) program.

"The G-FIVE was created to address the employment challenges facing the veteran work force today by recognizing federal contractors for their efforts in employing and advancing covered veterans," Charles E. James Sr., deputy assistant secretary for OFCCP, said in a statement.

The five establishments demonstrated "best practices" for the employment and advancement of veterans, and will be excluded from an OFCCP compliance evaluation for three years.

HAWAII

Central Pacific completes stock sale

Central Pacific Financial Corp., the state's fourth largest bank in terms of assets, said yesterday in a regulatory filing that it completed the sale of 135,000 shares to the U.S. Treasury Department under the federal Capital Purchase Program on Jan. 9. The Treasury also has a ten-year warrant to purchase up to 1,585,748 shares of the company's common stock, at an exercise price of $12.77 a share.

The bank announced its plans to issue $135 million in senior preferred stock, with an option to purchase up to $20 million in common stock, to the Treasury on Dec. 9.

Chief Financial Officer Dean Hirata said in October that the bank had applied for additional capital through the program, designed to increase lending by making $250 billion in share purchases from U.S. banks. The money will be used to continue to support lending activities, even though the bank's capital ratios continue to be well capitalized, Hirata said at that time.

Hawaii Legal Aid director resigns

The Legal Aid Society of Hawaii said yesterday that Chuck Greenfield will resign from his position as executive director, effective tomorrow. On Thursday, Deputy Director Nalani Fujimori will become the interim executive director until the board selects someone to fill the position.

Greenfield had served for nearly three years in the position and is leaving to join his wife and son who recently moved to Northern Virginia. Greenfield has worked for legal aid programs for the past 33 years.

Fujimori joined legal aid in 1999 as a staff attorney and was appointed deputy director in Honolulu in 2004 after working on Molokai and Maui.

Mesa Air receives delisting warning

Mesa Air Group Inc., the parent of interisland carrier go!, said yesterday it has received a letter stating that it may be delisted from the Nasdaq Stock Exchange if it fails to comply with filing requirements.

Nasdaq rules permit the company 60 calendar days to submit a plan to regain compliance.

Following review of this plan, Mesa may be granted an exception, up to 180 calendar days from the date of the report, or until June 29, 2009, to regain compliance.

Mesa has failed to timely file its Form 10-K for the fiscal year ended Sept. 30. The company said it intends to announce its earnings today.

United launches isle travel sale

United Vacations said yesterday it has launched an isle travel promotion. Bookings made to Hawaii by Feb. 15 for travel through May 31 will include up to $200 off each reservation and 2,000 Mileage Plus bonus miles for every adult in addition to the miles accrued from the flights. Use promotion code HAWJAN at the time of booking.

Total savings and miles are based on the price of the vacation package, with the maximum savings for vacations of $3,600 or more, down to a $50 savings on vacations of $1,200-$1,999.

Vacations can be purchased at www.unitedvacations.com, by calling (888) 328-6877 or by contacting a local travel agent.

HECO receives labor recognition

The U.S. Department of Labor's Office of Federal Contract Compliance Programs yesterday announced the selection of five federal contractor establishments, including Hawaiian Electric Co., as the first recipients of the Good Faith Initiative for Veterans Employment (G-FIVE) program.

"The G-FIVE was created to address the employment challenges facing the veteran work force today by recognizing federal contractors for their efforts in employing and advancing covered veterans," Charles E. James Sr., deputy assistant secretary for OFCCP, said in a statement.

The five establishments demonstrated "best practices" for the employment and advancement of veterans, and will be excluded from an OFCCP compliance evaluation for three years.

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