Next Steps for Central Pacific Bank
Last year, Catherine Ngo became president and CEO of Central Pacific Bank. Pacific Business News caught up with Ngo this week to learn more about her plans. Editor in Chief A. Kam Napier has the story.
Central Pacific Bank has had an interesting ride over the past decade. By 2010, the bank had lost $293 million dollars and was under a consent order with the Federal Deposit Insurance Corp to stem losses and raise capital.
The bank brought in well-known turnaround expert John Dean as president and CEO. Dean brought with him Catherine Ngo as an executive of the bank and as a protégé. In 2014, Ngo was named co-president with Dean and chief operating office and last year became president and CEO.
As Ngo tells PBN, things are considerably better at CPB. For the first quarter of 2016, it reported a net income of $11.2 million, up from $10.4 million in 2015’s first quarter. Loans and leases are now up more than $3 billion in value.
The turnaround means that the bank has regained its independence and is, quote, “out of the regulatory woods.” Until it settled its financial issues, she said, CPB couldn’t so much as open a new branch without approval from regulators.
What’s next for CPB? Ngo’s goal is to take it from healthy to excellent BY further improving the bank’s finances to where regulators will classify CPB as a “high-performing bank.” Says Ngo, “We are well on our way.”