CB Bankshares Uses Political Clout, Unusual Media Campaign to Thwart Hostile Takeover by Competitor-Legislation the Bank is Pushing Might Just Stop Hostile Takeover, But Would Punish Stockholders in All Hawaii Publicly Traded Companies; Send Wrong Message About State Being Open for Business, Critics Say

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When president and chief executive officer of City Bank Ron Migita spoke out for the first time about the hostile takeover attempt of parent company CB Bankshares by Central Pacific Financial Corporation, he accused his competitor of “disrupting the harmonious relationship” between the two banks. “I can assure you, this is not how we do business in Hawaii,” he said at an April 2003, press conference. “For someone like me, born and raised in Hawaii, we work on a cooperative basis. It