Central Pacific Financial Corporation Review 2019: Central Pacific Financial Corp. functions as the holding corporation for Central Pacific Bank that provides commercial banking services to businesses, small businesses, professionals, and individuals in Hawaii.
The company was founded in 1954 and is headquartered in Honolulu, Hawaii. The company offers the following services:
Central Pacific Financial Corporation Review 2019
Personal banking – Checking account: This is a checking account for individuals which allows them to maintain a very low balance and has a limited number of checks.
There are two major types of checking accounts an exceptional plan checking which is interest-bearing and is suited for individuals with high liquidity needs. The value checking which has the option of having a lower minimum balance but does not bear interest.
Savings – There are five major types of accounts Exceptional Super Savings account – Minimum initial deposit and balance are $100, and interest is compounded daily and deposited monthly.
Exceptional savings account – Initial deposit has to be $500, there is no minimum balance requirement and the interest is compounded daily and deposited monthly.
Super Savings – The minimum opening deposit is $100, the minimum balance required is $500 and the interest is deposited monthly. Personal savings – The opening deposit is a minimum of $100, and the minimum balance is $300. Interest is deposited monthly. Starter Savings – Opening deposit is $10, Minimum balance is $25. Interest is compounded daily but paid quarterly.
Business checking – There are four different plans available in the business checking and three of them have a minimum balance requirement and a limited amount of free checks every month. One of them, the exceptional business checking has multiple benefits tied in but also has charges beyond a certain limit.
Loans – The bank provides loans to various sectors throughout Hawaii. It offers loans to business and commercial estates. It provides residential and commercial real estate loans for acquisition and construction. It also provides Small business loans and mortgages against properties including select vehicles. Working capital loans and short-term loans are also serviced.
Wealth management – The company provides Wealth management services to its clients. It provides portfolio management, investment advice, and booking services. It acts as a trust and advisory for its client if required.
Other services – The Bank also provides its clients with credit and debit cards and special lines of credits. It is active in over 50 locations and serves its clients through a chain of ATMs. It also provides cash management services to small and mid-sized businesses.
Area of operations – The bank is active in Hawaii but also is tied up with banks on mainland America and provides efficient international banking services and money transfers. It is the third largest financial institution in Hawaii.
Growth – The bank has grown through the last two decades and has established a strong foothold in the Hawaii and central Pacific region. The Central Pacific Financial Corporation has plans to expand to other islands controlled by the United States of America.
The Central Pacific Financial Corporation has a good base of operations in the Hawaii islands and has served the community for more than 50 years. It has grown steadily and has provided locals and tourists with efficient and relevant banking solutions.
It has a motto of serving the island communities to its fullest capacity and is expected to continue its progress the same way it has in the past. (Central Pacific Financial Corporation Review 2019)