Central Pacific Financial Corp. said its shareholders yesterday approved an increase in the number of authorized shares of common stock from 100 million to 185 million shares.

Shareholders also approved a second amendment to the company's restated articles of incorporation to reduce the vote required for future amendments to the articles of incorporation from a two-thirds supermajority of the outstanding shares to a simple majority of more than 50 percent.

The new authorization follows Central Pacific's decision in July to postpone a public stock offering because of weakness in financial markets. The bank had hoped to raise $100 million and use the proceeds to strengthen its capital position.

PBN PUBLISHER ANNOUNCES RETIREMENT

Pacific Business News publisher Larry Fuller will retire in December after more than 50 years in the news business, PBN reported today.

Fuller served 11 years as publisher of PBN, overseeing its transition from a weekly newspaper to a multimedia operation, PBN reported.

Fuller, 68, said he and his wife, Suzanne, plan to move back to Sioux Falls, S.D., where they lived before moving to Hawai'i in 1993.

Asuccessor to Fuller is expected to be named in December, according to the report.

HAWAII GAS PRICE DIPS TO $3.25 A GALLON

The average price of a gallon of regular gas in Hawaii edged lower to $3.25 this week, according to the AAA Hawaii Weekend Gas Watch.

The Hawaii average price fell 2 cents a gallon from a week earlier and 12 cents from a month ago.

In Honolulu, the average price was $3.14 a gallon, down 2 cents from a week ago and 13 cents from a month ago.

The average price in Hilo was $3.36, up 9 cents from a week ago, but down 2 cents from the same time last month. In Wailuku, the average price was $3.60, down 4 cents from the previous week and 13 cents from a month ago.

"We're seeing a mixed picture of prices this week at the pump but mostly slight price declines," said Richard Velazquez, AAA Hawaii regional manager.