After losing tens of millions on bad loans to California homebuilders, Central Pacific Bank is shutting down its Mainland operations.

The company said today that it will close all of its West Coast operations by 2012 and refocus on its core Hawaiçi operations.
“Our mainland team continues to reduce our exposure in California as we shift gears to fully concentrate on the Hawaii market,” said Ronald Migita, the company’s president and CEO.
“"We have not made a loan in California in more than 18 months and have been diligent in reducing our loan portfolio there."
Central Pacific’s Mainland business operates out of a single office in Pasadena, Calif. The office has 18 employees.
With $5.2 billion in assets, Central Pacific is the state’s third-largest financial institution. In fourth quarter 2007, the company reported a $44.5 million loss due to troubled loans to California homebuilders hard hit by the subprime lending crisis.
Shares of Central Pacific rose 7 cents, or 6.25 percent, to close at $1.19 on the New York Stock Exchange today.