Nov 04, 2009 (The Honolulu Advertiser - McClatchy-Tribune Information Services via COMTEX News Network) --

Shares of Central Pacific Financial Corp. fell 10 percent today to $1.12 as investors continued to dump the stock following a string of negative news about the Honolulu-based banking company.

The parent of Central Pacific Bank, which has been struggling with troubled commercial loans in Hawaii and on the Mainland, last week reported a record $183 million net loss in third quarter. Then on Monday Fitch Ratings announced it was downgrading the long-term Issuer Default Rating of Central Pacific Bank to 'CCC' from 'B'. That was followed by the news that Standard & Poor's was dropping Central Pacific Financial Corp. from its S&P SmallCap 600 index in favor of Compellent Technologies Inc.

Shares of CPF, which had traded as high as $10 in May, hit a 52-week low of $1.01 yesterday. The company's market capitalization now stands at $32.2 million.

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