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$2 Billion Originator Names CEO

Blenn Fujimoto named CEO, president

April 20, 2010

By MortgageDaily.com staff


A mortgage banker that originated nearly $2 billion last year has new president and chief executive officer.

The announcement was made yesterday by Honolulu-based Central Pacific Financial Corp.

Blenn A. Fujimoto was named president and CEO of Central Pacific HomeLoans Inc., which operates as a unit of subsidiary Central Pacific Bank.

In December, Central Pacific announced it would wind down California mortgage operations, though it had not originated in the state since mid-2008.

Today's statement indicated that Fujimoto would concentrate on building home-loan production in Hawaii.

Central Pacific reported $1.9 billion in residential production for 2009 and $1.5 billion for 2008. Fourth-quarter 2009 fundings were $0.4 billion, better than $0.3 billion in the same period a year earlier.

Fujimoto resigned his vice chairmanship of Central Pacific Financial and his role as vice chairman of Central Pacific Bank's Hawaii market. Both of his former roles will be eliminated.

He has a 29-year banking career, and he started the home loans unit in August 2005.

Central Pacific said on March 26 that Dean K. Hirata will resign as vice chair and chief financial officer of Central Pacific Financial and Central Pacific Bank in May. A search for his replacement has commenced.

John C. Dean, who was appointed Central Pacific's executive chairman last month, said in the statement that the company is operating with a "flatter and leaner management structure."

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