It was founded by Koichi Iida, a Honolulu business leader, with assistance from Sumitomo Bank in Japan.

[1] It is the main subsidiary of Central Pacific Financial Corporation (NYSE: CPF).

The bank is the fourth-largest financial institution in Hawaii, with $6.6 billion in assets as of December 31, 2020.

In 2004, Central Pacific Financial Corporation acquired CB Bancshares, Inc.[3] CB Bancshares' main subsidiary was City Bank of Honolulu, and it traded on NASDAQ under CBBI ticker.

Before the merger, Central Pacific was the third largest and CB Bancshares was the fourth-largest bank holding company in Hawaii.