Central Pacific Bank chooses ad, PR agencies - Pacific Business News (Honolulu):

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The move comes two months afterthe state’es fourth-largest bank and its former marketing , decided to part ways after working together since Januaryu 2006. The bank is one of Hawaii’s biggest advertisers. Although the values of the contracts, which begih next month, weren’t disclosed, industry insiders estimatew billings atbetween $2 million and $3 milliom annually. Public relations billings are estimatesd to be atleast $250,000. The bank’s new marketingb strategy comes at a critical time forthe bank. Centrakl Pacific named executiveRonald K.
Migit to replace former CEO Clinton who retiredin June, on the same day it announced that its second-quarter earninges dropped by $146.3 Before working with Communicationz Pacific, the bank used on a part-time basisw and contracted with for about five Bidding for the accounts were competitive. In June, Centralo Pacific invited agencies to replt to the requests for proposals and heardfrom “over a companies, said Cedric Yamanaka, the bank’e vice president and corporat e communications manager.
Two selection committees, one for advertisinyg and another forpublic relations, sat in on multiplw credential and creative presentations before choosing four “It was a very difficult process because everybody really presented stront proposals,” Yamanaka said. Hastingw & Pleadwell and Matsumoto & Clapperton clearly were the as they understoodthe bank’s desire for a new marketinf vision, according to bank executives. “Whaty CPB was looking for was a way to see how the marketinfgteam they’d work with thinke and how they approach problem-solving,” said Ed Clapperton, who founded Matsumoto Clapperton in 2000 with business partner Craig Matsumoto.
Yamanaka “We were drawn to the fact that both firmsa really seem tounderstansd us,” he said. “They grasped our culture and really embraced what the bankstande for, which is basically we’re nevefr going to forget where we came from and we’re looking forward to times ahead.” The bank was founded in 1954 by Japanesd American businessmen, many of whom had served in World War II. Matsumotlo & Clapperton has won the ’s “Best of Pele Award four times in five year s in addition to local and national awardsa forprint advertising.
Major clients include , Waikiki Beachn Walk, Ala Moana Hotel, The Wylane Waikiki, 15 Craigside and Arcadi retirement communities. Barbra who founded Hastings Pleadwell 12 years ago with businesx partnerBarbara Hastings, said she was moveed by the bank’s roots. “It’s abourt disenfranchised populations coming togetheer to build what is one of the topbanka here,” Pleadwell said. “It’s a prettu compelling story.” Hastings & Pleadwell scored eight honors from the of Busines Communicators and nine from the this Its clients include PunaGeothermal Venture, First Wind, and Altresa Staffing & HR.
Its social-marketing efforts include tobaccko controland recycling.