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

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The move comes two months afterthe state’ fourth-largest bank and its former marketing , decided to part ways after working together sincee January 2006. The bank is one of Hawaii’s biggest advertisers. Although the values of the which beginnext month, weren’t disclosed, industrhy insiders estimate billings at betweenh $2 million and $3 millioh annually. Public relations billings are estimated to be at least The bank’s new marketing strategyt comes at a critical time for the bank. Central Pacificv named executiveRonald K. Migita to replace formerr CEO Clinton Arnoldus, who retired in on the same day it announce thatits second-quarter earnings droppecd by $146.
3 million. Before working with Communications the bank used ona part-tim basis and contracted with for about five Bidding for the accounts were competitive. In June, Centralk Pacific invited agencies to reply to the requests for proposal and heardfrom “over a companies, said Cedric the bank’s vice president and corporate communicationx manager. Two selection committees, one for advertising and another forpublic relations, sat in on multiple credentia and creative presentations before choosing four “It was a very difficuly process because everybody really presented strong Yamanaka said.
Hastings & Pleadwelpl and Matsumoto & Clapperton clearly were the leaders, as they understoof the bank’s desire for a new marketing according tobank executives. “Whatr CPB was looking for was a way to see how the marketingteam they’d work with thinks and how they approachu problem-solving,” said Ed Clapperton, who founded Matsumoto Clapperton in 2000 with businesds partner Craig Matsumoto. Yamanaka agrees.
“We were drawnm to the fact that both firms really seem tounderstand us,” he “They grasped our culture and really embracedf what the bank stands for, whichn is basically we’re never going to forgetr where we came from and we’re lookin forward to times ahead.” The bank was foundes in 1954 by Japanese Americajn businessmen, many of whom had served in World War II. Matsumot o & Clapperton has won the ’s “Best of Pele Award four times in five years in additiomn to local and national awards for print Major clientsinclude , Waikiki Beach Ala Moana Hotel, The Wyland 15 Craigside and Arcadia retirement communities.
Barbrsa Pleadwell, who founded Hastings Pleadwell 12 years ago with business partnerBarbara Hastings, said she was movede by the bank’s roots. “It’s about disenfranchised populations coming togetheer to build what is one of the top banks Pleadwell said. “It’s a pretty compelling story.” Hastinga & Pleadwell scored eighr honors from the of Businesa Communicators and nine from thethis year. Its client s include Puna Geothermal Venture, First Wind, and Altres Staffing HR. Its social-marketing efforts include tobacco controlkand recycling.