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Out of practical reasons, Clint Arnoldus transferred to Business School after his share of time as a German Literature student at Brigham Young University. After graduation in 1972, he moved on to work in the sales and marketing department of a manufacturing firm. During a normal performance appraisal process, one of his officers told him:
"Well, Clint, we think you can have a very successful career with our company, but there's just one thing you've got to change. You've got to start smoking and you've got to start drinking."
He moved to finance to escape the dogma. This was the beginning of his banking career.
From sales to finance to deliverer
Clint Arnoldus joined the Bank of America some 30 years ago where he entered at the Assistant VP level. He moved to the First Interstate Bank of Nevada as an Executive VP in charge of wholesale transactions. In an unlikely turn of events, he was promoted as CEO of the company after an impromptu speech in front of 4,000 people at an annual event. Some years later, he was chosen to become head of Central Pacific Bank after a nation-wide search.
Mr. Arnoldous became the CEO of Central Pacific Financial Corp. in 2004. In 2005 he orchestrated a successful merger with City Bank Bancshares, Inc. The controversial move had its own slice of bad publicity in the media as executives and board members of the latter fought to maintain independence. But for Mr. Arnoldus, it was an opportunity to build a bigger, stronger company that could offer greater gains to its employees, customers, and shareholders.
"We told our shareholders that they would see greater value. We told our customers that they would see a more complete slate of services, more convenience, a more powerful bank that could take care of their needs. We told our employees they would see greater career advancement opportunities. We told our community that we would be a stronger player in the community so we would have greater resources to help them, more manpower."
"It's a new bank in a very real sense because we made a commitment to go with the best of the best when we merged these banks. It wasn't going to be classic acquisition where the acquiree just kind of got steamrolled and the acquirer was largely left intact. We decided this was an opportunity to take the best employees, the best products, the best locations, the best services, etc., and that's what we did, and so today we have a financial institution that's over 5 billion in assets. Its got over $1 billion dollars in market capitalization. It's had significant stock appreciation, so our shareholders are very happy."
Through this leap of faith, they were able to contribute to the cause of the community.
Central Pacific's philanthropic culture
Now, the bank's main social philosophy revolves around the notion of giving; it encourages its employees to give generously of their time and money, helping society by joining the charity programs that the company sponsors.
"We really believe in serving the community. The community has been very good to us since 1954 when the bank was founded. There obviously would be no bank without a great community here, and there are a number of things that we do."
"People are so incredibly generous and kind. I found that when they see a good cause, they'll really step up and support it. I've certainly seen it through our outstanding employees in the bank."
One program that the bank has sponsored was dubbed "Come Play Bingo." It focused around bingo games in retirement homes which also doubled as an awareness initiative aimed at protecting senior citizens from scams and frauds through education.
"We had Frank De Lima act as the MC for us in the bingo games so we had a good time doing this. . . We think we did some good."
The company also joined the March of Dimes in 2005 and, through their corporate team, was able to raise $107,000 from corporate sponsors.
"We went out and found sponsors, corporate sponsors that came in very generously and supported the walk, and we're looking to make this a bigger and better walk every year because it's for such a great cause. We really tried to focus on our community giving to give special heed to mothers that have come into tough circumstances for whatever reason and children who are needy for whatever reason and that really tugs at our heartstrings so anything that is helping women and children."
Equal opportunity
Central Pacific Bank also advances the cause of women in business. The bank has a program dubbed Women's Business Central is designed to assist businesswomen in both their business and personal needs. The program offers a package of products, services and benefits like finding proper consultancy and financing services, and access to capital and resources allowing for the advance of their company (more from www.cpbi.com/content/bizwomen/index.shtm). Mr. Arnoldus believes that women-owned businesses represent the fastest growing segment of the economy and, therefore, they need effective representation to help improve their condition.
He also says that the bank tries to increase the number of women in their board of directors, as it believes in the qualifications they cradle which are at par with their male counterparts.
"We're making an effort within our organization to make sure that women have every opportunity to be promoted and it's an awareness of the unique needs of women in business and the unique needs of women as employees too within our bank."
"I know so many women that put in a hard day at the office, go home and fix dinner, and help the kids with homework and get them in bed, and my hat's off to them because I don't know how they do it."
What others had to say
Being the big man of the fourth-largest bank in the islands does not get in the head of Clint Arnoldus. He maintains close ties not only with his company team but also with the company's clients, even the smaller ones.
Lane Muraoka, President and CEO of Big City Diner talks about a surprise personal meeting with Mr. Arnoldus during a normal day of business.
"So Clint actually came out to Kailua to Big City Kailua, I was shocked. I was like man he came all the way out here to talk to me? … came all the way to Kailua to talk to a small restaurant owner…he sat down with us there and you know I mean how many CEOs will take the time out of their day to come talk to small business person, it made a big impact upon me."
Steve Metter, CEO and Principal of MW Group, Ltd., also vouches for the rapport-building philosophy of Central Pacific Bank. He says the company lives up to its slogan, "Fiercely loyal banking", as it centers on developing and maintaining beneficial relationships with its clients.
"And Central Pacific Bank, their slogan, ‘Fiercely loyal banking,' I'm not sure if I got it completely right, but that's basically their slogan, and they believe it. I mean, they're led by a guy named Clint Arnoldus and they've got another gentleman named Blenn. These guys are relationship-driven and they are doing what it is we're doing and we've had good fortune."
With Clint Arnoldus and the community based culture at Central Pacific Bank, there is no doubt that Central Pacific Financial Corp. will remain as Hawaii's premier banking service.
For the full audio interview and transcript please visit greatergoodradio.com. Greater Good Radio airs every Saturday morning and Wednesday night on 1420 AM and online at www.greatergoodradio.com.
