CENTRAL PACIFIC FINANCIAL CORP — Director's Dealing 2011

Feb 28, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CENTRAL PACIFIC FINANCIAL CORP (CPF)
CIK: 0000701347
Period of Report: 2011-02-18

Reporting Person: Anchorage Advisors Management, LLC (Director, 10% Owner)
Reporting Person: Davis Anthony Lynn (Director, 10% Owner)
Reporting Person: Ulrich Kevin Michael (Director, 10% Owner)
Reporting Person: Anchorage Capital Group, L.L.C. (Director, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, no par value per share	9463095	Direct

Footnotes

F1: These shares of the issuer's common stock, no par value ("Shares"), are held for the account of ACMO-CPF, L.L.C., a Delaware limited liability company.

F2: Anchorage Advisors Management, L.L.C. is the sole managing member of Anchorage Capital Group, L.L.C. (f/k/a Anchorage Advisors, L.L.C.), the investment advisor to Anchorage Capital Master Offshore, Ltd., the sole member of ACMO-CPF, L.L.C. All investment and voting decisions with respect to the Shares beneficially owned by the reporting persons have been, and will continue to be, made by Anchorage Capital Group, L.L.C. Mr. Davis is the President of Anchorage Capital Group, L.L.C. and a managing member of Anchorage Advisors Management, L.L.C. Mr. Ulrich is the Chief Executive Officer of Anchorage Capital Group, L.L.C. and the other managing member of Anchorage Advisors Management, L.L.C.

F3: Each of the reporting persons may be deemed to be a beneficial owner of the Shares for purposes of Rule 16a-1(a)(1) under the Securities Exchange Act of 1934 (the "Exchange Act"). Each of the reporting persons disclaims beneficial ownership thereof within the meaning of Rule 16a-1(a)(2) under the Exchange Act except to the extent, if any, of its pecuniary interest therein.