Central Pacific Financial Corp. said it will hold a special shareholders meeting Oct. 22 to vote on a proposal to increase the number of its authorized shares of common stock.

Central Pacific’s board approved a plan to increase the number of its authorized common shares from 100 million to 185 million. The plan now requires shareholder approval.
Last month, Central Pacific postponed plans to sell up to $100 million of its stock but recent declines in the company’s share price, combined with a limited amount of issued shares, made it difficult to raise the full $100 million.