Avalon Group President and CEO Christine Camp has ended a 20-year tenure on the boards of holding company Central Pacific Financial Corp. and subsidiary Central Pacific Bank and stepped down, effective immediately. Camp had served on both boards since 2004.

“I have been fortunate to be a part of the CPB family for 20 years and, throughout that time, the one constant has been the bank’s commitment to its customers, employees and the community,” she said today in a statement. “I’m confident that current management will lead the bank to even greater accomplishments.”

Camp, who founded the local real estate and brokerage services firm Avalon Group in 1999, announced last week that Avalon had purchased the former Walmart property at South King and Bethel streets in downtown Honolulu for $38.25 million. Camp said Avalon Group hopes to build residential units above the property’sparking garage and set aside half of the building for recreational entertainment and half for commercial use.

The company also purchased the 378,000-square-foot Davies Pacific Center office building at the end of January, and is converting the building into a one-third office space, two-thirds residential building called Modea, with 352 units.

“The advice and counsel that Christine has provided to our bank the past two decades has been invaluable,” CPB President and CEO Arnold Martines said in a statement. “I appreciate her personal and professional support. She is like family to us and always will be.”