Crystal Rose, a Honolulu law firm partner, has joined an exclusive club of women chairing the board at publicly traded Hawaii companies.

Rose, 53, was named to the post yesterday at Central Pacific Financial Corp. and subsidiary Central Pacific Bank while John Dean, who had been executive chairman, will now be president and CEO of both the holding company and the bank.

Rose joins Hawaiian Electric Industries Inc.’s Connie Lau in prominent positions at publicly traded companies in the state. Lau is president and CEO of HEI as well as chairwoman of Hawaiian Electric Co. and American Savings Bank, both subsidiaries of HEI.

"I’m honored to have the opportunity to contribute to the company in this capacity," Rose said yesterday from Toronto. "Moving ahead, we look forward to sustaining the bank’s rich history of supporting Hawaii’s residents and businesses with a solid capital base, great employees, and a strong management team in place."

Central Pacific is the state’s fourth-largest bank with $3.9 billion in assets.

Dean, 63, a turnaround specialist who joined Central Pacific as chairman in March 2010 after the retirement of Ron Migita, had been handling all the top responsibilities. The separation of the board chair and CEO positions is consistent with the bank’s corporate governance policy, the bank said.

"I expect Crystal’s role to improve our company’s decision-making process," Dean said.

Rose, a partner at Bays Lung Rose and Holma, has been a director of both Central Pacific Financial and its subsidiary since 2005 and most recently served as lead director and chair of the company’s corporate governance committee.

At her law firm, she specializes in commercial real estate transactions, construction law, and trusts and estates.

Dean was instrumental earlier this year in directing a $325 million capital-raising program at the financially strapped bank that brought capital ratios above levels mandated by federal and state regulators. The bank is currently completing a $20 million rights offering that is scheduled to conclude on May 6.

The offering allows eligible shareholders to purchase a specified number of shares at $10 apiece.

"We achieved a critical milestone and are now focused on returning to profitability," Dean said.

Shares of the company edged up 5 cents yesterday to $15.48 on the New York Stock Exchange.