Alexander & Baldwin Inc. will pay its shareholders $783 million mostly in the form of new stock as part of converting to a real estate investment trust, or REIT.

Honolulu-based A&B previously estimated that it would have to pay between $775 million and $875 million to comply with federal tax law.

As a REIT, A&B must distribute at least 90 percent of its profits to shareholders, and so to become a REIT the company has to pay that portion of all profits going back 117 years, minus dividends, to shareholders. A&B was established as a partnership in 1870 and incorporated in 1900.

The $783 million figure also includes a substantial portion of estimated taxable income from A&B REIT operations this year and next year.

A&B said it will pay $626.4 million by issuing stock to shareholders. The $156.6 million balance is available in cash, and will be distributed proportionally among shareholders who want cash.

The special stock and cash payment, which will be taxable as dividends to shareholders, is expected to be made Jan. 23 to shareholders of record as of Nov. 29. A&B will mail shareholders a form for how they would like to receive the special distribution.

Yellen to step down from Federal Reserve

WASHINGTON >> Janet Yellen on Monday submitted her resignation from the Federal Reserve board to President Donald Trump, announcing that she will leave the board when her successor is sworn in as Fed chairman. In a letter to the president, Yellen said she would “do my utmost” to make sure that there is a smooth transition to Jerome Powell, who was tapped by Trump on Nov. 2 to become the next Fed leader after the president decided not to offer Yellen a second term.

Marvell Technology buying Cavium for $6B

SANTA CLARA, Calif. >> Marvell Technology has bid about $6 billion for Cavium in a cash-and-stock deal that would create a chip maker to compete with Intel and other giants in the industry. The potential deal extends a long-running consolidation for computer chip producers, which are trying to grow so that they can better supply tech leaders like Apple, Google and Samsung.

ON THE MOVE

Central Pacific Bank has appointed Anna­Lena Zanolini to vice president and senior private banking officer. Zanolini has 20 years of financial industry experience and previously served as a vice president and private banking relationship manager for Bank of Hawaii.

The Queen’s Medical Center has named Dr. Rick Bruno vice president of Patient Care. He will oversee Trauma, Orthopedics, Inpatient Rehab, Pediatrics, OB, Surgical Services and the Emergency Department. Bruno also serves as district emergency medical service medical director for the state Department of Health on Oahu. He was previously associate chief medical officer for The Queen’s Medical Center.