American Savings Bank (ASB) announced that independent investors (the “Investors”) in separate transactions have acquired non-controlling interests in ASB from Hawaiian Electric Industries (“HEI”). ASB’s executive team and independent directors are included among the investors. HEI retained a 9.9% non-controlling interest in ASB’s common stock, allowing the company to continue to participate in the bank’s future growth. No investor holds greater than 9.9% of the common stock of ASB. The sale of common stock closed Dec. 31, 2024.
ASB will continue to operate independently under its existing name and brand. There will be no changes to its branches or employees related to the new ownership structure. The current executive leadership team will remain in place, with Ann Teranishi continuing to serve as president and chief executive officer.
As Hawaii’s third largest bank with $9.3 billion in total assets, ASB will continue providing its full range of banking and financial services to the Hawaii community, as it has since 1925. Customers can continue to bank as usual through ASB’s existing branch and ATM network, as well as its online and mobile banking services.
“This marks an exciting new milestone in ASB’s 100-year history,” said Ann Teranishi, president and chief executive officer of ASB. “Our new shareholders recognize and value our deep roots in the community, dedication to helping our loyal customer base achieve their financial goals, and enduring commitment to serving Hawaii’s residents and businesses. Everything our customers, communities and teammates love about ASB will remain the same, and we expect this new ownership structure to provide us with greater flexibility and capacity to invest in our community.”
ASB has generated strong net income and profitability while continuing net interest margin expansion throughout 2024. As of the quarter ending Sept. 30, 2024, ASB maintained a strong capital position, excellent credit quality, lending capacity, and ample liquidity.
ASB has consistently been recognized for its performance, workplace culture, and community impact, including being named one of America’s Best-In-State Banks by Forbes Magazine for the fifth year.
“We are pleased to welcome our new shareholders whose investment reflects their confidence in ASB’s ability and commitment to continue serving Hawaii,” said Richard Dahl, chair of the ASB board of directors. “We look forward to this new chapter as we drive toward delivering exceptional value for all our stakeholders.”
Davis Polk & Wardwell LLP served as ASB’s legal advisor in connection with the transactions.