Independent investors completed the acquisition of a 90.1% stake in American Savings Bank from Hawaiian Electric Industries for $405m.​

A group of independent investors, including American Savings Bank's executive team and independent directors, completed the acquisition of a 90.1% stake in American Savings Bank, one of Hawaii's largest full-service financial institutions, from Hawaiian Electric Industries, for $405m. “This transaction marks an important step in HEI’s efforts to best position our companies to serve our customers and communities for the long term. As we navigate a dynamic time in the banking industry, we are confident selling 90% of ASB to independent investors is the best approach for HEI, ASB and our communities. The sale allows HEI to enhance our focus on the utility as we work to help our state recover from the 2023 Maui wildfires and strengthen the financial and strategic position of our company. We intend to use the proceeds to reduce holding company debt, increasing flexibility for how HEI funds the HEI and Hawaiian Electric wildfire settlement contributions and key utility initiatives," Scott Seu, Hawaiian Electric Industries President and CEO.