Hawaiian Electric Sells Most of American Savings Bank

Dow Jones

01/01

By Dean Seal

Hawaiian Electric Industries has sold more than 90% of its equity in American Savings Bank, which will now operate as an independent bank, for $405 million in cash.

The utility company said Tuesday that the transaction has closed and values the bank at $450 million. The board said in August that it was reviewing strategic options for the bank.

Each investor involved in the transaction has a noncontrolling interest in the bank, with no investor owning more than 9.9% of its common stock. Among those investors are the bank's executive team and independent directors.

The sale makes American Savings Bank a local bank headquartered in Honolulu and led by the bank's current management team under its existing brand, Hawaiian Electric said.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 31, 2024 14:10 ET (19:10 GMT)

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