American Savings Bank in Honolulu announced Wednesday that its parent company, Hawaiian Electric Industries,
Hawaiian Electric, which has owned American Savings since 1988, approved a plan that would allow the bank to be spun off as a publicly traded company. The spinoff is part of a larger agreement announced separately by HEI, the state's largest power provider, to sell itself to
That transaction was valued at approximately $4.3 billion.
"Our ability to establish American Savings Bank as a new, independent public company reflects the strength of the bank's business, its strong market position and its talented team of employees," Connie Lau, chairman at American Savings, said in a press release. "This plan also enables HEI shareholders to participate in the upside potential of American Savings Bank following the spinoff."
The spinoff is contingent on closing of the acquisition; it is expected to close in late 2015. It is not expected affect bank operations.
American Savings was named a "Best Bank to Work For" by American Banker in
