American Savings Bank

American Savings Bank is Hawaii's third-largest financial institution, with assets of $6.7 billion.[1] A subsidiary of Hawaiian Electric Industries (NYSE: HE),[2] it is headed by Chairman Constance Lau.[3][4]

This article is about a bank in Hawaii. It is not to be confused with savings and loan association.
American Savings Bank
TypeSubsidiary
IndustryBanking
Founded1925 (1925)
Headquarters
Honolulu, Hawaii
,
United States
Number of locations
57
Key people
Rich Wacker(CEO)
Total assets$6.7 billion (2014)[1]
Number of employees
1200
ParentHawaiian Electric Industries
Websitewww.asbhawaii.com

American Savings Bank dates back to September 7, 1922, when four men filed articles of incorporation in the state of Utah for Mutual Savings and Loan. The following year, on April 24, another association filed articles of incorporation under the name of American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.

On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan to become American Mutual Savings and Loan. Ten years later, the corporate name was changed to American Savings and Loan Association.

By 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. The 1971 acquisition of Kauai Savings and Loan added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & Loan. American Savings and Loan now had branches on five islands. When American Savings and Loan acquired Pacific Savings and Loan Association of Hawaii in 1977, it added another six locations on Oahu. In 1978, American Savings and Loan marked a milestone when it achieved $1 billion in assets.

On January 23, 1987, American Savings and Loan Association announced the formation of a separate subsidiary to conduct its operations. The subsidiary, called American Savings Bank, was a federally chartered savings bank with its home office in Honolulu, Hawaii.

On May 26, 1988, Hawaiian Electric Industries (HEI), parent company of Hawaiian Electric Company, acquired American Savings Bank from Salt Lake City-based American Savings and Loan Association.[5] In 1990, American Savings Bank acquired First Nationwide Bank’s operations.[6] On December 6, 1997, American Savings Bank acquired the assets of Bank of America Hawaii Division, increasing their branch total at that time to 68 and their assets to $5.5 billion.[7]

American Savings Bank operates 55 branches on five islands in the state of Hawaii.

References
  1. "ASB > About Us > Our History & Culture". Archived from the original on 2008-02-13.
  2. "HEI". Hawaiian Electric Industries.
  3. "Hawaiian Electric Industries, Inc. - Corporate Governance - Biography". Archived from the original on 2012-07-19.
  4. Dicus, Howard (2011). "Hawaiian Electric, American Savings Bank profits up". Hawaii News Now.
  5. "American S&L Completes Sale Of Hawaiian Subsidiary". Deseret News. May 31, 1988.
  6. "Company Briefs". The New York Times. May 26, 1990.
  7. Daysog, Rick (May 27, 1997). "Bank of America to sell isle branches: American Savings gets 39 branches, deposits, loans". Honolulu Star-Bulletin.
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