Puneet Varma (Editor)

American Savings Bank

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Type
  
Subsidiary

Website
  
www.asbhawaii.com

Founded
  
1925

Industry
  
Banking

Total assets
  
6.7 billion USD (2014)

Number of locations
  
57

American Savings Bank wwwhustlermoneyblogcomwpcontentuploads20160

Key people
  
Constance Lau (Chairman)

Headquarters
  
Honolulu, Hawaii, United States

CEO
  
Richard F. Wacker (15 Nov 2010–)

Parent organization
  
Hawaiian Electric Industries

Profiles

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

Contents

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. In 1990, American Savings Bank acquired First Nationwide Bank’s operations. 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.

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

Welcome to american savings bank hawaii


References

American Savings Bank Wikipedia