Hawaiian Electric Sells Most of American Savings Bank

Dow Jones

Jan 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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The board said in August that it was reviewing strategic options for the bank. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 31, 2024 14:10 ET (19:10 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AFG","symbol_name":"美国金融集团有限公司","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2500649780","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2500649780","pubTimestamp":1735672200,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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. 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The board said in August that it was reviewing strategic options for the bank. \n\n\n  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. \n\n\n  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. \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 31, 2024 14:10 ET (19:10 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}