Hawaii's American Savings Bank Files for IPO, Plans NYSE Listing

American Savings Bank operates 35 branches and more than 120 ATMs across Hawaii, along with a mobile app. It serves consumers and businesses.

The bank was valued at $450 million in December 2024, when energy services company Hawaiian Electric Industries sold 90.1% of its stake to independent investors for $405 million in cash. That sale followed the 2023 Maui wildfires. Hawaiian Electric Industries said at the time it would use the proceeds to reduce holding company debt and fund wildfire settlement contributions.

"The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering," American Savings Bank said in the release.