Hawaii-Based American Savings Bank Files for IPO

Hawaii-based community bank American Savings Bank has filed for a proposed initial public offering, the bank said in a Monday (Aug. 24) press release.

American Savings Bank publicly filed a registration statement on Form S-1 with the Office of the Comptroller of the Currency (OCC), according to the release.

The number of shares to be offered and the price range for the proposed offering have not been determined, the release said.

American Savings Bank applied to list its common stock on the New York Stock Exchange (NYSE) under the symbol “ASBH,” per the release.

When copies of the registration statement and the preliminary prospectus related to the proposed offering become available, they will be posted at the OCC’s reading room.

“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.

American Savings Bank operates 35 branches and more than 120 ATMs in Hawaii, together with a mobile app, and serves consumers, businesses and communities, according to the release.

American Savings Bank was valued at $450 million in December 2024 when energy services company Hawaii Electric Industries (HEI) sold 90.1% of the bank’s common stock to independent investors for an aggregate cash consideration of $405 million, HEI said at the time in a press release.

HEI’s sale of American Savings Bank followed the 2023 Maui wildfires, according to the release.

“The sale allows HEI to enhance our focus on the utility as we work to help our state recover from the 2023 Maui wildfires and strengthen the financial and strategic position of our company,” HEI President and CEO Scott Seu said at the time in a press release. “We intend to use the proceeds to reduce holding company debt, increasing flexibility for how HEI funds the HEI and Hawaiian Electric wildfire settlement contributions and key utility initiatives.”

In another, separate IPO, it was reported in January that Brazilian FinTech PicPay raised $434 million in its U.S. IPO and was valued at $2.5 billion.