American Savings Bank Logo PNG
American Savings Bank traces its history to September 7, 1922, when four people in Utah filed papers to create a mutual savings institution. On April 24, 1923, the American Building and Loan Company was registered, and on January 8, 1925, authorities approved the first branch in Honolulu. The bank treats 1925 as its founding year.
On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan, forming American Mutual Savings and Loan. In 1942, the name was changed to American Savings and Loan Association. By 1958, it had five offices, and then expanded to Oahu in the 1960s. Kauai Savings and Loan joined in 1971, Maui Savings & Loan followed in 1974, and Pacific Savings and Loan Association of Hawaii was acquired in 1977.
On January 23, 1987, the institution became American Savings Bank under a federal charter. During the savings-and-loan crisis, its parent company in Salt Lake City came under pressure. On May 26, 1988, Hawaiian Electric Industries bought the Hawaii branches for $113 million, funding part of the deal through a 2.5 million share offering in the US, Europe, and Japan.
In 1990, American Savings Bank acquired the Hawaii branches of First Nationwide Savings Bank. On December 6, 1997, it completed the purchase of Bank of America’s Hawaii unit, reaching 68 branches and $5.5 billion in assets. HEI considered a spin-off in 2014, but after the 2023 Maui fires, it sold 90.1% of the bank to independent investors for $405 million on December 31, 2024.
Meaning and History
What is American Savings Bank?
This is one of the largest local banks in Hawaii, providing financial services tailored to the needs of island residents and local businesses. The bank offers asset management, insurance, home loans, and personal and commercial banking products. With a deep understanding of Hawaii’s economy, the bank supports key sectors such as tourism, agriculture, and technology. Special emphasis is placed on small business loans and homeownership assistance, making it an important financial partner for state residents. The bank actively supports the community, serving as a major employer and participant in charitable initiatives.