American Savings Bank employees were at the New York Stock Exchange this week, ringing the first trade bell Wednesday as an initial public offering of more than 8 million shares of ASB's common stock began trading on the NYSE with an initial price of $16 per share.
Five thousand miles away from New York, more than 1,000 American Savings Bank employees watched from 35 locations across the Islands.
“We are honored to commemorate this significant milestone in American Savings Bank’s history, but more importantly, we are proud to celebrate our teammates, customers and community who made this possible," ASB President and CEO Ann Teranishi said in a statement. "ASB has been deeply rooted in these islands for 101 years, and we remain focused on taking care of Hawaii’s residents, businesses and communities. This is the beginning of our new journey as a public company, and we look forward to this new and exciting chapter for American Savings Bank.”
According to an announcement from the bank, the offering was expected to close Sept. 17, subject to customary closing conditions. Underwriters also have a 30-day option to purchase up to 1,208,586 additional shares of common stock to cover over-allotments, the bank says.
ASB will not receive any proceeds from the sale of the shares, the announcement notes.
Piper Sandler & Co. is acting as the sole book-running manager for the offering. Keefe, Bruyette & Woods, A Stifel Company, is acting as lead manager, while D.A. Davidson & Co. and Stephens Inc. are acting as co-managers.
ASB was previously a wholly owned subsidiary of Hawaiian Electric Industries Inc., but HEI sold 90.1% of its ASB common stock to independent investors in a $405 million deal that closed Dec. 31, 2024. As HEI noted at that time, each investor had a non-controlling interest and no investor owned more than 9.9% of the bank's common stock, including HEI.
The ASBH stock price was $17.57 per share as of Friday afternoon.
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
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