American Savings Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | January 1, 1925 in Honolulu, Hawaii |
| Headquarters | Honolulu , United States |
Area served | Hawaii |
| Parent | Hawaiian Electric Industries |
American Savings Bank (ASB) ranks among the largest financial entities in Hawaii, with its main office situated in Honolulu, Hawaii. Functioning as a federal savings bank, its headquarters can be found at 300 North Beretania Street, positioned close to Honolulu’s Chinatown and the central business district.
History
The origins of American Savings Bank date back to September 7, 1922, when four individuals established a mutual savings and loan institution in Utah. The following year, the American Building and Loan Company was formed and was authorized to launch its inaugural branch in Honolulu by January 1925.
On February 4, 1932, a merger between Mutual Savings and Loan and American Building and Loan resulted in the creation of American Mutual Savings and Loan. This entity adopted the name American Savings and Loan Association in 1942.
By 1958, the bank had expanded to five branches and continued growth throughout the 1960s with the addition of four more locations on Oahu. The acquisition of Kauai Savings and Loan in 1971 brought four additional branches, while a merger with Maui Savings & Loan in 1974 extended operations across five islands. In 1977, Pacific Savings and Loan Association was acquired, contributing six further branches on Oahu. By 1978, the institution’s assets had grown to $1 billion.
On January 23, 1987, a federally chartered subsidiary named American Savings Bank was established with its headquarters in Honolulu.
Hawaiian Electric Industries (HEI), which owns Hawaiian Electric Company, purchased American Savings Bank from the Salt Lake City-based American Savings and Loan Association on May 26, 1988. In 1990, ASB took over the Hawaiian branches and deposits of First Nationwide Savings Bank. The acquisition of Bank of America’s Hawaii Division assets on December 6, 1997, expanded ASB’s branch network to 68 locations and increased its assets to $5.5 billion.