Hawaiian Electric weighing sale of American Savings Bank, Bloomberg says

Hawaiian Electric, the utility under scrutiny for its role in last year’s deadly Lahaina wildfire, is exploring options including a sale of American Savings Bank FSB, Bloomberg’s Matthew Monks and Gillian Tan report, citing people familiar with the matter. Hawaiian Electric is working with advisers to weigh various options for the 35-branch bank, including a full or partial sale, said the people. While it’s not clear how much the bank would fetch in a sale, it had about $486M in average shareholder equity in 2023, according to Hawaiian Electric’s most recent annual report.