American Savings Bank is Hawaii's third largest financial institution, with assets of $ 6.7 billion. A subsidiary of Hawaiian Electric Industries (NYSE: HE), headed by Chairman of Constance Lau.
American Savings Bank dates back to September 7, 1922, when four men submitted articles of incorporation in the state of Utah for Mutual Balancing and Loans. The following year, on April 24, another association filed a merger article under the name of the American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.
On February 4, 1932, Mutual Savings and Loan joined American Building and Loan to become American Mutual Savings and Loans. Ten years later, the company name was changed to the American Savings and Loan Association.
In 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. Savings and Loan Acquisitions in 1971 added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & amp; Loan. Savings and Loans America now has branches on five islands. When American Savings and Loan acquired the Pacific Savings and Loan Association of Hawaii in 1977, he added six other locations on Oahu. In 1978, American Savings and Loans marked a milestone in achieving when it reached $ 1 billion in assets.
On January 23, 1987, the American Savings and Loan Association announced the formation of a separate subsidiary to perform its operations. The subsidiary, called American Savings Bank, is a federal depositing bank with its headquarters in Honolulu, Hawaii.
On May 26, 1988, Hawaiian Electric Industries (HEI), the holding company of Hawaiian Electric Company, acquired American Savings Bank of the Salt Lake City American Savings and Loans Association. In 1990, American Savings Bank acquired First Nationwide Bank operations. On December 6, 1997, American Savings Bank acquired the assets of Bank of America Hawaii Division, increasing their total branch at that time to 68 and their assets to $ 5.5 billion.
American Savings Bank operates 55 branches on five islands in the state of Hawaii.
Video American Savings Bank
References
Maps American Savings Bank
External links
- The American Savings Bank
Source of the article : Wikipedia
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