Hawaiian Electric Industries (HE) announced that it has approved a plan to spin off ASB Hawaii, the parent company for American Savings Bank, and establish it as an independent publicly traded company. The spinoff is contingent upon the closure of the a separate merger agreement under which NextEra Energy will combine with Hawaiian Electric Industries after the spinoff. The merger is expected to occur within the next 12 months.
American Savings Bank is one of Hawaii’s largest full-service financial institutions with over $5 billion in assets1, more than $4 billion in deposits, 56 branches and 1,200 employees. It currently operates as a subsidiary of HEI. Source
