Hawaiian Electric Industries, Inc. (HEI) has begun monetizing its stake in American Savings Bank, N.A. (ASB) to generate cash for future wildfire settlement obligations. On September 16, 2026, HEI sold approximately 2.0 million shares of ASB common stock, representing 30% of its original 9.9% holding. The transaction, which occurred during ASB's initial public offering, generated $29.5 million in net proceeds for HEI after deducting underwriting fees and issuance costs.
Following the initial sale, the underwriters of the IPO exercised their option to purchase an additional 293,904 shares from HEI. This exercise, which occurred on September 21, 2026, resulted in an additional $4.4 million in net proceeds for the company. Based on ASB's closing share price of $17.57 on September 18, 2026, HEI’s remaining 6.4% stake in the bank is valued at approximately $73.5 million.
HEI has stated that the proceeds from the sale of ASB shares will reduce the capital raises required for the remaining payments associated with the Maui wildfire settlement. The company noted that it will consider plans to monetize its remaining ASB shares following the expiration of a 180-day lockup period, subject to market conditions and other factors.
ASB was formerly a wholly owned subsidiary of HEI until December 31, 2024, when HEI sold 90.1% of the bank. ASB began trading on the New York Stock Exchange on September 16, 2026.
