American Savings Bank Prices $129 Million Secondary Offering at $16 Per Share

Hawaii-based American Savings Bank, N.A. announced it has priced its initial public offering of 8,057,240 shares of common stock at $16.00 per share. The offering, which consists entirely of shares sold by existing stockholders, is scheduled to begin trading on the New York Stock Exchange on September 16, 2026, under the ticker symbol ASBH.

Offering Details

The offering represents a total value of approximately $128.9 million based on the IPO price. According to a company press release, American Savings Bank will not receive any proceeds from the sale, as all shares are being offered by current stockholders.

Key details of the transaction include:

• Shares Offered: 8,057,240 shares of common stock.
• Price: $16.00 per share.
• Over-allotment Option: Underwriters have a 30-day option to purchase up to an additional 1,208,586 shares.

The offering is expected to close on September 17, 2026, subject to customary closing conditions. The bank's Registration Statement on Form S-1 was declared effective by the Office of the Comptroller of the Currency on September 15, 2026.

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Underwriters and Managers

The offering is being managed by a syndicate of investment banks. Piper Sandler & Co. is acting as the sole book-running manager for the deal.

Keefe, Bruyette & Woods, a Stifel Company, is serving as the lead manager. D.A. Davidson & Co. and Stephens Inc. are acting as co-managers for the offering.

Company Background

Founded in 1925, American Savings Bank is a major financial institution in Hawaii. The bank operates 35 branches and maintains a network of more than 120 ATMs across the state, serving local communities for nearly a century.