American Savings Bank Opens Registration for 2023 Bank for Education KeikiCo Contest

August 04, 2023 | 2 MIN read News Releases

American Savings Bank (ASB) is excited to announce the return of its Bank for Education KeikiCo Contest, an annual business plan competition that empowers young entrepreneurs with financial education and offers student teams a chance to win up to $25,000 for their school. Following a successful 2022 competition, which drew participation from nearly 400 students in grades 3 to 12, the KeikiCo Contest returns for its sixth year.

St. Andrew School Students for KeikiCo Contest

“Our KeikiCo Contest never fails to amaze us with the incredible talent displayed by Hawaii’s young leaders,” said Ann Teranishi, president and CEO at ASB. “Their dedication, innovation, imagination and creativity fill us with hope for a brighter future. At ASB, we are committed to providing financial education resources and opportunities to empower young entrepreneurs in building a stronger and more diverse Hawaii. Together, we can drive positive impact for generations to come.”

About ASB’s KeikiCo Contest

The KeikiCo Contest, launched in 2015 and now held annually due to popular demand, inspires young innovators, dreamers and visionaries to think creatively and contribute positively to the community. Students in grades 3 to 12 are invited to form teams of two to five members and submit their business plan ideas to a distinguished panel of judges for a chance to win up to $25,000 for their school communities.

Teachers and advisors will receive a video curriculum, worksheets, mentorship and online resources to further empower students. Through this competition, ASB remains committed to providing valuable financial education resources and a platform for young leaders to flourish, cultivating a stronger and more diversified economy.

ASB presents 1st and 2nd place awards in three divisions – elementary, middle and high school – along with the coveted People’s Choice award for each division, determined through public voting on video entries, and special mentions to commend exceptional out-of-the-box ideas. As a bonus, students of first place teams receive a bonus cash prize of up to $500 to invest in their future education or business idea.

Beyond the competition, KeikiCo winners receive exclusive membership to ASB’s Bank for Education Ohana, granting access to invaluable perks, including opportunities to apply for grants, volunteer service support from ASB teammates, priority consideration for scholarships and internships and participation in special events with distinguished guests like NASA astronauts and Olympic athletes.

Student Teams Are Invited to Apply by Aug. 11

Teachers and school administrators are encouraged to rally their students and sign up for the KeikiCo Contest. The competition is open to the first 60 schools that submit a School Registration Form.

Important Contest Dates

Aug. 11: Registration deadline
Aug. 14: Contest begins
Oct. 30, 5 p.m.: Deadline to submit business plans, video pitches and waivers
Nov. 20 - Dec. 1: People’s Choice voting
Dec. 4: Winners notified
Dec. 7 - 21: Award ceremonies

In 2022, ASB awarded more than $140,000 to 21 teams from nine local schools. Since its inception in 2010, the Bank for Education program has contributed over $1.6 million to local schools, showcasing ASB’s commitment to enhancing education, bringing real impact to the community and uplifting Hawaii’s economic development.

To sign up for the competition and learn more about ASB’s commitment to fostering entrepreneurship and financial education, visit www.asbhawaii.com/keikico.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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ASB Launches “This is HOME” First Time Home Buyer Program to Address Growing Housing Crisis

July 18, 2023 | 2 MIN read News Releases

American Savings Bank (ASB) is proud to introduce “This is HOME,” a new first-of-its-kind affordable financing solution for first time home buyers designed to help hardworking kamaaina buy a home in Hawaii, so they can stay in Hawaii. As the state and counties place greater emphasis on solving Hawaii’s housing shortage, ASB’s “This is HOME” program will provide the lifeline residents need to get access to financing so they can realize their dream of affordable home ownership in Hawaii.

family in front of home

With a low down payment of 3%, discounted interest rate that will save borrowers hundreds of dollars on their monthly mortgage, lower mortgage insurance requirements and reduced closing costs, “This is HOME” offers a unique combination of benefits that is perfect for residents who can’t save enough for a traditional 20% down payment.

“American Savings Bank is committed to helping solve our state’s growing affordable housing crisis and empowering kamaaina to achieve their dream of homeownership in Hawaii,” said Ann Teranishi, president and CEO at ASB. “‘This is HOME,’ along with our recent $4 million investment in homeownership opportunities for Native Hawaiians to purchase or refinance homes on Hawaiian homelands, is part of ASB’s ongoing commitment to uplift our community and make homeownership dreams possible for everyone in Hawaii.”

“This is HOME” empowers kamaaina to live where they love

With more Native Hawaiians now living outside of Hawaii than in Hawaii due to skyrocketing home prices, limited inventory and the high cost of living in the islands, the need for affordable housing solutions has never been greater. Many kamaaina simply resign to renting or move out of state in search of affordable housing.

According to the Honolulu Board of Realtors, the median sales price in June for a single-family home was $1,050,000 and $510,000 for condos. With a traditional 20% down payment, a buyer would need $210,000 for a single-family home and $102,000 for a condo. “This is HOME” offers expanded income criteria, which provides access to funding for more of Hawaii’s hardworking kamaaina.

Benefits of “This is HOME” program:

Expanded AMI: Available to individuals earning up to 140% of the area median income (AMI), which equates to $169,950 for a family of four or $118,950 for an individual borrower.
Low Down Payment: Down payment as low as 3%, with only 1% required from the borrower and up to 2% from other sources.
Lower Monthly Payments: Save hundreds of dollars on your monthly mortgage payment as a result of ASB’s discounted interest rate, lower mortgage insurance requirement, reduced closing costs and no added fees or pricing adjustments.
Expanded Financing Eligibility: More properties are eligible for financing, including condos, which are typically restricted in first time home buyer programs.
Complimentary Housing Counseling: Applicants, regardless of approval, will receive first time home buying resources and support from Hawaiian Community Assets and Hawaii HomeOwnership Center.

To apply or learn more about ASB’s first-time homebuyer resources, visit asbhawaii.com/thisishome.