ASB Reaffirms Its Commitment to the Community With Highest Annual Charitable Giving Amount in Company History

Despite another challenging year for the banking industry, American Savings Bank (ASB) exceeded its 2023 annual charitable giving goals, driven partly by added support provided to those affected by the devastating Maui wildfires. With charitable contributions surpassing $1.84 million, a 23% increase from the previous year, this marks the highest annual donation in the company’s history. ASB supported 280 organizations across Hawaii and contributed more than 15,000 volunteer hours, an increase of nearly 2,000 hours compared to the prior year.

“Our community contributions were made possible thanks to the dedication of our 1,000 teammates who consistently go above and beyond to create meaningful change and support Hawaii’s residents, businesses and communities,” said Ann Teranishi, president and CEO at ASB. “As a community bank, we’re committed to building a better Hawaii for future generations through our resources, time and financial commitment. As we look forward to our centennial in 2025, we continue to identify new opportunities to maximize our community contributions and multiply our impact.”

ASB’s charitable giving program is focused on improving education and financial wellness, increasing access to and the supply of affordable housing, and supporting the revitalization of Aala Park and the surrounding Chinatown and Kalihi communities.

2023 Breakdown:

• Volunteer Hours
  • In 2023, ASB teammates contributed 15,068 volunteer hours to the community through its Seeds of Service program, which benefited 195 organizations. Since 2005, teammates have brought real impact to the community by contributing more than 127,000 volunteer hours.
• Annual Kahiau Workplace Giving Campaign
  • 93% of teammates participated and donated a total of $218,268.
  • Combined with ASB’s $150,000 company match, the campaign resulted in $368,268 donated to nine nonprofits, including Child & Family Service, Kapiolani Health Foundation, Kupu Hawaii, Partners in Development Foundation and Hawaii's United Way chapters (Aloha United Way, Friendly Isle United Fund, Hawaii Island United Way, Kauai United Way and Maui United Way).
• ASB Provided $275,000 of In-Kind Donations 
  • ASB offered free event space and support to its nonprofit partners, which saved organizations thousands of dollars on costly rental fees.

2023 Charitable Giving Highlights

Supporting Maui’s Residents, Businesses and Community      
ASB and its teammates contributed more than $135,000 and 600 Seeds of Service volunteer hours to aid those impacted by the devastating Maui wildfires. In addition to collecting donations at its branches for the “Aloha for Maui” initiative, ASB collaborated with the Guy Fieri Foundation, Hawaii Restaurant Association and Fiserv to distribute nearly $900,000 in prepaid debit cards to support Lahaina restaurant workers affected by the wildfires. 

Invested in Affordable Housing Opportunities for Kamaaina      
In collaboration with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) Member Impact Fund, $1.8 million was awarded to eight local nonprofits working to advance affordable housing and workforce development. These efforts are providing crucial support to local families facing high living expenses and a shortage of affordable housing. 

Rooted in Our Neighborhood and Community       
In 2023, ASB invested more than $1.1 million into revitalizing Aala Park and the surrounding community by providing 24/7 security and supporting family-friendly events, such as the Night in Chinatown Festival & Lunar New Year Parade, annual Skateboard Giveaway, keiki community fair, sports clinics, regular cleanups and more. 

Strengthening Hawaii’s Future Leaders and Entrepreneurs With Financial Education      
More than $145,000 was awarded to 11 local schools through ASB’s KeikiCo Contest, an annual competition that celebrates students for their innovative business ideas. More than 300 students from grades 3 to 12 benefited from the 6th annual contest.

To learn more about ASB’s community initiatives, visit https://www.asbhawaii.com/about-us/our-community.