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ASB Awards $140,000 to Winners of 2022 Bank for Education KeikiCo Business Plan Competition

ASB December 22, 2022 | 3 MIN read Community

American Savings Bank (ASB) announced the winners of its 2022 Bank for Education KeikiCo Business Plan Competition. Nearly 400 students grades 3 to 12 participated in the KeikiCo Contest, which started in 2015 and runs annually.

“This year’s KeikiCo participants inspired us with their innovation, imagination, creativity and commitment to bettering our community,” said Ann Teranishi, president and CEO at ASB. “We are grateful for the opportunity to support young leaders and entrepreneurs with financial education resources and mentorship opportunities to help build a stronger and more diversified economy.”

Nanakuli High School Students for KeikiCo Contest

High School Division First Place Winners: Nanakuli Intermediate & High School

Students form teams of two to five students to showcase their best business plan ideas before a panel of esteemed judges for a chance to win up to $25,000. ASB volunteers provided teachers and advisors with a video curriculum, online resources and mentorship.

“The KeikiCo Contest allows students to investigate and explore topics that they’re curious about and provides a unique opportunity for them to learn the fundamentals of business, while finding solutions realistic solutions for our community,” said Ruth Fletcher, head of school and president at St. Andrews School, this year’s 2nd place and special mention winner in the Middle School Division. “The contest is valuable for students because they can see how their contributions can positively affect our future.”

By participating in KeikiCo, students have the opportunity to learn about entrepreneurship and marketing while gaining critical thinking skills needed to launch and sustain a successful business in Hawaii.

ASB named 1st and 2nd place winners in three divisions – elementary, middle and high school, as well as one People’s Choice award for each division, selected by public voting on video entries. As an added bonus, 12 special mention awards were given out this year to honor business plans that received special praise from judges.

Bonus Cash for Winners
This year, ASB sweetened the deal and gave all winning students a $250 cash prize to invest in their future education. ASB will also match, up to $250, the net amount that their account balance increases in a 90-day period, following ASB’s $250 deposit.

2022 KeikiCo Contest Winners

Elementary School Division

  • 1st Place ($25,000): Ernest Bowen de Silva Elementary School, I&S Bracelets
  • 2nd Place ($15,000): Ala Wai Elementary School, Go Fish Go
  • People’s Choice ($5,000): Konawaena Elementary, ALOHALife Vending
  • Special Mention ($500): Ala Wai Elementary School, Air Buddies
  • Special Mention ($500): Ala Wai Elementary School, ChillOutz
  • Special Mention ($500): Ala Wai Elementary School, Dirty Air Destroyers
  • Special Mention ($500): Ala Wai Elementary School, Ocean Jewelry
  • Special Mention ($500): Konawaena Elementary, JC Jobs

Middle School Division:

  • 1st Place ($25,000): Maui Waena Intermediate, Seaglam
  • 2nd Place ($15,000): St. Andrews School, Eco Ocean
  • People’s Choice ($5,000): Chiefess Kamakahelei Middle, Kamaaina Coffee & Pastry
  • Special Mention ($500): Maui Waena Intermediate, Hooked on Yarn
  • Special Mention ($500): Maui Waena Intermediate, Mental Health Matters
  • Special Mention ($500): Maui Waena Intermediate, Trash to Treasure
  • Special Mention ($500): St. Andrews School, Emalani
  • Special Mention ($500): St. Andrews School, S&K Tableware

High School Division:

  • 1st Place ($25,000): Nanakuli High School, Scrappahz Union
  • 2nd Place ($15,000): McKinley High School, Aloha Safety App
  • People’s Choice ($5,000): Pearl City High School, PC Wallet
  • Special Mention ($500): Pearl City High School, Anonymous Hope
  • Special Mention ($500): Pearl City High School, Mongone

Once a school wins a prize from the KeikiCo Contest, they become part of ASB’s Bank for Education Ohana. This exclusive group receives invaluable perks, which include opportunities to apply for additional grants, volunteer service projects performed by ASB teammates, priority consideration for scholarships and internships and more.

Since the Bank for Education program began in 2010, ASB has donated more than $1 million to local schools.

St. Andrew School Students for KeikiCo Contest

Middle School Division Second Place & People's Choice Winners: St. Andrews School

Ala Wai Elementary School Students for KeikiCo Contest

Elementary School Division Second Place Winners: Ala Wai Elementary School

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ASB Distributes Thanksgiving Pies to 1,100 Teammates Across the State at “Pumpkin Pie Drive By”

ASB November 20, 2022 | 1 MIN read News Releases

American Savings Bank (ASB) hosted a statewide Thanksgiving drive-thru for its 1,100 teammates across the state on Sunday, Nov. 20, as part of its annual holiday teammate appreciation event.

“With Thanksgiving around the corner, we can’t help but feel grateful for our teammates’ hard work and commitment to take care of our customers, community and each other,” said Beth Whitehead, executive vice president and chief administrative officer at ASB. “We are excited to celebrate and recognize our teammates for continuing to make banking easy for our customers with a delicious Thanksgiving pie that they can enjoy with their loved ones this holiday season.”

ASB Executive Team

Teammates on each of the five islands ASB serves received pumpkin desserts from local bakeries, including the highly sought after pumpkin-haupia pie from Ted’s Bakery on Oahu, and many other popular bakeries on Kauai, Maui, Hawaii Island and Molokai. Since Ted’s Bakery discontinued its wholesale operations to local markets a few months ago, these pies have become a hot commodity.

Ted's bakery pie for ASB teammates


ASB’s leadership team dressed up in fun Thanksgiving costumes and handed out pies to nearly 700 teammates on Oahu and another few hundred on the neighbor islands. As a bonus, ASB gave out randomly selected “Lucky Pies” to 20 teammates who scored an additional $200 gift card to brighten their holidays.

All leftover pies from the event were donated to local nonprofit charities.

Media Contact

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

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American Savings Bank Celebrates Newly Renovated Hilo Branch

ASB November 21, 2022 | 2 MIN read Community

American Savings Bank (ASB) celebrated the completion of its Hilo branch renovation project at a private blessing ceremony on Monday, Nov. 21. The construction project, which began in February, highlights ASB’s continued commitment to its Hilo customers and community.

“American Savings Bank has been a part of the close knit Hilo community for more than 50 years and has built strong partnerships with Hilo businesses, residents and customers,” said Ann Teranishi, president and CEO at American Savings Bank. “Our team is excited to continue offering exceptional in-person and digital banking solutions to help make dreams possible for customers.”

Teammates celebrating Hilo branch renovation

ASB continues to invest in its facilities across the state as part of its commitment to make banking easy and convenient. Hilo branch customers can now look forward to:

  • Modern, spacious and open layout;
  • Brighter and cooler branch, featuring sustainable, energy-efficient lighting and air conditioning system;
  • ASB’s signature Sig Zane kalo graphics throughout the decor; and
  • Modern, spacious and open layout;
  • Two new full-service ATMs that allow customers to make check and cash deposits, receive paperless receipts and withdraw bills in multiple denominations.


Following the blessing ceremony, the public was invited to stop by for an all-day Customer Appreciation Day celebration. Guests enjoyed free giveaways and delicious treats and received personalized financial assistance from the friendly and knowledgeable Hilo bankers.

The Hilo branch, led by branch manager Mabyn Ganiron, offers full-service banking, personalized financial resources, ample parking and is open six days a week.

ASB Hilo Teammates

Hilo Branch Hours
Monday to Thursday: 8 a.m. to 5 p.m.
Friday: 8 a.m. to 6 p.m.
Saturday: 9 a.m. to 1 p.m.

For more information on services provided at the Hilo branch: asbhawaii.com/locations/big-island/hilo

In addition to ASB’s statewide network of branches and ATMs, customers can also take advantage of ASB’s online banking options and the ASB Hawaii Mobile App. Customers can also schedule phone appointments with bankers through the Make An Appointment tool available at www.asbhawaii.com.

 

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How to Start Saving Money for a House

ASB November 17, 2022 | 4 MIN read Personal

When you spend your leisure time flipping through Zillow® and scrolling around decor inspo on Instagram, it can seem like actually saving up enough money to buy a house is more of a fantasy than the celebrity vacation vibes popping up in your feed. House prices are high here, and gathering up a down payment can look intimidating.

But putting in the effort is more than just a nice idea. Owning a house in Hawaiʻi is so meaningful for us kamaʻāina - a foundation for long-term financial stability, a place for our family to feel safe and secure, a path for our future generations to hold on to a piece of our island home in an uncertain world. So how do you get started?

Couple on computer

Set your goal

A few questions to think through, or talk over with your family, should start with:

  • What kind of house do I want to buy, and how much do those homes usually cost?
  • When do I want to buy it?

Knowing where the end zone is - and being able to see it clearly - makes it much more likely that you’ll be equipped with a realistic, achievable plan to get there.

Make it bite-sized

Use a savings calculator like this one to figure out what you’ll need ready to go, for your down payment and closing costs. You can calculate the total amount, plus what the monthly savings schedule needs to look like to get you there.

If the kind of house I want usually costs around $800,000, I want to give myself five years to get ready, and I want to have a 15% down payment on hand, the calculator will tell me to expect a total of $168,500 in up front costs (down payment plus other expected things like closing costs and home maintenance costs). To get there over five years, the calculator says I’d better save $808.33 per month, or $186.54 per week.

Get the tools for success

A few questions to think through, or talk over with your family, should start with:

  • Set up a designated savings account and connect automatic transfers from your checking account each month. Out of sight, out of mind, into your homeownership goals!
  • Look around for current budget items you can trim, and point those dollars toward the House Fund instead. Dreaming about lunch on your new lanai makes home-made mac salad taste much better than a $20 plate lunch any day. Budget calculators can help you get a fresh perspective and are free, really useful tools.
  • Keep an eye out for opportunities to make a bigger dent. Bonus at work? House fund! What to get for my birthday? House fund! Side hustle doing well? House fund!

Find your blind spots

One really effective way to find all the blind spots in your financial picture is to go through the process of getting pre-qualified for a mortgage with a trustworthy home loan officer. As part of the pre-qualification exercise, they’ll run your credit score, talk with you about your particular situation, and walk you through what else you might need to think about as you’re preparing to buy your home. Often it’s worthwhile to get guidance on your credit-to-debt ratio (finding the right mix!) or how to improve your credit score, to make sure you can get the best possible deal on your mortgage rate when it’s finally time to buy.

There are lots of really great free tools online to help you get smart about budgeting, finance and setting yourself up for success, starting right here with the ASB Financial Education resources; these are perfect for curious clicking with a bowl of popcorn on the couch. But for really getting into the details, nothing beats a person-to-person meeting with an advisor right down the road, which is why ASB’s mortgage experts and neighborhood bankers are ready to talk story.

Mark James, vice president and executive residential loan officer, has worked with countless families to help them chart a path to their home ownership goals.

“Every person has a unique story, which is why building a relationship with a trusted expert is so important; from our seats here at the bank, we can talk through all the different tools and levers available to you, and customize a game plan that is right for your life, for your family’s plans.”

Buying your home might be closer within reach than you think. Set your goal, make your saving plan bite-sized, use good tools to help you along the way, and get smart about your big picture financial health - and you’ll be in your new home before you know it. We’re here to help.

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What Are Mortgage Points?

ASB November 08, 2022 | 3 MIN read Personal

Mortgage points are one of the most often-referenced (and most confusing) parts of the mortgage conversation.

Mark James, vice president and executive residential loan officer, has lots of experience making sense of mortgage points and helping families use them as tools to meet their financial goals. We sat Mark down for a conversation to get the full brief on mortgage points: what they are, how they work, and how to use them to your advantage.

Mortgage loan officer talking to customer

What are mortgage points?

One mortgage point is equal to one percent of the loan amount.

What Are Points Used For?

Mortgage points are a way to lower your interest rate percentage by paying a set amount upfront, as part of your closing costs. This upfront payment is commonly known as “buying point(s).” When you see mortgage rates advertised, you may see them described as a set percentage (which controls your monthly payment amounts over time) plus a point or two (which you’d pay for once, up front, when your loan closes).

How much does a mortgage point cost?

A mortgage point costs one percent of your loan amount. So if you’re getting a loan for $500,000, you could buy a point on that loan for $5,000.

How do points work with mortgage rate percentages?

Loan costs depend on lots of factors - from your credit score to your loan amount to your down payment amount - and points are often how loan officers will calculate the increases and discounts they calculate based on a person’s unique situation.

You can also choose to use mortgage points to “buy down” your interest rate, which you’d want to do if a lower interest rate - which can mean lower monthly payments - is important to you.

How many points should I buy?

Points we buy often add up to the biggest chunk of closing costs, so it’s worth thinking carefully about what makes sense for your situation. The most important calculation: when will you hit the break-even point?

Let’s go back to the example of the $500,000 loan. If the base loan rate is 8% on a 30-year fixed-rate mortgage, then payments would work out to about $3,669 each month. If you buy two points for $5,000 each (total $10,000) as part of your closing costs up front, then your new interest rate is 6%... which puts your monthly payments at $2,998.

At a monthly difference of $671, it’ll take about 15 months until the amount you’ve saved on a monthly basis adds up to the amount extra you paid up front when you bought the points to lower your rate. So, if you plan to keep the financing in place for more than 15 months, then you’ll save much more money over time than you spent up front.

Are there situations where buying extra points wouldn’t be helpful?

If you think you’ll make a change before the break-even point on the timeline - like refinancing your loan or reselling the property - then the math may not work in your favor. It’s also a consideration if your closing costs are stacking up beyond the budget you’d put aside in savings.

In any case, there are also other tools that can also help lower your rates and get the best possible monthly payment. A few examples - having a good credit score will help qualify you for the best possible rate; if you can put 20% or more of the purchase price in as a down payment, you can usually get out of paying for mortgage insurance, which also tacks onto your monthly totals.

Our takeaway: each person’s mortgage package is as unique as their individual situations, so the best way to sort out the best path forward is to meet person-to-person with a loan officer you can trust. Make an appointment for a practical, low-stakes conversation about building the mortgage deal that works for you.

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Banking is Easy and Convenient with ASB’s ATMs

ASB October 27, 2022 | 1 MIN read Personal

At American Savings Bank (ASB), we’re always looking for ways to make banking easy and convenient for customers. Valerie Wada, branch manager at the Kaimuki Shopping Center Branch, shares quick tips on how to utilize and maximize ASB’s easy-to-use ATMs.

 

Tip #1: Bank Safely, Anytime, Anywhere

With ASB, you can bank on the go, anytime, anywhere at 90 of our upgraded ATMs! Your information will remain safe and secure with our large touch screens that appear dim to anyone standing next to or behind you.

Tip #2: Withdrawals and Deposits Have Never Been Easier

Skip the line when you use ASB’s full-service ATMs! Available at select locations, customers can choose to receive their withdrawals in $20 or $100 bills – perfect for birthday and holiday gifts, weddings, graduation lei or tips.

You can also deposit a combination of up to 99 bills and 30 checks in a single transaction without using a deposit slip or envelope.

Tip #3: Receive Your Receipts Instantly

Go paperless and receive your receipt instantly by visiting the preferences menu and selecting one of the options on the ATM touch screen.

At select ASB ATM, you’ll be able to deposit and withdraw money, check your balance and more – all within minutes. Visit asbhawaii.com/locations to find the most convenient ATM for you!

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Tips on Taking Out Private Loans for College

ASB November 01, 2022 | 6 MIN read Personal

Resources and content provided by College Ave Student Loans

If you’re planning on going to college, you might need to take out private student loans to pay for it. In fact, many college students use private loans for college to fill in the gap to pay for their education.

If you’re planning on taking out private loans for college, there are some things you should know before applying.

When private loans for college make sense

Once you’ve filed your FAFSA, you will receive individual financial aid award letters from each school you’ve applied to with your specific financial aid package. The package usually includes a mix of scholarships, grants, and federal student loans.

In most cases, the school will highlight federal student loan options. Unfortunately, the financial aid package and federal student loans may not be enough to cover the total cost of attendance. You may need to find additional financing to pay for school. That’s where private student loans can be an essential resource.

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How to use private loans for college wisely

Private student loans can help you fill the gap and pay for college, but you should be careful before applying for a loan. By doing some research now, you can reduce your college expenses, save money, and make student loan repayment easier later on.

Who is eligible for a private student loan?

To qualify for private loans for college, you need to be 18 or older, and a US citizen or permanent resident. Additionally, you’ll need proof that you’re officially a college student. Most loan providers expect you to show them that you’re enrolled in college so that they’re not handing out money to just anyone.

Follow these five smart borrowing tips:

1. Apply for other forms of financial aid

To minimize how much money, you need to borrow to pay for college, make sure you exhaust other sources of financial aid before turning to private student loans. Complete and submit the Free Application for Federal Student Aid (FAFSA) as soon as possible to ensure you’re considered for grants, scholarships, and federal work-study programs.

If your selected school is one of the 400 institutions that accepts the CSS profile, it’s a good idea to submit that application, too. Completing the CSS profile will help you qualify for state and institutional aid beyond what the federal government offers.

You can also search for private scholarships — offered by companies or non-profit organizations — on FastWeb. You can even combine multiple scholarships to reduce your education costs.

2. Borrow the minimum that you need

If you decide that a private loan for college is right for you, borrow only what you need to pay for school. With private loans, you can usually borrow up to the total cost of attendance. However, borrowing less than the maximum can help you save money over time.

Consider ways to reduce your expenses so you don’t have to take out as many private loans for college, such as:

  • Rent your textbooks: Over the course of four years of college, textbooks cost over $5,000, on average. Rather than paying that much money for new books, reduce your expenses by renting textbooks or buying them used online.
  • Skip the meal plan: If you don’t use the college meal plan and instead do your own grocery shopping and meal preparation, you could save thousands over the length of your college career.
  • Move off-campus or commute: If possible, commute to school or move to an off-campus apartment with a roommate. You could find dramatically cheaper housing that is only a short distance away.

3. Pay attention to lenders’ fees and interest rates

Not all private student loan companies are created equal. Unlike federal loans, which have fixed interest rates for all borrowers, private student loan interest rates vary from lender to lender. And, some may charge application and origination fees.

College Ave offers private loans for college with both fixed and variable interest rates. Fixed rate loans stay the same for the length of your repayment. Variable rate loans tend to have lower interest rates than fixed rate loans at first, but the rate can increase or decrease over time. Plus, College Ave doesn’t charge application or origination fees for its loans.

4. Apply for a loan with a cosigner

Private student loan lenders look at your application to determine your creditworthiness. That means they look at your income and credit history to decide whether or not you have the ability to repay the loan. If approved, your credit history also impacts the interest rate offered to you.

As a college student, you likely don’t have an established credit history or sufficient income. You may not get approved for a private loan for college on your own. Or, if you do, you may only qualify for a loan with a high interest rate.

You can improve your chances of getting approved and securing a lower interest rate by adding a cosigner to your loan application. A cosigner is usually a parent or relative with good credit and regular income who guarantees the loan. If you fall behind on your payments, your cosigner is responsible for making them. Having a cosigner lessens the risk to the lender, helping you get a lower interest rate and save money.

5. Compare lender repayment options

When it comes to private loans for college, make sure you pay attention to the repayment terms. Each lender has their own requirements.

College Ave offers 5, 8, 10, and 15-year repayment terms and allows you to pick a repayment strategy that works for you and your budget:

  • Full principal and interest payment:b> With this approach, you start making full payments on your private loans for college right away. Because you make payments while in school, less interest accrues, helping you save money.
  • Interest-only payment: If you can’t afford to pay the full principal and interest payment, but can budget some money each month for payments, consider making interest-only payments. With this strategy, you pay the interest charges each month while you’re still in school.
  • Flat payment: You can make a flat payment of $25 each month to reduce the total cost of the loan. It’s the lowest in-school payment option that College Ave offers.
  • Deferred payment: If you don’t want to worry about making payments while in school, you can also defer payments until after you graduate. You’ll pay more in interest overall with this approach.

Applying for private student loans

Private loans for college can play an important role in financing your education. By researching your financial aid options, applying for scholarships, and comparing private student loan options, you can minimize your college costs, so you can better manage your finances after you graduate.

Decided that a private student loan is right for you? You can apply for a College Ave private loan for college online in as little as three minutes.

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