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

ASB March 12, 2024 | 4 MIN read Community

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.

Charitable Giving Highlights

“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

Maui Strong Team Picture

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. 

Affordable Housing

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. 

Aala Park

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. 

KeikiCo

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.

Media Contact

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

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Brad Mattocks Joins ASB as Executive Vice President and Chief Information Officer

ASB March 05, 2024 | 3 MIN read News Releases

American Savings Bank (ASB) has hired Brad Mattocks as its Executive Vice President and Chief Information Officer (CIO), following the planned retirement of Brian Yoshii. Mattocks, who will oversee technology banking systems, infrastructure, data and IT development, joins ASB at an exciting time as the company builds upon its digital investments to make banking easy and convenient.

Brad Mattocks Headshot

Brad Mattocks  
EVP, Chief Information Officer

“Brad has vast experience leading large financial institutions to create and implement best-in-class technology and drive exceptional customer experience,” said Ann Teranishi, president and CEO at ASB. “We are grateful for Brian’s leadership and commitment over the years to enhance ASB’s digital offerings.”

Over the past 25 years, Mattocks has overseen development and management of secure and stable IT systems and processes to improve delivery and operational efficiency at companies such as Banc of California, Mitsubishi Financial Group and Bank of America.

“I am excited to join American Savings Bank and advance the team’s efforts to enhance user experience and make banking easy for our customers,” Mattocks said. “I look forward to collaborating with our management team to support Hawaii’s residents and businesses.”

Mattocks holds a Master of Science in Information Systems and Technology and a Master of Business Administration in International Business from California Lutheran University. He is a graduate of The Open Group Architecture Framework (TOGAF) Certification and IT Information Library Foundations programs.

Yoshii, who has been ASB’s CIO for nearly six years, is retiring after a 40-year career in technology. Prior to joining ASB in 2018, he held leadership roles at some of Hawaii’s largest organizations, including The Queen’s Health Systems, Kaiser Permanente and First Hawaiian Bank. Yoshii will remain with ASB to ensure a smooth transition until his retirement at the end of March, after which he will continue as a part-time strategic advisor until the end of the year.

“It has been an honor working with the exceptional teammates and leadership team at ASB to make banking safe and easy for customers through new tools and technology,” Yoshii said. “It was exciting to see the remarkable digital transformation at ASB, and I’m excited for what’s to come with Brad’s leadership.”

Media Contact

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

Brad Mattocks

Brad Mattocks

Executive Vice President   
Chief Information Officer

Brad Mattocks is Executive Vice President, Chief Information Officer of American Savings Bank (ASB).

Brad has more than 25 years of technology experience, with an emphasis in financial services. Across his roles at Banc of California, Mitsubishi Financial Group and Bank of America, he has overseen development and management of secure and stable IT systems and processes to enhance customer experience and operational efficiency. He is also committed to utilizing new tools and technology to drive growth, innovation and enhance user experience.

Brad holds a Master of Science in Information Systems and Technology and a Master of Business Administration in International Business from California Lutheran University. He is a graduate of the TOGAF Certification and IT Information Library Foundation programs.

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American Savings Bank Reports Fourth Quarter and Full Year 2023 Financial Results

ASB January 30, 2024 | 8 MINS read News Releases
  • Full Year Net Income of $53.4 Million
  • 2023 Results Include an $11.0 Million After-tax Loss Resulting from a Fourth Quarter Balance Sheet Repositioning Strategy, and $8.3 Million of After-tax Maui Wildfire-Related Expenses
  • Balance Sheet Repositioning Strategy Strengthens Balance Sheet and Positions Bank for Improved Net Interest Margin and Profitability
  • Bank Maintains a Strong Liquidity Position and the Support of a Loyal, Long-tenured Deposit Base
  • Continued Strong Credit Quality and Capital Position

American Savings Bank (ASB), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE - HE), today reported 2023 net income of $53.4 million, compared to $80.0 million in 2022. Net income for the year included $8.3 million of Maui wildfire-related expenses after tax, and an $11.0 million after-tax loss on the sale of investment securities recorded in the fourth quarter. The loss resulted from selling low-yielding securities in order to reduce high cost deposits, strengthening the bank’s balance sheet while positioning the bank for improved net interest margin. Core net income1 for the year was $72.6 million. Fourth quarter 2023 net income of $3.2 million included $2.0 million of after-tax Maui-wildfire related expenses as well as the aforementioned loss on sale of securities. Core net income1 for the fourth quarter was $16.2 million.

“American Savings Bank continued to provide excellent service to our customers despite a year filled with unprecedented challenges. Our business proved resilient through the economic impacts of the Maui wildfires, and the challenging interest rate environment we experienced in 2023,” said Ann Teranishi, president and chief executive officer of ASB. “We continue to be well positioned with strong capital, excellent credit quality, lending capacity and ample liquidity. In addition, the sale of investment securities executed in the fourth quarter further positions us for improved profitability and net interest margin while strengthening the balance sheet.”

Financial Highlights

Net interest income was $252.0 million in 2023 compared to $252.6 million in 2022, with higher interest and dividend income approximately offset by the impacts of higher funding costs. Fourth quarter 2023 net interest income was $61.2 million compared to $62.6 million in the third, or linked quarter of 2023 and $66.1 million in the fourth quarter of 2022. Lower net interest income compared to the linked and prior year quarters was primarily due to higher funding costs, partially offset by higher interest and dividend income. Net interest margin was 2.74% in 2023, compared to 2.89% in 2022. Net interest margin for the fourth quarter of 2023 was 2.63%, compared to 2.70% in the linked quarter, and 2.91% in the fourth quarter of 2022.

The provision for credit losses for 2023 was $10.4 million compared to $2.0 million in 2022, and included $5.9 million in additional credit reserves related to borrowers impacted by the Maui wildfires and the resulting economic disruption. The fourth quarter 2023 provision for credit losses was $0.3 million, compared to $8.8 million in the linked quarter and $2.7 million in the fourth quarter of 2022. As of December 31, 2023, ASB’s allowance for credit losses to outstanding loans was 1.20% compared to 1.23% as of September 30, 2023 and 1.21% as of December 31, 2022.

The 2023 net charge-off ratio was 0.12% compared to 0.03% in 2022. The net charge-off ratio for the fourth quarter of 2023 was 0.15%, compared to 0.07% in the linked quarter and 0.06% in the fourth quarter of 2022. Nonaccrual loans as a percentage of total loans receivable held for investment were 0.46% as of December 31, 2023, compared to 0.16% as of September 30, 2023 and 0.28% as of December 31, 2022.

Noninterest income for 2023 was $45.4 million compared to $57.0 million in 2022. The decrease in noninterest income was primarily due to a $15.0 million pre-tax ($11.0 million aftertax) loss on sale of investment securities recorded in the fourth quarter. The sale of investment securities was executed in order to reposition the balance sheet by divesting securities with below-market yields to pay down higher cost funding, positioning ASB for improved net interest margin and profitability. Noninterest income was $0.1 million in the fourth quarter of 2023 compared to $15.3 million in the linked quarter and $15.3 million in the fourth quarter of 2022, with the decrease compared to the linked and prior year quarters also primarily due to the aforementioned balance sheet repositioning transaction.

Noninterest expense for 2023 was $223.6 million compared to $205.3 million in 2022. The increase in noninterest expense was primarily due to pre-tax Maui wildfire-related expenses of $5.4 million ($3.9 million after tax), as well as higher compensation and employee benefits expenses. Fourth quarter noninterest expense was $59.1 million compared to $56.3 million in the linked quarter and $56.1 million in the fourth quarter of 2022. The increase compared to the linked quarter was primarily due to increased charitable contributions to support our local communities. The increase compared to the prior year quarter was primarily due to increased charitable contributions and Maui wildfire-related expenses.

Total earning assets as of December 31, 2023 were $9.2 billion, up 0.50% from December 31, 2022.

Total loans were $6.2 billion as of December 31, 2023, up 3.4% from December 31, 2022, reflecting growth across the majority of the portfolio.

Total deposits were $8.1 billion as of December 31, 2023, approximately flat from December 31, 2022. Core deposits declined 6.3%, while certificates of deposits increased 73.9%. As of December 31, 2023, 86% of deposits were F.D.I.C. insured or fully collateralized, down slightly from 87% as of September 30, 2023, with approximately 80% of deposits F.D.I.C. insured. The average cost of funds was 0.93% for the full year 2023, 77 basis points higher than the prior year as higher interest rates and a shift in funding mix increased funding costs. For the fourth quarter of 2023, the average cost of funds was 118 basis points, up 16 basis points versus the linked quarter and up 80 basis points versus the prior year quarter.

Wholesale funding totaled $750 million as of December 31, 2023, unchanged from September 30, 2023.

ASB’s return on average equity for the full year 2023 was 11.0% compared to 14.1% in 2022. For the fourth quarter of 2023, return on average equity was 2.7%, compared to 9.2% in the linked quarter and 15.7% in the fourth quarter of 2022. Core return on average equity for the year and quarter were 14.9% and 13.7%, respectively. Return on average assets for the full year was 0.55% in 2023 compared to 0.86% in 2022. For the fourth quarter of 2023, return on average assets was 0.13%, compared to 0.47% in the linked quarter and 0.76% in the prior year quarter. Core return on average assets was 0.75% and 0.67% for the year and quarter, respectively2.

HEI EARNINGS RELEASE, HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

Concurrent with ASB’s regulatory filing 30 days after the end of the quarter, ASB announced its fourth quarter and full year 2023 financial results today. Please note that these reported results relate only to ASB and are not necessarily indicative of HEI’s consolidated financial results for the fourth quarter and full year 2023.

HEI plans to announce its fourth quarter and full year 2023 consolidated financial results on Tuesday, February 13, 2024 and will also conduct a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time) that same day to discuss its consolidated earnings, including ASB’s earnings.

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” subheading “News and Events — Events and Presentations.”   

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. An audio replay will also be available about two hours after the event through February 27, 2024. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s, Hawaiian Electric’s and ASB’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the Investor Relations section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.   

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, ASB, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

NON-GAAP MEASURES

Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs and the after-tax loss on sale of investment securities resulting from the balance sheet repositioning transaction executed in the fourth quarter. See “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and related GAAP reconciliations at the end of this release.

FORWARD-LOOKING STATEMENTS

This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.   

Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2022 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

  1. Core net income is a non-GAAP measure which excludes Maui wildfire-related after-tax costs and the after-tax loss on sale of securities resulting from the balance sheet repositioning executed in the fourth quarter. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.
  2. Core returns on average equity and average assets are non-GAAP measures which exclude Maui wildfire-related after-tax costs and the after-tax loss on sale of securities resulting from the balance sheet repositioning transaction executed in the fourth quarter. See the “Explanation of ASB’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation.

MEDIA CONTACT            
Shara Aiu, American Savings Bank            
syaiu@asbhawaii.com

Tony Mizuno

Tony Mizuno

Executive Vice President of    
Commercial Markets

Tony Mizuno is Executive Vice President of Commercial Markets at American Savings Bank (ASB), where he oversees the areas of commercial and commercial banking, commercial real estate, cash management and international services. With over 30 years in banking, he has extensive experience in affordable housing, commercial mortgages, construction lending and equipment leasing.

Tony joined ASB in 2020 as Senior Vice President, Manager of Commercial Real Estate Banking. Prior to that, he spent 27 years at Bank of Hawaii leading the commercial real estate loan division and serving as Chief Operating Officer and Chief Financial Officer at The Certified Group.

With deep commitments to the community, Tony has been a board member for Child & Family Service since 2012, Hawaii Community Reinvestment Corporation since 2012 and the Gift Foundation of Hawaii since 2016. He also serves as the treasurer for Hawaii’s National Association of Industrial and Office Properties (NAIOP), the nation’s leading trade association for developers, owners, investors, asset managers and other professionals in industrial office and mixed-used commercial real estate.

Committed to fostering young talent in Hawaii, he served as a judge for local industry competitions like NAIOP’s Hawaii Kukulu Hale Awards and the University of Hawaii’s Venture Competition. Tony has been recognized for his business and community contributions as a Hawaii Business Magazine 20 For the Next 20 awardee.

His past roles include president and trustee for Historic Hawaii Foundation, president for Prevent Child Abuse Hawaii and vice president at Pacific Housing Assistance Corporation. He was also a past board member for Ponoholo Ranch and Urban Land Institute (ULI) Hawaii.

Tony has a Bachelor of Business Administration with a focus in finance from the University of San Diego.

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Tony Mizuno Promoted to Executive Vice President of Commercial Banking Following Gabe Lee's Retirement After 25 Years at ASB

ASB January 08, 2024 | 3 MIN read News Releases

American Savings Bank (ASB) announced the retirement of Gabe Lee, who served as Executive Vice President (EVP) of Commercial Banking for over 25 years and successfully created ASB’s Commercial Banking division. Tony Mizuno, who joined ASB in 2020 and has more than 30 years of banking experience, was promoted to lead ASB’s Commercial Banking team. Lee will continue as a strategic business advisor until March 2025.

“We are grateful for Gabe’s vision, leadership and commitment over the years to build ASB’s Commercial Banking division, basically from the ground up, into what it is today,” said Ann Teranishi, president and CEO at ASB. “Although he is retiring, Gabe’s contributions will live on through the many bankers he has mentored, along with the numerous customers, business and community partners, and teammates he has supported over his 40-plus year career in banking.”

In his new role, Mizuno is responsible for overseeing the areas of corporate and commercial banking, commercial real estate, cash management and international services at ASB.      

“Tony is an effective and experienced banking leader, who has already contributed greatly during his time at ASB,” Teranishi said. “He has a true passion for bringing real impact to the community, with a commitment to support local businesses and tackle Hawaii’s affordable housing challenges. We’re excited to welcome him as a member of our Executive Management Team.”      
 

Gabe Lee's Accomplishments

Lee joined ASB in 1998 as Senior Vice President, Commercial Banking. His remarkable achievements during his 40-year banking career include growing ASB’s commercial real estate portfolio from $189 million to $1.44 billion and expanding the commercial and industrial loan portfolio tenfold, from $65 million to $677 million. Lee grew ASB’s overall commercial banking portfolio by 736.6%.

Gabe Lee's photo

Gabe Lee  
EVP, Commercial Banking  
(1998-2023)

“ASB has been an important part of my life for the past 25 years, and I am proud of the team and all that they have achieved,” said Gabe Lee. “It’s bittersweet for me to leave this exceptional team, but I am happy to support them in any way I can going forward, and I am excited for Tony to continue growing ASB’s bright future. I want to thank Ann and the executive team at ASB, along with prior leaders and mentors, for their friendship and this magnificent journey.”      

Lee is on the Board of Regents for the University of Hawaii and a board member for Diamond Head Theatre, Ahahui Koa Anuenue, Boy Scouts of America – Aloha Council and the Chinese Chamber of Commerce.

Tony Mizuno Promoted to EVP, Commercial Banking

Tony Mizuno joined ASB in 2020 as Senior Vice President, Manager of Commercial Real Estate Banking and was quickly promoted to director. Prior to joining ASB, Mizuno held numerous leadership positions during his 27 years at Bank of Hawaii and was Chief Operating Officer and Chief Financial Officer of The Certified Group. Mizuno has extensive experience in affordable housing, commercial mortgages, construction lending and equipment leasing. 

Tony Mizuno's photo

Tony Mizuno  
EVP, Commercial Banking

“I am honored to serve in my new role and look forward to working closely with our leaders and community partners to continue maximizing our investment in supporting Hawaii’s residents and businesses,” said Tony Mizuno. “This new phase comes at an exciting time at ASB, as we approach our centennial next year and maximize our strong capital position and solid credit quality to make banking easy and convenient for customers. It has been an honor working alongside Gabe, and I wish him all the best in his well-deserved retirement.”      

With deep commitments to the community, Mizuno has been a board member for Child & Family Service since 2012, Hawaii Community Reinvestment Corporation since 2012 and the Gift Foundation of Hawaii since 2016. He also serves as the treasurer for Hawaii’s National Association of Industrial and Office Properties (NAIOP), the nation’s leading trade association for developers, owners, investors, asset managers and other professionals in industrial office and mixed-used commercial real estate.      

Mizuno served as a judge for local industry competitions, including the NAIOP Hawaii Kukulu Hale Awards and University of Hawaii’s Venture Competition. He was also recognized for his business and community contributions as a Hawaii Business Magazine 20 For the Next 20 awardee. Mizuno has a Bachelor of Business Administration with a focus on finance from the University of San Diego.

Media Contact

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

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Guy Fieri Foundation Donates $1.2 Million to Lahaina Restaurant Workers Impacted by Wildfires

ASB December 28, 2023 | 4 MIN read Community

With a deep love for Maui, celebrated chef and TV personality Guy Fieri teamed up with the Hawaii Restaurant Association (HRA), American Savings Bank (ASB) and Fiserv, Inc., to distribute $600 prepaid debit cards to Lahaina restaurant workers who lost their job when their workplace was destroyed in the tragic wildfires on Aug. 8. With many residents still struggling to purchase everyday essentials, such as food and medication, this gift provides much-needed assistance to Lahaina restaurant workers who have lost so much.

Kahului Branch Team

The HRA has spent the last few weeks reaching out to affected Lahaina restaurant owners whose businesses were destroyed by the fire. So far, HRA has been in contact with about 70 restaurant owners, who are scheduled to pick up the cards for their employees at ASB’s Kahului Branch through the end of the week.     

**IMPORTANT** Lahaina restaurant owners who have not yet been in contact with the HRA should email info@hawaiirestaurant.com or call (808) 944-9105 for more information on the prepaid debit card program and next steps. Restaurant owners must contact the HRA before picking up their employees’ cards.     

As a chef and foodie, Fieri has established a special connection with Maui and has showcased many of the island’s restaurants on his various television shows. Fieri has dedicated his life to supporting the culinary industry, and when he heard about the devastation from the fires on Maui restaurant workers, he sprang into action.

Donation to Lahaina Restaurant Workers

Fieri organized “Chefs for Maui,” a dinner in Sonoma, California, which drew support from 38 award-winning chefs, celebrity friends, foodies and world-renowned restauranteurs. The sold-out event raised over $1.5 million, which was donated to the HRA and Salvation Army Hawaii. A portion of those proceeds went toward purchasing these prepaid debit cards for Maui restaurant workers.     

“Hawaii Restaurant Association is pleased to partner with the Guy Fieri Foundation, American Savings Bank and Fiserv to provide this support to workers employed at the restaurants destroyed in the Lahaina wildfires,” said Sheryl Matsuoka, executive director at HRA. “As we worked over the last several months to contact those affected, we heard many stories of heartbreak, tragedy and loss. Yet, we also heard stories of hope and resilience.”     

“We are honored to collaborate with the Guy Fieri Foundation, as well as American Savings Bank and Fiserv, in this meaningful endeavor to, once again, support our foodservice community,” said Matsuoka.

Donation to Lahaina Restaurant Workers

To ensure donations from the Guy Fieri Foundation directly benefit impacted restaurant workers, ASB and Fiserv waived all fees related to the production, distribution and management of the cards.     

“American Savings Bank is committed to supporting the individuals, families and businesses on Maui as the community heals and rebuilds in the aftermath of the devastating wildfires," said Ann Teranishi, president and CEO at American Savings Bank. “We hope the generosity demonstrated by the Guy Fieri Foundation will inspire others to join in and support the Maui community.”     

“We’re proud to help bring to life initiatives that benefit small businesses, their workers, and the communities they serve,” said Jose Garcia, senior vice president at Fiserv. “The need for everyday essentials never stops, and with a fee-free prepaid card, people will have a convenient way to access these donations to make day-to-day purchases.”

Media Contact

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

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ASB Awards Over $145,000 to Winners of KeikiCo Business Plan Competition

ASB December 26, 2023 | 2 MIN read Community

Student entrepreneurs across the state presented their best ideas in American Savings Bank’s 6th annual Bank for Education KeikiCo Business Plan Competition. From a sustainable waste management system to a mental health app for parents and kids to stay in touch, over 100 teams submitted game-changing ideas, developed valuable business skills and received a chance to win up to $25,000 for their school.       

“Every year, KeikiCo participants impress us with their creativity, innovation and entrepreneurial spirit – qualities that are key to diversifying Hawaii’s economy” said Ann Teranishi, president and CEO at ASB. “This year, we were inspired by the students who presented ideas to help those on Maui recover from the devastating wildfires. American Savings Bank is proud to support these young leaders and entrepreneurs with mentorship and financial education resources.”

Nanakuli High School KeikiCo Winners

Students formed teams of up to five members and created business plans and video pitches that were reviewed by judges from the business community. First-place teams in each division won $25,000 for their school and each member of the winning team also received an individual cash bonus of up to $500. The public was also invited to vote for their favorite team, with the top three teams in each division receiving the People’s Choice award.       

“Students explored their business ideas, honed real-world skills and developed effective collaboration and customer service expertise,” said Joseph Halfmann, principal at Pearl City High School. “Their realistic solutions to better our community showcase their dedication and ingenuity. We thank American Savings Bank and partners for making this program possible.”       

To help them develop their business plans, KeikiCo participants benefit from a comprehensive program, including a video curriculum, online resources and mentorship designed to foster entrepreneurship, marketing and critical thinking skills crucial for building a successful business in Hawaii.       

“Last year, we used our $25,000 KeikiCo award to buy cardboard shredders for schools on the west side to help manage the influx of cardboard due to ecommerce,” said Michelle Pieper, Hawaiian language teacher at Nanakuli High & Intermediate School. “This year, our team built on that project with a plan to use shredded cardboard to create eco-friendly oil change boxes. I’m proud of the students for using their winnings to make a difference in their communities. When people ask me what I teach, I say I teach kuleana.”

Elementary School Division

  • 1st Place: Manoa Elementary - Pastries & Pages ($25,000)
  • 2nd Place: Waialua Elementary - ZenKen’s Fabulous Face Painting ($15,000)
  • People's Choice: Our Lady of Good Counsel - Manila Fiesta Filipino Cuisine ($5,000)
  • Special Mention: Kaimuki Christian - Dream Lights ($2,500)

Manoa Elementary KeikiCo Winners    
Manoa Elementary School - 1st Place Winner

Middle School Division

  • 1st Place: Mililani Middle - Two Times Recycling Co. ($25,000)
  • 2nd Place: Highlands Intermediate - Paper Charmed ($15,000)
  • People's Choice: Kalakaua Middle - Super Strainer ($5,000)
  • Special Mention: Maui Waena Intermediate - Cranes of Hope ($2,500)

Mililani Middle KeikiCo Winner    
Mililani Middle School - 1st Place Winner

High School Division

  • 1st Place: Pearl City High - Flutter ($25,000)
  • 2nd Place: Nanakuli High & Intermediate - Scrappahz Union 96792 ($15,000)
  • People's Choice: Kaimuki High - W.O.R.M.S Club ($5,000)
  • Special Mention: Pearl City High - Social U / Aloha Bracelets ($2,500)
  • Advisor Award: Nanakuli High & Intermediate - Michelle Pieper, Scrappahz Union 96792 ($500)

Pearl City High School KeikiCo Winners    
Pearl City High School - 1st Place Winner

Winners join ASB’s Bank for Education Ohana, an exclusive group of schools that receive special benefits such as priority consideration for grants, volunteer service projects, scholarships, internships and exclusive event invitations.      

The KeikiCo Contest is a cornerstone of ASB’s Bank for Education program, contributing over $1.5 million to Hawaii’s schools since 2010.

Media Contact

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

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Keiki Super Skaters Fly High at Aala Park

ASB December 01, 2023 | 2 MIN read Community

On Sunday, Dec. 3, American Savings Bank (ASB), Super Skate Posse, APB Skateshop and Trust for Public Land join forces at Aala Park for a sneaker, helmet and skateboard giveaway to support over 60 keiki skateboard enthusiasts from Kalakaua Middle School, Princess Ruth Ke‘elikolani Middle School and other community groups. The invitation-only giveaway portion of the event will be followed by a free skate exhibition and a best trick contest, from 1:30 p.m. to 3:30 p.m., which the public is invited to attend.

Aala Skate Park Clinic

Participants will have the opportunity to meet and be amazed as all-stars like Jaime Reyes – Hawaii’s goofy-footed professional skateboarder who grew up skating at Aala Park – flip, grind and grab air.       

“We’re thrilled to see Aala Skatepark bursting with energy once again as neighborhood kids and families re-discover what a great asset it is,” said Beth Whitehead, executive vice president and chief administrative officer at ASB. “Aala Park has a special place in our hearts, and we are committed to providing fun, safe and healthy opportunities for the community to enjoy.”       

“APB is excited to support the Super Skate Posse Giveaway at Aala Skatepark for the third time,” said Chad Hiyakumoto, owner of APB Skateshop. “This event gives Chinatown-Palama neighborhood kids access to a positive new activity while celebrating a skatepark that is iconic to the Honolulu skate scene.”

Event Timeline:

11 a.m. to 1:30 p.m.

  • Skate Lessons and Equipment Distribution
    • Distribution of new skateboards, helmets, shoes, t-shirts and bags.
    • Private skate lessons and giveaways for about 60 area youth who have been pre-selected by community partners.
  • Who: Invitation-only

1:30 p.m. to 2:15 p.m.

  • Professional Skate Demonstration            
    A 30-minute skate demonstration, led by five notable skaters:
    • Jaime Reyes (Hawaii skate legend and pioneer who is one of the only women to grace the cover of Thrasher, LGBTQIA+ icon.)
    • Heimana Reynolds (Hawaii Olympic athlete)
    • Danny Hamaguchi (Hawaii pro skater for Thank You Skateboards)
    • Louie Lopez (FA & Cons signature professional athlete, 2022 Thrasher Skater of The Year candidate)
    • Beatrice Domond (FA Skateboards professional rider and cultural model)
    • Erik Herrera (Hawaii pro skater for Chocolate Skateboards)
  • Who: Open to the public

2:30 p.m. to 3:30 p.m.

  • Best Trick Competition      
    Prizes include $500 in gift cards
  • Who: Open to the public

Last year’s event drew more than 100 participants who were thrilled to get a rare glimpse of professional skateboarders in Hawaii showing off their best tricks.        

“Growing up, I loved skateboarding, and it is what I did with all my free time from middle school all the way through college,” said William Grindell, principal of Kalakaua Middle School. “It is heartwarming to know that efforts are being made to make skateboarding accessible to our students, especially those who might face barriers due to financial constraints.”        

Free follow-up skateboarding lessons will be offered to event participants through APB Skateshop and Trust for Public Land during winter break.

Media Contact

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

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American Savings Bank Receives Exceptional Community Bank Service Award

ASB September 01, 2023 | 5 MIN read Personal

Content written by Independent Banker

There’s a word in Hawaiian—kahiau—that means to give generously without expecting anything in return, and American Savings Bank (ASB), a financial institution with an almost century-long history of community support in Hawaii, exemplifies that spirit perfectly.

With roots stretching back to 1925 and 38 branches across the Hawaiian Islands, ASB is one of the state’s leading financial institutions. Yet the Honolulu-based bank’s focus, says president and CEO Ann Teranishi, is firmly on its community.    

Recognized as one of the best places to work by Hawaii Business Magazine for over a decade now, ASB has also been lauded by Fortune for its inclusivity, and it has a deep commitment to community service. “We understand that bringing real impact to our community means more than just giving financially,” Teranishi explains. “It also requires year-round commitment of our time, ‘sweat equity,’ best ideas and leadership to support our focus areas.”     

These areas are improving education, strengthening communities and underserved families, promoting economic vitality by fostering innovation and entrepreneurship, and increasing access to affordable housing. In recent years, another major goal of the community bank has been the revitalization of ‘A’ala Park in Kalihi-Palama, the neighborhood that’s home to the ASB Campus, an 11-story office space that has served as the bank’s homebase since 2019.

Supporting the underserved

To fund these goals, ASB initiated the Kahiau Giving Campaign in 2011, an employee workplace giving program named after that concept of selfless generosity. As Teranishi explains, “We decided we wanted to support more organizations in a meaningful way and get teammates more engaged in bringing real impact to our community. Rather than holding a handful of small fundraisers throughout the year, we decided to do one big splash effort.”     

The program helps underserved communities through five nonprofit partners: Child & Family Service, Kapiolani Health Foundation, Kupu, Partners in Development Foundation, and United Way Chapters throughout Hawaii. “We specifically selected these five Kahiau partners because their mission and values are aligned with our own,” Teranishi says, “and because the support they provide to our community is critical to improving the health and well-being of our state.”     

Each year, ASB invites all 1,100 of its employees to donate, and it matches those donations up to $150,000. Since it was first set up, the program has collected nearly $3 million in donations for the community. In 2021 alone, it raised more than $360,000.

“We begin each annual campaign with a fun celebration,” says Teranishi, “starting with our executive leadership team decked out in costumes greeting teammates as they arrive to work, followed by silly videos and posters of our leaders, snacks, photo booths, a virtual donor’s wall of fame and certificates for participants.     

“Our teammates love a bit of friendly competition, so we turn our Kahiau Giving Campaign into a fun challenge by dividing teammates into four teams to see who will be the first to reach 100% participation,” she adds. “By engaging everyone in fun and meaningful ways and having our leadership team be the champions of this program, we’ve seen a dramatic increase in participation, from 46% to 97%.”     

Throughout the year, employees are encouraged to support the same partners through the bank’s Seeds of Service program, which is where the sweat equity comes in. The ASB team has clocked up nearly 100,000 volunteer hours to date on projects that include landscaping, painting, meal preparation and teaching financial literacy at schools.

The community bank’s Community Advancement team keeps up with its partners to make sure it’s aware of new programs and initiatives—a fact that helped ASB scale up its efforts when the pandemic hit. In 2020, it donated $25,000 to local food banks, partnered with Child & Family Service to give out PPE supplies, groceries and hot meals to more than 400 families in Chinatown, and collaborated with Pint Size Hawaii and Mauna Loa Macadamia Nuts to distribute ice cream to healthcare workers. The following year, the community bank gave out cash prizes as part of Hawaii’s vaccination drive and partnered with a local healthcare provider to host free vaccination clinics for the underserved.

ASB Banker

ASB team members contributed to the bank’s Seeds of Service program, tallying nearly 100,000 volunteer hours.

A focus on conservation

One of ASB’s key partners is Kupu, a nonprofit founded in 2007 to empower local youth to serve their communities and conserve the environment. Since its inception, Kupu has worked with more than 5,000 young adults, planted a million native plants and removed more than 100,000 acres of invasive species. It also set up a culinary program, teaching food preparation using sustainable resources.     

ASB has worked with Kupu for a decade. In 2021, it helped the nonprofit secure a Federal Home Loan Bank of Des Moines’ Strong Communities Award for $15,000 to address the effects of the pandemic on the local economy. ASB also partnered with Kupu to set up a food truck in Honolulu from which culinary students serve healthy food using locally grown produce. The bank most recently donated $5,000 to Kupu’s 2022 Environmental Fair, an annual event that promotes community engagement and career opportunities for youth and young adults.     

Kepa Barrett, a Kupu alumnus who now serves as its external affairs officer, remembers sitting on Moa’ula Iki, the second highest peak on the island of Kaho’olawe, during Kupu’s Hawaii Youth Conservation Corps summer program in 2011. “I’ll never forget what I saw that day: a 180-degree view of Oahu, Molokai, Maui, Lanai and Hawaii Island scattered across a 200-mile expanse of the Pacific,” Barrett says.     

“I could feel my kupuna speaking over me that day,” he says, referring to the spirit of an honored elder, “telling me it was my kuleana [responsibility or privilege] to protect and preserve our land—our ‘āina. The support that American Savings Bank gives to Kupu provides opportunities like this for other youth and young adults to gain a different perspective on how they can give back to their community here in Hawaii. We could not serve Hawaii’s community the way we do without the support of ASB, and we are deeply honored to partner with them.”

Teranishi believes that involvement with nonprofits like Kupu also empowers the bank’s employees, giving them leadership opportunities, encouraging teamwork and allowing them to forge connections at work and within the community.     

“As much as we are grateful for the opportunities to support our community in various ways,” she says, “we gain just as much in return. Giving is truly a win-win situation for everyone, and we are so proud of our teammates’ commitment to take care of our customers, community and each other.”

Reference: https://www.independentbanker.org/article/2023/08/31/icba's-2022-national-community-bank-service-award-winners

Media Contact

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

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