American Savings Bank, a Hawaii community bank with 35 branches across the state, announced terms for its IPO on Tuesday.
The Honolulu, HI-based company plans to raise $120 million by offering 7.5 million shares (100% secondary) at a price range of $15 to $17. Existing stockholder CDI American has indicated on $34 million worth of shares in the offering (28% of the deal). At the midpoint of the proposed range, American Savings Bank would command a market value of $1.0 billion.
American Savings Bank provides a full suite of financial products and services, including deposits, loans, insurance, cash management, merchant services, and investment services to personal, small business, and commercial customers across Hawaii. The bank operates a statewide network of 35 branches and over 120 automated teller machines, complemented by a digital banking platform. It is a national bank regulated by the OCC and operates without a holding company, which means the Federal Reserve is not one of its primary regulators. As of June 30, 2026, the bank served nearly 400,000 customers and had total assets of $9.0 billion, total loans of $6.2 billion, total deposits of $8.2 billion, and total stockholders' equity of $692 million. Approximately 95% of its loans are either collateralized by real estate in Hawaii or made to borrowers located in Hawaii at origination, and its loan portfolio is primarily residential mortgage and HELOC (59% as of 6/30/26), followed by commercial real estate (25%).
American Savings Bank was founded in 1925 and booked $364 million in revenue for the 12 months ended June 30, 2026. It plans to list on the NYSE under the symbol ASBH. Piper Sandler and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price on Tuesday, September 15, 2026.
