American Savings Bank prices IPO at $16 per share

HONOLULU - American Savings Bank, N.A. has priced its initial public offering at $16 per share, the bank announced in a press release. The offering will consist of 8,057,240 shares of common stock being sold by existing shareholders, with no proceeds going to the bank itself. Underwriters were granted a 30-day option to buy up to an additional 1,208,586 shares to account for over-allotments.

The shares are set to begin trading on the New York Stock Exchange under the ticker symbol ASBH. The offering is expected to conclude on Thursday, pending customary closing conditions. Piper Sandler & Co. is serving as the sole book-running manager, with Keefe, Bruyette & Woods as lead manager, and D.A. Davidson & Co. and Stephens Inc. as co-managers.

The bank's Registration Statement on Form S-1, related to this offering, was filed with the Office of the Comptroller of the Currency and became effective on Monday. American Savings Bank, a community bank based in Hawaii, has been operating in the state since 1925 and maintains a network of 35 branches and over 120 ATMs throughout the Hawaiian Islands.