Hawaii Community Bank American Savings Bank (ASBH.US) applies for IPO: plans to raise $120 million, with 100% of shares being a secondary offering.

American Savings Bank, a community bank in Hawaii, announced the terms of its IPO on Tuesday. The bank has 35 branches across the state. The company plans to issue 7.5 million shares at a price of $15 to $17 per share (all secondary offerings), aiming to raise $120 million. Existing shareholder CDI American has expressed intent to purchase $34 million worth of shares in this offering (accounting for 28% of the deal). Based on the midpoint of the proposed price range, the market value of American Savings Bank will reach $1 billion. American Savings Bank offers a full suite of financial products and services to individuals, small businesses, and commercial clients throughout Hawaii, including deposits, loans, insurance, cash management, payment processing services, and investment services. The bank operates a network consisting of 35 branches and over 120 ATMs statewide, supplemented by a digital banking platform. It is a national bank regulated by the Office of the Comptroller of the Currency (OCC) and operates without a holding company, meaning that the Federal Reserve is not one of its primary regulators. As of June 30, 2026, the bank served nearly 400,000 customers, with total assets of $9 billion, total loans of $6.2 billion, total deposits of $8.2 billion, and total shareholders' equity of $692 million. Approximately 95% of its loans are secured by real estate in Hawaii or made to borrowers located in Hawaii; its loan portfolio primarily consists of residential mortgages and home equity lines of credit (HELOCs, accounting for 59% as of June 30, 2026), followed by commercial real estate loans (25%). Founded in 1925, American Savings Bank generated revenue of $364 million in the 12 months ending June 30, 2026. The company plans to list on the New York Stock Exchange under the ticker symbol ASBH. Piper Sandler and Keefe Bruyette Woods are serving as co-lead bookrunners for the offering. Pricing is expected to occur on Tuesday, September 15, 2026.