American Savings Bank is Hawaii's third-largest financial institution, with assets of $6.7 billion. A subsidiary of Hawaiian Electric Industries, it is headed by Chairman Constance Lau.
American Savings Bank dates back to September 7, 1922, when four men filed articles of incorporation in the state of Utah for Mutual Savings and loans. The following year, on April 24, another association filed articles of incorporation under the name of American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.
On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan to become American Mutual Savings and Loan. Ten years later, the corporate name was changed to American Savings and Loan Association.
By 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. The 1971 acquisition of Kauai Savings and Loan added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & Loan. American Savings and Loan now had branches on five islands. When American Savings and Loan acquired the Pacific Savings and Loan Association of Hawaii in 1977, it added another six locations on Oahu. In 1978, American Savings and Loan marked a milestone when it achieved $1 billion in assets.