---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-132904"
form_type: "8-K"
ticker: "HE"
cik: "0000354707"
company_name: "HAWAIIAN ELECTRIC INDUSTRIES INC"
filed_at: "2024-12-31T23:59:59+00:00"
generated_at: "2026-05-28T22:24:25.208010+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# HEI sells 90.1% of American Savings Bank for $405M to independent investors; retains 9.9%

## Summary
- Sold 90.1% of ASB common stock for $405M cash; deal closed Dec 31, 2024; values bank at $450M.
- HEI retains 9.9% stake; expects to no longer be regulated as savings and loan holding company.
- Proceeds to reduce holding company debt, increasing flexibility for wildfire settlement and utility initiatives.
- ASB continues as independent local bank with current management team, brand, and branches.
- All ASB executive officers and independent directors participated as investors; no investor owns >9.9%.

## SEC filing metadata
- accession: 0001104659-24-132904
- form_type: 8-K
- ticker: HE
- cik: 0000354707
- company_name: HAWAIIAN ELECTRIC INDUSTRIES INC
- filed_at: 2024-12-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/354707/000110465924132904/0001104659-24-132904-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/354707/000110465924132904/tm2432285d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-132904
- JSON: https://secwatch.observer/filing/0001104659-24-132904.json
- Plain text: https://secwatch.observer/filing/0001104659-24-132904.txt

## Key facts
- M&A Transactions
  HAWAIIAN ELECTRIC INDUSTRIES INC completed a disposition involving Investors named in the Investment Agreements for $405,450,000 (closed 2024-12-31).
  - Action: disposition
  - Counterparty: Investors named in the Investment Agreements
  - Consideration: $405,450,000
  - Closing: 2024-12-31
  source text: and outstanding shares of ASB Common Stock, resulting in a sale, in the aggregate, of 90.1% of the issued and outstanding ASB Common Stock for an aggregate purchase price of $405,450,000, the proceeds of which will be received by Seller. The Investments closed on December 31, 2024. No Investor acquired more than 9.9% of the issued and outstanding shares of ASB
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000110465924132904/0001104659-24-132904-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.