Hawaiian Electric Agrees to Sell Bank Unit After Wildfire Settlement.

Hawaiian Electric Industries has agreed to sell its community bank subsidiary, American Savings Bank, to a group of investors for around $405 million. This deal comes as the company resolves a nearly $2 billion settlement related to the Maui wildfires of 2023, which were caused by a downed power line. The sale of the bank is expected to help Hawaiian Electric strengthen its balance sheet after facing mass lawsuits and contribute to a joint settlement with the state of Hawaii and Maui County. American Savings Bank is one of Hawaii's largest banks, with nearly $10 billion in total assets, and operates around three dozen branches on various Hawaiian islands. [Extracted from the article]