American Savings Banks investment subsidiary will acquire Bishop Insurance Agency of Hawaii in a move that expands the banks range of services.
American Savings Investment Services Corp. will buy the 142-year-old insurance agency, which primarily writes property and casualty policies, the bank said yesterday.
Terms of the deal were not disclosed.
Officials said that Bishop Insurance will continue to operate under its own name and that no changes to the job force are anticipated.
Through its subsidiaries, American Savings offers insurance, fixed and variable annuities, and personal and commercial property and casualty insurance.
"This acquisition gives American Savings Bank an opportunity to provide greater benefits to our customers," said Wayne Minami, president and chief executive of American Savings.
Clarence Philpotts, vice chairman of the board of Bishop Insurance, said: "We believe that American Savings Investment Services Corp. will continue to provide excellent service to our customers and can give them access to an expanded range of insurance and banking products and services."
Many banks have started offering insurance and investment products as ways to expand their customer base.
American Savings also has said it is looking to expand its branch network this year to more supermarkets and shopping malls.