Posted on: Tuesday, April 24, 2001

Minami to retire as American Savings CEO

By Frank Cho
Advertiser Staff Writer

Longtime American Savings Bank chief executive Wayne Minami is stepping down after nearly 15 years with Hawai'i's third-largest financial institution.

Minami, 58, will hand over the titles of president and chief executive to Constance Lau, his newly hired chief operating officer and the bank's No. 2 executive, at the end of next month.

Minami made the announcement to shareholders today at the annual meeting of parent company Hawaiian Electric Industries Inc.

"It was time for a change," said Minami, who said he plans to go fishing and travel more with his new-found free time. "The bank is in a situation where it can continue to grow under Connie, so I feel good about leaving at this time."

In 15 years as chief executive, Minami took a third-tier savings and loan institution and turned it into one of Hawai'i's biggest financial service companies with 68 branches, nearly 150 ATMs and $6 billion in assets.

Some of that growth came through development of the bank's existing retail business, but it was Minami's dramatic acquisition of Bank of America Hawaii's business in 1997 that propelled American Savings and Minami into Hawai'i's banking elite.

Still, Minami leaves a legacy of being a neighborhood banker, especially to those who viewed his career from inside the company. He is known as an unassuming manager who cooked pancake breakfasts for employees in his corner office while working to close billion-dollar deals.

The son of an 'Aiea hop farmer and homemaker, Minami treated such negotiations and business operations with a great deal of personal interest and attention, but left the details to his officers and executives.

Outside of American Savings, the assessment of Minami is similar. Some in the banking community see him as a visionary leader who foresaw that the industry was entering a period of consolidation, and had the personal force to push his institution to the top.

"I am grateful to Wayne's dedication to the bank, its employees and customers. We will miss him and wish him well in his retirement," said Robert Clarke, chairman, president and chief executive officer of Hawaiian Electric Industries.

Before joining the bank in 1986 as an executive vice president of Hawai'i operations, Minami served as state attorney general under Gov. George Ariyoshi and as state director of regulatory agencies between 1974 and 1978, now the Department of Commerce and Consumer Affairs.

American Savings under Minami has been solidly profitable, earning some $41 million in 2000, 15 percent higher than in 1999.

Minami said he may return to business if retirement doesn't suit him.

"I don't want to say what I might do. I want to relax as long as possible," Minami said.

Frank Cho can be reached by phone at 525-8088, or by e-mail at fcho@honoluluadvertiser.com