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The Honolulu Advertiser
Updated at 4:30 p.m., Thursday, June 26, 2008

American Savings to take $36M charge from asset sale

Advertiser Staff

American Savings Bank said today it will take a $36 million after-tax charge as part of a plan to reposition the bank's balance sheets and improve performance.

The charge will be reflected in the second quarter earnings of American Savings' parent Hawaiian Electric Industries Inc.

American Savings, the state's third largest financial institution, said it recently sold $1.3 billion in securities. Most of the $36 million charge stems from fees relating to the sale.

"I am pleased to announce that we have substantially completed the balance sheet repositioning which puts us well on our way to improving the bank's performance and capital efficiency," said Timothy Schools, American Savings president.

Shares of Hawaiian Electric Industries were down 41 cents art $25.23 in late trading today.