American Savings Bank has promoted Chief Operating Officer Tim Schools to president.

American Savings said yesterday that Schools will be responsible for the day-to-day duties at the state's third-largest bank starting Feb. 1.

"Throughout the past six months, Tim has done a fantastic job providing strategic direction and leadership for our employees and our organization," said Constance H. Lau, chief executive officer of American Savings and its parent company Hawaiian Electric Industries Inc.

Schools joined the bank as COO and senior executive vice president in July after having served as executive vice president and chief financial officer for The South Financial Group in South Carolina.

His experience includes stints as senior vice president for strategic planning and investor relations with National Commerce Financial in Memphis, Tenn., and vice president of investor relations with SouthTrust in Birmingham, Ala.

He also held posts with Sonat Inc., an Alabama energy company, and Price Waterhouse in Texas.

He earned a bachelor's in business administration from James Madison University in Virginia and a master's of business administration from Emory University in Georgia.

With $6.8 billion in assets and 63 branches, American Savings is the state's third-largest financial institution behind First Hawaiian Bank and Bank of Hawaii Corp.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.