Hawaiian Electric Industries agreed to sell its community bank subsidiary to a group of investors on Tuesday. The deal could help the company as it resolves a nearly $2 billion settlement related to the Maui wildfires.The group of nearly a dozen investors will pay around $405 million for a roughly 90% stake in American Savings Bank, the company said, while Hawaiian Electric will retain the rest.The company announced the deal midday Tuesday after The Wall Street Journal contacted it for comment on the impending agreement. It said the deal closed on Tuesday.Hawaiian Electric had a market value of around $1.7 billion before announcing the deal. Its shares were halted Tuesday before the deal's announcement.The sale should help Hawaiian Electric bolster its balance sheet after mass lawsuits related to the 2023 fires, which killed more than 100 people and led to widespread destruction.A joint investigation from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives and Maui fire department found a downed power line caused the fires. The utility has acknowledged power lines and poles fell that day but denied that it was responsible.In November, the company said it would contribute nearly $2 billion to a joint settlement that also included the state of Hawaii and Maui County. The settlement was "without any admission of liability." American Savings Bank is one of Hawaii's largest banks, with nearly $10 billion in total assets. It operates around three dozen branches on Oahu, Maui and other Hawaiian islands.Hawaiian Electric bought the bank in 1988 as part of a diversification strategy.In 2023, the bank accounted for around 11% of consolidated revenue at Hawaiian Electric, according to securities filings.

Hawaiian Electric Agrees To Sell Its Bank Subsidiary

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