American Savings Bank Announces Closing of Upsized Initial Public Offering and Full Over-Allotment Option Exercise

HONOLULU--(BUSINESS WIRE)--American Savings Bank, N.A. (NYSE: ASBH) (“ASB”) announced today the closing of its upsized initial public offering of 8,057,240 shares of its common stock sold by certain of its existing stockholders (the “Selling Stockholders”) on September 17, 2026, and the closing today of the subsequent exercise by the underwriters of their over-allotment option in full to purchase up to an additional 1,208,586 shares, at a price to the public of $16.00 per share. ASB did not receive any proceeds from the sale of the shares by the Selling Stockholders.

ASB’s common stock is listed on the New York Stock Exchange under the symbol “ASBH.”

Piper Sandler & Co. acted as the sole book-running manager for the offering. Keefe, Bruyette & Woods, A Stifel Company, acted as lead manager, while D.A. Davidson & Co. and Stephens Inc. acted as co-managers.

The Registration Statement on Form S-1 relating to the offering was filed with the OCC and declared effective on September 15, 2026. The offering was made only by means of a prospectus. Copies of the Registration Statement and the final prospectus included therein relating to the offering may be obtained for free by visiting the Office of the Comptroller of the Currency’s (the “OCC”) reading room at https://occ.secureocp.com/App/ReadingRoom.aspx. Alternatively, copies of the Registration Statement and the accompanying exhibits and schedules may be inspected without charge at the public reference facilities maintained by the OCC at 400 7^th Street, SW, Washington, D.C., 20219. Copies of the final prospectus relating to the offering may also be obtained from Piper Sandler & Co., Prospectus Department, phone: [phone], email: [e-mail].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended and incorporated within the OCC’s regulations at 12 C.F.R. Part 16.

About American Savings Bank

ASB is a Hawaii-based, full-service community bank serving Hawaii’s consumers, businesses and communities since 1925. ASB has been making dreams possible for Hawaii’s residents by offering products and services that encourage financial wellness, empower families to become homeowners and help businesses thrive. ASB operates a network of 35 branches and over 120 ATMs in the State of Hawaii. With one of the state’s highest rated mobile apps for banking, ASB is available anytime, anywhere, making banking easier for our customers. ASB pairs its customer experience with an award-winning employee experience that has received local and national recognition, including being named a Best Place to Work in Hawaii for 16 years.