American Savings and Loan Association has completed the sale of its Hawaiian subsidiary, American Savings Bank, F.S.B, Hawaii, to Hawaiian Electric Industries.
The $112 million sale, approved last week by the Federal Home Loan Bank Board, was agreed upon last January. The Hawaiian savings and loan operates 34 branches and has $1.1 billion in assets.HEI is the parent company of Hawaiian Electric Co. and acquired the savings bank as part of the diversification program, a spokesman said.
J. Alan Blodgett, president of Salt Lake-based American Savings, said American will continue operating its branches in Utah and Oregon with assets of more than $2.1 billion.