AMERICAN SAVINGS BANK RECEIVES NATIONAL AWARD FOR HAWAIIAN HOMELANDS LOAN PROGRAM

Ho‘olako Pono Program Provides More Than $32.8 Million In Loans to DHHL Lessees

HONOLULU – America’s Community Bankers (ACB) presented an award for the bank’s Ho‘olako Pono Loan Program to Constance Lau, Chairman, President and CEO of American Savings Bank on Friday, Nov. 9, during ACB’s annual conference at the Venetian Hotel and Casino in Las Vegas, Nevada.

American Savings Bank received one of only 13 awards and was the only bank to be honored in the category of Helping to Improve Home Ownership.

“We are truly honored to be nationally recognized by our peers as a community bank that is actively working to better the lives of the people of Hawai‘i,” said Constance Lau. “Through our special programs, such as Ho‘olako Pono, American Savings Bank and its employees understand the importance of providing financial services to our community where they are needed the most.”

Introduced in August 2005, the Ho‘olako Pono Loan Program was the first of its kind in the state of Hawai‘i to offer construction loans and mortgages to Department of Hawaiian Home Lands (DHHL) lessees. Ho‘olako means to provide or nourish and Pono means to make things right. These loans up to $625,000 can be used to purchase a new home, refinance an existing home or finance the construction of a new home. To date, more than 153 loans totaling over $32.8 million have been lent for DHHL improvements, and more than $29 million additional funds are in process.

What began as a coordinated effort between several departments within American Savings Bank grew into a series of meetings and work with DHHL and the Mortgage Guarantee Insurance Corporation, working together to change state laws, which allow the Ho‘olako Pono Loan Program to exist. The implementation of Ho‘olako Pono was a very personal triumph for several American Savings Bank employees who were honored with a Kalo Award, given to a small number of employees each year for their outstanding contributions to the bank.

Serving Hawaii’s businesses and communities for more than 80 years, American Savings Bank is Hawaii’s third-largest financial institution with $6.8 billion in assets and the second-largest branch network in the state, with 63 branches and over 200 automated teller machines. American Savings Bank provides a full range of financial products and services, including commercial banking and consumer deposits and loans. For more information, visit www.asbhawaii.com.