AMERICAN SAVINGS BANK ANNOUNCES THREE APPOINTMENTS

HONOLULU - American Savings Bank announces the appointment of Timothy Schools to Senior Executive Vice President, Chief Operating Officer and the promotions of David Todani to Executive Vice President, Lending and Kevin Haseyama to Senior Vice President, Treasury.

As Chief Operating Officer, Timothy Schools will be responsible for all hands-on operations of the bank, including the implementation of the strategic plan. He joins American Savings Bank from The South Financial Group, the largest publicly traded holding company headquartered in South Carolina, where he most recently served as Executive Vice President-Chief Financial Officer. "After a year-long search, it was important for us to bring in the right leadership both for the bank and for our community. Tim shares not only our core values, but believes a community bank should be built to serve our communities," said Constance H. Lau, Chairman, President & CEO, to whom Schools will report directly.

Schools' experience also includes serving as Senior Vice President-Strategic Planning with National Commerce Financial in Memphis, Tennessee, Vice President-Investor Relations with South Trust in Birmingham, Alabama, and previously held positions within the energy industry at Sonat Energy Services in Alabama and Price Waterhouse in Texas. His community service most recently included serving on the board of the Community Foundation of Greenville. He earned a master's in Business Administration from Emory University in Georgia and graduated magna cum laude with a BBA in Information and Decision Science from James Madison University in Virginia.

David Todani has been promoted to Executive Vice President, Lending and most recently served as American's Senior Vice President, Treasury. Todani joined the bank as Treasurer in 2000 and was promoted to Senior Vice President in 2004. Prior to joining American, Todani worked for Pacific Century Trust, Bank of Hawaii and Honolulu Federal Savings & Loan in finance, treasury and investment management positions. He serves on the boards of the Maunalani Foundation, Chamber of Commerce Public Health Fund, and the Hawaii Chapter of the Financial Executives Institute and is a member of the Hawaii Society of Investment Professionals and the CFA Institute. He received his master's in Business Administration from the University of Hawaii at Manoa and a bachelor's degree in Business Administration from the University of Washington.

Subsequent to Todani's promotion, Kevin Haseyama has been promoted to Senior Vice President, Treasury. He most recently served as American's Vice President, Financial Risk Manager, a position he assumed when he joined the bank in 2001. Prior to joining the bank, Haseyama worked for three years in the financial services software industry and seven years at major financial institutions, including Federal Home Loan Bank of San Francisco and Wells Fargo Bank. Early in his career, Haseyama worked at Hughes Aircraft Company designing radar systems. He received his master's in Business Administration from the University of California, Los Angeles and a master's in Electrical Engineering from the University of Southern California. He earned a bachelor's in Engineering from Harvey Mudd College in Claremont, CA.

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 64 branches and nearly 200 automated teller machines. American Savings Bank provides a full range of financial products and services, including commercial banking, consumer deposits, loans, insurance and investments. For more information, visit asbhawaii.com.