American Savings Bank to Move its Kapolei Branch

American Savings Bank is expected to start construction soon on a new West Oahu branch across from the Foodland-anchored Kapolei Village Center, the Honolulu-based bank said Monday.

American Savings Bank, a subsidiary of Hawaiian Electric Industries Inc. (NYSE: HE), held a private groundbreaking ceremony for its new 3,500-square-foot branch on Wakea Street that will include a drive-up teller window, safe deposit boxes and an ATM. The full-service branch is scheduled to be open seven days a week.

Construction is expected to take about eight months to complete, at which time the current Kapolei branch on Kamokila Boulevard will be relocated to the new branch.

American Savings Bank has had its Kamokila Boulevard branch for more than 20 years.

The bank is listed as the owner of the 1.3-acre parcel that will be the site of its new Kapolei branch, which will be located near the Kapolei Lofts rental apartments that’s also on Wakea Street. The parcel, located in the Kapolei Business Park subdivision, has a total assessed value of about $3.1 million, property records show.

Meanwhile, American Savings Bank recently received the approval from the Oahu Island Burial Council to move ahead with the development process of its new headquarters. The process was halted months ago with the discovery of iwi kupuna, or ancient human remains, at the site near Downtown Honolulu.

A construction start date has not yet been set. The big project, which involved the bank paying $12 million for the 62,595-square-foot vacant lot on North Beretania Street in Chinatown, was first reported by Pacific Business News.

American Savings Bank also sold a block it owned in the Honolulu neighborhood of Kalihi to Tori Richard Ltd., where the Honolulu-based resort aloha wear retailer is finalizing its move into its new headquarters.

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