We advised ASB on its IPO, the first national bank IPO listing on a national securities exchange in over 25 years

Davis Polk advised American Savings Bank, N.A. on the $129 million OCC-regulated initial public offering of 8,057,240 shares of common stock sold by certain of its existing shareholders. The underwriters have a 30-day option to purchase up to an additional 1,208,586 shares of common stock from the selling shareholders. American Savings Bank is listed on the New York Stock Exchange under the ticker symbol “ASBH.” This is the first national bank IPO listing on a national securities exchange in over 25 years.

ASB is a full-service community bank serving Hawaii’s consumers, businesses and communities since 1925. The bank offers 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 Hawaii.

The Davis Polk corporate team included partners Shane Tintle and Margaret E. Tahyar, counsel Justin Levine, associates Jackson J. Miner, Kerim K. Aksoy, Soo Kyung Chae, Hye seon Jung and Elli Park. Partner Kyoko Takahashi Lin, counsel Justin Alexander Kasprisin and associate Haili S. Nelson provided executive compensation advice. Partner Corey M. Goodman, counsel Yixuan Long and associates Nancy B. Regan and Hunter P. Shaw provided tax advice. Partner Matthew J. Bacal and associates Bari Britvan and Ryan Grawe provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

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