Independent Banker - January 2024 - 62

CONNECTIONS COMMUNITY SPIRIT
Rallying around Maui
Right after the devastating fires in Hawaii last August, American Savings Bank jumped into action to
support those affected not just as bankers, but as fellow community members. By William Atkinson
After the deadly wildfires in Maui last year,
American Savings Bank in Honolulu knew it
had to step up to help.
n August 2023, fires spread across
Maui, Hawaii, harming the region
and its occupants and forcing many
to evacuate. Following what's now
labeled one of the deadliest U.S.
wildfires in more than a century,
$9.6 billion-asset American Savings
Bank (ASB) stepped up to ease its
community's pain.
Ann Teranishi, president and CEO
of the Honolulu community bank,
reiterated just how important it was
to uphold American Savings Bank's
mission. " We were heartbroken by
I
the devastation caused by the Maui
wildfires and remain committed to
using our strong capital position to
support the families and businesses
of Maui as they heal and rebuild in
the aftermath of the fires, " she says.
Providing financial relief
After the fires, the community bank's
teams worked quickly to provide
resources and support to affected
customers, which included waiving
ASB Maui ATM fees, establishing an
emergency personal line of credit
62 // ICBA Independent Banker // January 2024
and providing 90-day forbearance
and deferment for commercial and
consumer loans.
Under the mortgage forbearance
program, the accrued principal and
interest was placed on the back end
of the loan. During this time period,
customers weren't charged fees,
penalties or interest beyond what they
would have been charged had they
continued to make all their mortgage
loan payments on time and in full.
The forbearance has been critical
to providing support for affected

Independent Banker - January 2024

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Independent Banker - January 2024 - Contents
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