Hawaiian Electric Industries, Inc. (NYSE:HE) is exploring options including a sale of American Savings Bank FSB, according to people familiar with the matter. Hawaiian Electric is working with advisers to weigh various options for the 35-branch bank, including a full or partial sale, said the people, who asked to not be identified because the details are private. No final decision has been made and Hawaiian Electric could opt to hold onto the lender, the people said.

While it?s not clear how much the bank would fetch in a sale, it had about $486 million in average shareholder equity in 2023, according to Hawaiian Electric?s most recent annual report. Hawaiian Electric?s bank could be valued at $600 million to $800 million, according to a note from Evercore ISI. ?Our objective is to ensure we remain strong and financially healthy throughout our companies ?

at HEI, American Savings Bank and Hawaiian Electric, a representative for Hawaiian Electric said in a statement. ?We continue to take prudent and measured actions to ensure our companies are well positioned to serve our customers and community for the long term.? A representative for American Savings Bank didn?t immediately respond to a request for comment.