Letter: HECO bank divestiture was potentially ill-timed
A letter writer argues that the executive group that purchased American Savings Bank from Hawaiian Electric saw a significant return on investment, questioning the timing of the bank's recent IPO.
The recent article about the American Savings Bank initial public stock sale missed one salient fact: The executive group that bought out 90% of the bank from Hawaiian Electric appears to have doubled their investment in less than two years (“Hawaii’s American Savings Bank completes initial public stock sale,” Star-Advertiser, Sept. 18). Their initial 90% purchase cost $405 million; the bank, after its IPO, is now valued at $1.1 billion.
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