Hawaii
Central Pacific's deal talks for American Savings in Hawaii stall
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Central Pacific Bancorp in Honolulu, reportedly in talks this year to buy Hawaiian Electric’s American Savings Bank, said deal discussions are now on ice.
“While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions,” Central Pacific Chairman and CEO Arnold Martines said Wednesday during the $7.4 billion-asset bank’s third quarter earnings call.
He said Central Pacific recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”
He did not name
Citing unnamed sources, Bloomberg in September reported that Central Pacific was in discussions with multiple alternative asset managers to help buy the $9.3 billion-asset American Savings from Hawaiian Electric, the utility under scrutiny for its role in the August
Central Pacific reported third-quarter net income of $13.3 million, or 49 cents per share. Those results compared with net income of $13.1 million, or 49 cents, a year earlier.
Excluding the expense hit related to the deal talks, Central Pacific said its adjusted net income was $15.7 million, or 58 cents per share.
Earlier this year, Bloomberg reported that Hawaiian Electric was looking to sell American Savings to create a cash buffer against dozens of lawsuits across state and federal courts. Many of the complaints accused the utility of sparking the
After that report, Evercore ISI analyst Michael Lonegan noted that the bank was in a strong financial position and had suffered minimal direct impact from the fires. “We would value the bank in the range of $600-$800 million in these circumstances,” Lonegan said.
American Savings, also based in Honolulu, on Wednesday reported third-quarter net income of $18.8 million, up from $11.4 million a year earlier. As a unit of Hawaiian Electric, it does not hold an earnings call.
“We remain well-positioned to support our customers and community for the long term, with a strong capital and liquidity position, strong credit quality, and ample lending capacity,” Ann Teranishi, president and CEO of American Savings, said in the bank’s earnings release.
Hawaiian Electric is scheduled to report earnings and hold a call with analysts on Nov. 8.
Earlier this month, authorities culminated an investigation with a report blaming the Lahaina fire on Hawaiian Electric. The report from the Maui Fire Department and the Federal Bureau of Alcohol Tobacco, Firearms and Explosives said the disaster was started from a blaze caused by broken power lines.
“We deeply regret that our operations contributed to the fire. … We have looked closely at our protocols and actions that day and have made many changes in our operations and resilience strategies to ensure we fulfill our commitment to keep the public safe, especially in extreme weather events, which are becoming more frequent and severe,” Hawaiian Electric said in a statement.
American Savings is not the only Hawaiian bank on the potential sale block. The $17.4 billion-asset Hope Bancorp in Los Angeles agreed in April to an
The seller’s shareholders are slated to vote on the pending sale to Hope on Nov. 6. Approval is hardly a sure thing, however, given there is a
More than 100 banks announced plans to sell in 2024. That put the industry ahead of last year’s total of 98 deals, according to updated data from S&P Global Market Intelligence.
One of the biggest transactions of the year was announced this month.
Winter Haven, Florida-based
Hawaii
Volcano Watch: Think Hawaii has many volcanoes? Think again, says El Salvador – West Hawaii Today
This past March, a team of U.S. Geological Survey scientists — two of whom travelled from Hawaii — visited El Salvador in Central America for volcanological field studies and a workshop on lava flow hazards. Exchanges like this help to improve awareness of volcanic hazards in other countries, and they enable the USGS to better understand volcanoes in our own backyard.
El Salvador is the smallest country in Central America, sitting on the Pacific coast and measuring slightly larger than all the Hawaiian Islands combined.
However, the eight main Hawaiian Islands are comprised of only 15 volcanoes above sea level; El Salvador, on the other hand, has over 200! And that’s with a population of about 6 million people, about four times as many as Hawaii.
There are numerous volcanoes in El Salvador because it sits along the Central American volcanic arc, rather than atop a hotspot like Hawaii. Volcanic arcs form where an oceanic tectonic plate subducts beneath either a continental plate or another oceanic one; the ocean crust triggers melting as it dips into the Earth’s mantle, creating magma that rises to the surface through the overlying plate. Though El Salvador has five larger volcanoes with historical eruptions, numerous fault lines allow magma from the subduction zone to emerge just about anywhere. This has resulted in hundreds of smaller volcanoes, most of which have erupted only once.
Volcano monitoring in El Salvador is handled by the Ministerio de Medio Ambiente y Recursos Naturales (MARN). In addition to tracking the weather and other natural hazards, a small team of volcanologists works to study the geological and geophysical dynamics of the country’s volcanoes, while maintaining a watchful eye for signs of unrest. The stratovolcanoes of Santa Ana and San Miguel have both erupted in the past 25 years, but even more destructive events have occurred in the not-too-distant past: San Salvador volcano sent a lava flow into presently developed areas in 1917, and Ilopango caldera had a regionally devastating eruption in the year 431.
USGS, through its Volcano Disaster Assistance Program (VDAP), has maintained a collaborative relationship with MARN for decades. Co-funded by the U.S. Department of State, VDAP has supported numerous technical investigations and monitoring projects at volcanoes in developing countries around the world. Meanwhile, many MARN volcanologists have even studied in the United States as part of the Center for the Study of Active Volcanoes (CSAV) course held every summer in Hawaii and Washington state.
In recent years, VDAP’s relationships in El Salvador have focused on geologic projects to describe the eruptive history and hazards of Santa Ana volcano and a broader effort to assemble a national “volcano atlas,” which will include locations, compositions, and — hopefully — approximate ages for the more than 200 volcanic vents in the country. Such knowledge will enable more accurate understanding and delineation of hazards associated with their eruptions, which are both explosive (ash-producing) and effusive (lava flow-producing).
The field work in March served both projects. Dozens of samples were collected to correlate and date eruptive deposits across Santa Ana, including three sediment cores from coastal mangroves and a montane bog that may contain distant ashfall from the volcano. Reconnaissance visits were also made to several monogenetic (single-eruption) vents scattered around western El Salvador to assess their genesis and ages.
Finally, VDAP sponsored a weeklong workshop on lava flow hazards and monitoring for MARN staff and partner agencies. Since El Salvador’s last lava flow erupted in 1917, none of the current team have responded to such an event. USGS scientists from the Hawaiian, Cascades, and Alaska Volcano Observatories discussed their experiences and best practices developed during recent eruptions at Kilauea and Mauna Loa in Hawaii, as well as Great Sitkin and Pavlof in Alaska.
While the USGS scientists learned plenty about volcanism in El Salvador during this trip, it also provided key insights to bring home to our own volcanoes. Explosive eruptions in Hawaii are relatively rare, but the ability to correctly interpret their deposits is critical to understanding potential future hazards. Additionally, the more distributed nature of volcanoes in El Salvador has led to interesting interactions between lava flows and their more-weathered depositional environments, not unlike some of Hawaii’s older volcanoes: Hualalai, Mauna Kea, and Haleakala. We thank MARN for the opportunity to visit and study their country’s volcanoes.
Volcano
activity updates
Kilauea has been erupting episodically within the summit caldera since Dec. 23, 2024. Its USGS Volcano Alert level is ADVISORY.
Episode 46 of summit lava fountaining happened for nine hours on May 5. Summit region inflation since the end of episode 46 indicates that another fountaining episode is possible but more time and data is needed before a forecast can be made. No unusual activity has been noted along Kilauea’s East Rift Zone or Southwest Rift Zone.
Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.
HVO continues to closely monitor Kilauea and Mauna Loa.
Please visit HVO’s website for past Volcano Watch articles, Kilauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.
Hawaii
The Good Side: Extraordinary Birthdays For Every Child
WASHINGTON (Gray DC) – For most kids, a birthday means cake, gifts and a reason to celebrate.
For more than a million children experiencing homelessness in America, it often means none of that.
Nonprofits across the country are throwing personalized parties for children in homeless shelters to make sure they feel special on their big day.
The Good Side’s National Correspondent Debra Alfarone takes us to a birthday party for Yalina.
Copyright 2026 Gray DC. All rights reserved.
Hawaii
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