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Central Pacific's deal talks for American Savings in Hawaii stall

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Central Pacific's deal talks for American Savings in Hawaii stall


The CEO of Central Pacific Bancorp in Honolulu said the bank recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

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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.

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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 American Savings. When asked by an analyst for more detail, Martines said, “At this point, we cannot comment on this further. We just can’t comment further about it.”

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 2023 Lahaina wildfires that devastated a town on the island of Maui and killed more than 100 people.

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.

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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 blazes that ultimately caused more than $5 billion of property damage.

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.

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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 all-stock deal valued at $78.6 million to buy Territorial Bancorp in Honolulu. Hope said its offer priced Territorial at $8.82 per share and that it expected to close the transaction by Dec. 31. 

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 competing offer on the table. An investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon made a competing offer in August. Its initial cash bid valued Territorial at $12 per share. It has since upped that to $12.50 per share. 

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.

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One of the biggest transactions of the year was announced this month. Atlantic Union Bankshares in Richmond, Virginia, said it would acquire Sandy Spring Bancorp in Olney, Maryland, for $1.6 billion of stock. It marked the third-largest bank acquisition announced this year by deal value.

Winter Haven, Florida-based SouthState Corp.’s May announcement that it would pay $2 billion in stock to acquire Independent Bank Group in McKinney, Texas, was the largest bank deal to date in 2024. Kansas City-based UMB Financial’s April plan to purchase Heartland Financial USA in Denver in an all-stock transaction valued at just under $2 billion was second.



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Large section of Aloha Stadium demolished as project proceeds – West Hawaii Today

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Large section of Aloha Stadium demolished as project proceeds – West Hawaii Today


The demolition of Aloha Stadium on Oahu took a big step forward Thursday with the first section of seating pulled down from the steel structure.

Half of the elevated deck-level seating on the stadium’s makai side was severed and toppled backward as part of demolition work that began in February.

The other half of the upper makai-side seating is slated to come down Tuesday, followed by similar sections on the mauka side and both end zones, though the concrete foundations for lower-level end-zone seating are being preserved for a new, smaller stadium to rise on the same site.

A private partnership, Aloha Ha­lawa District Partners, led by local developer Stanford Carr, is replacing the 50,000-seat Aloha Stadium, which opened in 1975 and was shuttered in 2020, with a new stadium featuring up to 31,000 seats.

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AHDP is using $350 million of state funding toward the cost of the new stadium, which could be $475 million or more, and will operate and maintain the facility on state land for 30 years with a land lease.

The development team also is to redevelop much of the 98-acre stadium property dominated by parking lots with a new mixed-use community that includes at least 4,100 residences, two hotels, an office tower, retail, entertainment attractions and open spaces expected to be delivered in phases over 25 years and costing close to or more than $5 billion or $6 billion.

Earlier parts of stadium demolition work led by Hawaiian Dredging Construction Co. included removing four covered multistory spiral walkways leading to the upper level from the ground, and concourse bridges.

Demolishing the stadium is projected to be done by August, according to Carr.

Building the new facility is expected to be finished in 2029.

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This Airbnb Tiny Home Sits on a Lava Field in Hawaii With Unbeatable Night Sky Views—and It’s a Guest Favorite

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This Airbnb Tiny Home Sits on a Lava Field in Hawaii With Unbeatable Night Sky Views—and It’s a Guest Favorite


Airbnb listed a farmhouse-style tiny house in Hawaii on a volcanic lava field with a clear view of the night sky and a loft bedroom—and it’s within driving distance of black sand beaches. Guests give it a perfect five-star rating, and it’s quiet and off the beaten path. Reserve your own Hawaii Airbnb stay for under $300 a night.



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HGTV’s ‘Renovation Aloha’ accused of broadcasting human remains illegally

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HGTV’s ‘Renovation Aloha’ accused of broadcasting human remains illegally


HONOLULU (HawaiiNewsNow) – The team behind a popular Hawaii-based home renovation show is now facing legal troubles after airing content that shouldn’t have been released, according to the state.

Hawaii’s Attorney General is now involved after HGTV’s ‘Renovation Aloha’ showed uncensored images of apparent ancient skeletal remains that were discovered at a Hilo property.

In a now-deleted clip on social media, Kamohai and Tristyn Kalama, along with the production team, discovered a cave beneath a Hilo property where they found the remains deep inside.

Video documented their shock when it was found, with the hosts saying, “There’s bones back here. I got to get out of here. Are you fricken serious? I’m serious dude. Is that a skull?”

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Tristyn was seen standing further back, saying “This is terrifying. I’m at my stopping point” before leaving.

Hawaii News Now is not showing the bones, but confirmed with HGTV the episode was filmed in December 2025.

Video didn’t show them touching or moving the remains, and HGTV said authorities were notified after the discovery, the property was not developed, and the site was later blessed.

At the time, police said no crime was committed, and the state AG obtained a TRO to prevent the broadcast of the images in accordance with state law.

However this week, uncensored video of the bones was posted online by the Kalamas and HGTV, and included in the episode, triggering a quick rebuke from the community.

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Statements provided to Hawaii News Now.(HNN / HGTV)

“We don’t kaula’i iwi. We do not lay our bones out in the sun to expose him in this manner,” former Oahu Island Burial Council Chair Kumu Hinaleimoana Wong-Kalu said.

She also said the release of the images was “extremely disappointing,” saying the damage was already done.

“It is irrelevant that bones were not moved. It is irrelevant that they were not disturbed, per se, because somebody didn’t touch them — but you went into their space and that space becomes kapu space once they have transitioned over to po. And when you do that, we honor that. We don’t disturb them,” Wong-Kalu added.

The AG said they took immediate legal action to prevent the unlawful broadcast of images, pointing to a TRO issued prior to the episode’s release. They also said, “We are aware that the segment aired notwithstanding the court’s order, and we take this matter very seriously. The Department will pursue additional action as necessary.”

Court Documents revealed the Kalamas and producers of the show are now facing four counts for allegedly breaking Iwi Kupuna protection rules.

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“If that were our grandparent, would we want them, after they have physically transitioned to po, would we want to share our family in this manner? I don’t think so,” Wong-Kalu added.

HGTV said in a statement, “We take the concerns raised by the community very seriously and are committed to ensuring our programming is respectful and appropriate. We apologize to anyone who found any part of the episode offensive, that was not HGTV’s intention.”

They also confirmed the original episode was removed, and re-edited without the bones included.

Statements provided to Hawaii News Now.
Statements provided to Hawaii News Now.(HNN / HGTV)

Through our communication with the HGTV spokesperson, Hawaii News Now offered the Kalamas a chance to respond directly, but they did not. They did however take to Instagram to address the episode, saying they followed the protocols they knew, and never intended to build there. They stressed their respect for Hawaiian culture and practices.

The investigation remains active.

Copyright 2026 Hawaii News Now. All rights reserved.

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