Hawaiian Electric Industries Inc. said today it has closed the deal to sell a 90.1% stake in its subsidiary American Savings Bank through separate agreements, helping the company raise funds for the Maui wildfire settlement.

The deal values the bank at $450 million, with the investors purchasing the 90.1% of ASB common stock for a cash consideration of $405 million.

The transaction closed today, with each investor having a non-controlling interest in ASB.

No investor owns more than 9.9% of the bank’s common stock, including Hawaiian Electric Industries, which has retained a 9.9% stake

The sale creates an independent, local bank based in Honolulu, led by ASB’s current management team under its existing brand, the company said in a statement.

“The sale allows HEI to enhance our focus on the utility as we work to help our state recover from the 2023 Maui wildfires and strengthen the financial and strategic position of our company,” said Scott Seu, HEI’s president and CEO.

ASB said it a statement about the deal that the company will continue to operate independently under its existing name and brand, with no changes to its branches or employees.

“This represents the best outcome for ASB, our customers, employees, and the communities we’ve served since 1925 as we focus on the next 100 years,” said Ann Teranishi, ASB’s president and CEO. “We are excited about this next chapter for ASB.”

Teranishi will continue to lead ASB and the current executive leadership team will remain in place, the company said.

HEI shares closed today on Wall Street at $9.73, down a penny from Monday’s close. For the year, the stock was down about 37%.

In November, HEI lifted a warning about its ability to remain in business, stating that a recent capital raise helped mitigate the concerns.

Hawaiian Electric had raised going-concern doubts earlier in August after disclosing that it did not have a financing plan in place for its share of a more than $4 billion settlement to compensate victims of last year’s deadly Maui wildfires, which killed 102 people.

With the completion of the sale of most of its stake in ASB, HEI will operate as a simplified holding company with a streamlined strategic focus on its utility, Hawaiian Electric.

HEI has been undertaking a comprehensive review of strategic options for Pacific Current, its wholly owned subsidiary, which remains ongoing.