BRIEF-HEI Announces Sale Of American Savings Bank, Creating Independent Investor-Owned Bank

Reuters01-01

Dec 31 (Reuters) - Hawaiian Electric Industries Inc

* HEI ANNOUNCES SALE OF AMERICAN SAVINGS BANK, CREATING INDEPENDENT INVESTOR-OWNED BANK

* HAWAIIAN ELECTRIC INDUSTRIES INC - TRANSACTION VALUES BANK AT $450 MILLION

* HAWAIIAN ELECTRIC INDUSTRIES INC - HEI TO USE PROCEEDS TO REDUCE DEBT

* HAWAIIAN ELECTRIC INDUSTRIES INC - SALE CREATES INDEPENDENT LOCAL BANK IN HONOLULU

* HAWAIIAN ELECTRIC INDUSTRIES: INVESTORS PURCHASING 90.1% OF ASB COMMON STOCK FOR CASH CONSIDERATION OF $405 MILLION

* HAWAIIAN ELECTRIC INDUSTRIES INC: REVIEW OF STRATEGIC OPTIONS FOR PACIFIC CURRENT REMAINS ONGOING

Source text: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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