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American Savings Bank on Friday opened a new flagship branch on Maui at the Maui Business Park, 150 Hookele St.
In addition to the Kahului facility, the bank recently opened a branch in Kapolei. ASB has additional development projects underway, including the construction of a new branch to serve the Kalihi community and a new campus in downtown Honolulu that will house 600 employees from five locations on Oahu. The Oahu campus also will include a bank branch.
ASB expects to complete construction on the Oahu campus near the end of this year with the opening set for early 2019.
Student loan rates expected to rise July 1
Interest rates in general are rising, and so are the rates on student loans for the coming school year. Interest rates on federal student loans for undergraduates are expected to increase to 5.045 percent from 4.45 percent for the 2018-19 academic year, said Mark Kantrowitz, an expert on student financial aid. Rates on loans for graduate students are expected to go up to 6.595 percent from 6 percent, and rates on PLUS loans, for parents and graduate students, to 7.595 percent from 7 percent. The new rates take effect July 1 and apply to loans taken out for the following academic year.
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ON THE MOVE
Harvey C. King, chairman and founder of King & Neel Inc., has announced the following three organizational changes:
>> Jason Kott is the new president. Kott has 20 years of experience in the insurance industry, including underwriting, management, special investigations, claims, and sales and marketing positions for insurers, agencies and brokerages nationwide.
>> Wesley Uemoto is the new vice chairman. Uemoto has been with the agency for more than 30 years, serving as president for the past 12 years. Uemoto will continue to work with clients as well as consult on industry matters.
>> John Bustard, who has been with the firm since 1976, is the new vice chairman. Bustard will continue to work with bond programs. Currently, Bustard serves as second vice president in the National Association of Surety Bond Producers and will become the organization’s president in 2020.
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