Hawaiian Electric Industries Inc. is weighing the sale of its American Savings Bank subsidiary, Bloomberg News reported today, citing people familiar with the matter.

Hawaiian Electric is working with advisers to consider various options for the bank, including a full or partial sale, the report said, which added that no final decision has been made.

Hawaiian Electric officials in an emailed statement to Reuters said it does not comment on “rumors or speculation”, while American Savings Bank did not immediately reply to a request for comment.

“We would value the bank in the range of $600-$800 million in these circumstances,” Evercore ISI analyst Michael Lonegan said.

The impact of the wildfire on the bank has been limited and the Hawaii economy, supported by tourism, has remained strong, Lonegan added.

Shares of Hawaiian Electric were down about 9% at $9.57 in afternoon trading on Wall Street.

Hawaiian Electric Industries is a holding company with subsidiaries principally engaged in electric utility, banking, and nonregulated renewable infrastructure businesses operating in Hawaii.

The company is facing multiple lawsuits over a wildfire that destroyed Lahaina on Aug. 8, killing at least 100 people.

In 2023, the bank’s revenues amounted to about 11% of Hawaiian Electric’s consolidated revenues. The bank had assets totaling about $9.7 billion as of Dec. 31.