December 23, 2008

FOR IMMEDIATE RELEASE

MONARCH INSURANCE PURCHASES BISHOP INSURANCE FROM AMERICAN SAVINGS

Monarch Insurance Services, Inc., a 26 year-old Hawaii-based company, has purchased Bishop Insurance Agency, a division of American Savings Bank. The exact purchase price was not disclosed, and the sale is expected to close on December 31, 2008.

"We're honored to have the opportunity to bring such a venerable and venerated entity into the Monarch family," said Monarch CEO Mark Polivka. "Everyone at Monarch recognizes the reputation for service that Bishop has enjoyed for almost 150 years, and we are confident our corporate cultures will blend together well."

Monarch will focus on providing excellent customer service to the existing Bishop customers. Positions will be offered to some current Bishop employees; and branches will be assessed with the intent of maintaining those serving larger numbers of clientele.

"We are pleased to enter into this strategic alliance with Monarch, which will ensure that our customers will continue to receive the best level of service and products in the insurance market. This will enable us to focus on our core banking, products and service," said Tim Schools, President of American Savings Bank.

Monarch Insurance is a property and casualty broker with offices in Honolulu; San Francisco, California; Denver, Colorado and Bend, Oregon. Bishop Insurance is the oldest insurance agency in Hawaii, founded in 1859 and bought by American Savings Bank in March 2001.

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