Hawaiian Electric Industries Inc. has sold over 90% of its subsidiary American Savings Bank to independent investors in a transaction that will provide HEI with much-needed funds to help pay its share of the $4 billion Maui wildfire lawsuit settlement while also keeping Hawaii’s third-largest bank under local leadership.

Hawaiian Electric Industries has sold a little more than 90% of its interest in American Savings Bank to raise more for Maui wildfire recovery.

Hawaiian Electric Industries agreed to sell its community bank subsidiary to a group of investors Tuesday. The deal could help the company as it resolves a nearly $2 billion settlement related to the Maui wildfires.