Bank On It

As busy as she already is, Ann Teranishi still finds new ways to contribute to the common good. The latest endeavor for the president and CEO of American Savings Bank is representing Hawai'i on the Federal Reserve Bank of San Francisco's Community Depository Institutions Advisory Council. With more than two decades of banking expertise, Teranishi believes she's up to the task.

According to her, the Federal Reserve Bank of San Francisco maintains three advisory councils: community depository institutions, economic and community. As part of the Community Depository Institutions Advisory Council, Teranishi will provide her perspective on the economy and lending conditions across the 12th District, which includes Hawai'i.

Teranishi will help strengthen the dialogue between financial institutions and the Federal Reserve to ensure regional and local perspectives help inform monetary policy and regulatory decisions.

"I was deeply honored and very grateful for the opportunity," says the Kāhala resident and Punahou School alumna. "It really is a privilege to do my best to represent Hawai'i in these important conversations and analysis. I take the obligation very seriously.

"I think for all of us that have the privilege of serving in leadership roles in Hawai'i, it kinda comes with the territory that part of our role is to be of service to the broader community," Teranishi continues. "It was absolutely a no-brainer to me when I was asked to serve. Absolutely, I wanted to be a part of it."

Teranishi, who was officially appointed to the council earlier this year, says she's looking forward to serving her three-year term.

"I will be with the CDI group, but I also get to attend the Economic Advisory Council meetings, so anything I can bring back in terms of trends or ideas that are helping nationally or in other jurisdictions, I'm happy to do so," she says. "I think any time you get to serve on these volunteer opportunities, building relationships and getting to know others, is always, I think, really important. I think Hawai'i has a lot to offer so I'm excited to share some of the unique and special things we do to take care of our community as a community bank."

As part of CDIAC, Teranishi joins 11 other banking leaders from across the western United States.

"It's a really great opportunity to learn from them," she says. "Getting close and building relationships with others that are helping drive federal monetary policy is a very unique opportunity that I definitely am very proud and grateful to be a part of."

Teranishi will meet with CDIAC regularly, both in person in San Francisco and virtually.

"There's a lot of thought and analysis and input that is done throughout the Fed network," Teranishi explains. "And I think it's really interesting to be a part of it and learn more about how cheerful and thoughtful they are. Of course, they have key data sources that they use, but they really take the time to hear from the variety of jurisdictions."

Before she began her career in banking, Teranishi was an attorney for several years with a local law firm. Afterward, she worked at a local bank for two years. She joined ASB in 2007.

Prior to becoming president and CEO in 2021, Teranishi worked in ASB's compliance department and then in credit customer experience operations. Most recently, she served as executive vice president of operations, where she delivered operational improvements to enhance the bank's overall customer experience. She played a pivotal role in transitioning ASB from traditional branch-centric operations to online and self-service options.

ASB has been serving Hawai'i for more than 100 years and continues to keep affordability top of mind. Teranishi notes that the company has been very active with mortgages, with a particular focus on first-time homebuyers.

"We also were one of the first local banks to join the state's first-time homebuyer program that they just launched late last year," Teranishi shares. "It's great to see the state stepping in and trying to address getting more local people into homes."

ASB offers various programs such as Mālama Mortgage, a deposit-backed mortgage loan for qualified, first-time homeowners that are employed at participating organizations.

In addition to helping homeowners, ASB also supports local businesses. Since 2021, it has aided business owners through its Buy Local Hawai'i Program, which teams up with select local retailers, eateries and service providers to give customers special discounts and offers when using their ASB personal or business Visa debit card.

"I think being a small business, it always brings some challenges," Teranishi says. "Hawai'i is made up of small businesses, so we really want to make sure that we're a big support to as many of the businesses that we can."

More than 125 merchants across five islands participate in Buy Local Hawai'i. Teranishi notes that since its inception, customers have saved more than $1.5 million through the program when using their ASB Visa debit card.

Buy Local Hawai'i also comes with unique marketing opportunities to help vendors grow their business.

"We had a Super Bowl commercial that spotlighted one of our Buy Local vendors, Sage Creamery," Teranishi says. "We're excited to help them continue to grow their business and feel confident that they can keep customers and attract new customers, and that the work they do really matters to our community because a vibrant small business community is great for everyone."

Teranishi adds that ASB is very committed to financial education and believes that financial literacy should start at a young age. The company's KeikiCo Bank for Education Contest is an annual business plan competition that challenges students in grades 3-12 to solve real-world problems through entrepreneurship.

Students gain business skills and compete for up to $25,000 for their school — plus bonus cash prizes for winning teams. KeikiCo introduces students to financial concepts such as earning income, saving, investing and managing credit. This year, ASB awarded $135,000 to nine winning teams from seven schools.

"Financial literacy and education, it really can start young. That's been our experience, that's why we invest in this KeikiCo business plan competition," Teranishi says. "We've also partnered with Partners in Development in the KA'A (Keiki Assets Account) Program, trying to help young children, in conjunction with their parents, learn how to save and not be intimidated about managing finances. But talking about it and really feeling comfortable and feeling in charge and in control, because I think that makes for a much better future for all of us."

Being that ASB has now been around for more than a century, Teranishi wishes to thank the community for all its support.

"We really know that the role that we play as a locally based community bank is so important and we're very honored to continue to do that, hopefully for the next 100 years," Teranishi adds.