2022 ASB Environmental, Social and Governance Report

THRIVING ECONOMY

“The Hawaii Restaurant Card program served as a lifeline for those struggling to maintain the sustenance of their local businesses.”

— Sheryl Matsuoka , Executive Director at the Hawaiʻi Restaurant Association

With the help of more than 200 businesses and organizations in Hawaii that purchased HRC Business Holiday Cards, more than $750,000 was directly injected into the local restaurant and food supply chain industry during the program’s second go-around. In 2020, ASB partnered with the State of Hawaii, Department of Business, Economic Development and Tourism, Hawaiʻi Restaurant Association and Chamber of Commerce Hawaii in a two-part economic stimulus relief program. The first part of the HRC program provided more than 105,000 Unemployment and Pandemic Unemployment Assistance claimants with $500 pre-paid debit cards, provided by federal CARES money, to spend at local eateries across our state. Following this successful program, ASB led the effort to involve the local business community. The HRC Business Holiday Card program gave businesses and entities the opportunity to multiply the impact of their employee holiday gift program by purchasing pre-paid gift cards for their employees, clients and partners, while making a direct impact on the local restaurant and food supply chain industries. “This was truly a business-to-business effort and an opportunity for organizations statewide to step up, support one another and be a part of the bigger picture to help rebuild our economy,” said Sherry Menor-McNamara, president and CEO of the Chamber of Commerce Hawaii.

Combined, both HRC programs resulted in more than $75 million of direct impact to our state’s restaurant industry and food supply chain, including farmers, fishermen, ranchers, producers and distributors. The Hawaiʻi Restaurant Association reported that between December 2021 and June 2022, revenue for Hawaii’s restaurant owners grew as a result of the HRC program. In September 2022, ASB announced the donation of $129,000 in unused funds from the HRC program. Three nonprofits – Hawaii Chamber of Commerce Foundation, Hawaiʻi Agricultural Foundation and Hawaiʻi Restaurant Association Educational Foundation – each received $43,000 to continue bringing nutritious meals and educational resources to the community. “Through the support of ASB and our local business community, our food service industry is gaining strength, although it remains an uphill battle. On behalf of the Hawaiʻi Restaurant Association, I would like to thank American Savings Bank and all the Hawaii businesses that purchased the Hawaii Restaurant Card Business Holiday Cards in support of the food service industry,” Matsuoka said.

A Message from Sheryl Matusoka, Executive Director at the Hawai‘i Restaurant Association

SUPPORT FOR HAWAII’S STRUGGLING RESTAURANTS

As part of ASB’s commitment to bring real impact to our community, we stepped up to support Hawaii’s struggling restaurant and food supply chain industries when they needed it most by bringing back the Hawaii Restaurant Card (HRC) – Business Holiday Card program in 2021, following a successful launch the previous year.

Between March and December 2020, during the height of the Covid-19 pandemic, more than 100 of our state’s restaurants closed their doors and 2,000 restaurant staff were displaced, according to the Hawaiʻi Restaurant Association.

ASBHAWAII.COM

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20 2022 ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORT