Hawai‘i’s Soul in Action:

New Bonds, New Blueprint

by Shannon Wianecki
Photos courtesy of Hawai‘i Community Lending
The convening brought together people who did not ordinarily mix. The Hawai‘i Executive Collaborative invited forty-three leaders from diverse sectors – finance, conservation, tourism, shipping, military, education, and the Native Hawaiian community – to gather at Turtle Bay Resort in August 2022. These powerbrokers agreed to spend three weekends together over a span of three months tackling some of Hawai‘i’s thorniest issues and envisioning possible futures.

This first gathering marked the beginning of the Rediscovering Hawai‘i’s Soul Initiative. Attendees engaged in Transformative Scenario Planning, a structured, creative process first applied during South Africa’s transition from apartheid. The purpose-driven agenda included shared meals and social spaces designed to germinate relationships and foster trust. The Hawai‘i Executive Collaborative set the stage for people who might have opposing viewpoints to find common ground. “They did a number of activities that really brought people together,” says Jeff Gilbreath, executive director of Hawai‘i Community Lending. “We ate together, drank together, and laughed together.”

After dinner on day two, Gilbreath found himself drinking ceremonial awa in the lobby with Ann Teranishi. The two were a study in contrasts: Gilbreath, a transplant from rural Nebraska with long dreadlocks and green eyes, had moved to Hawai‘i to work for Habitat for Humanity and was now directing a non-profit lender devoted to securing housing for Native Hawaiians. Teranishi was born and raised in Hawai‘i and practiced law before taking the helm as president and chief executive officer at American Savings Bank. In the Turtle Bay lobby, they sipped awa and forged a new alliance.

“We had the opportunity to put down our guard and really get to know each other,” says Gilbreath. “Once Ann and I connected, we knew we were going to do something together. It was just a matter of deciding what.”

They began by finding commonalities and uncovered a shared purpose: to come up with an affordable housing solution that prioritizes the well-being of Hawai‘i families. “We’re now working that muscle,” adds Gilbreath. “I think it’s very promising.”

Teranishi agrees. “My conversations with leaders at the RHS convening were inspiring and energizing. They reinforced that we can’t just stick to what is comfortable and known,” she says. “We need to find new and different approaches to create lasting impact. Following the connection Jeff and I made at RHS, our organizations partnered to find creative, collaborative solutions that will hopefully continue moving the needle in the affordable housing space.”

Teranishi brought this message back to her team. “Ann decided that American Savings Bank needed to address affordable homeownership in Hawai‘i and to look at what levers we could push or pull to drive improved outcomes,” says Billy Pieper, SVP, director of strategic partnerships. Teranishi tagged Pieper, who also attended RHS, to lead the bank’s new housing strategy. “In 2023, I took the bull by the horns,” he says. “One of my first meetings was with Jeff [Gilbreath].”

Because they had already established a rapport through RHS, brainstorming together came easily. “Jeff threw out some ideas on how he thought banks like ours could help the cause,” says Pieper. “Fast forward the tape, I’m now serving as the chair of his board.”

This is exactly the kind of cross-sector connection and purpose-driven collaboration that Hawai‘i Executive Collaborative envisioned when it launched the Rediscovering Hawai‘i’s Soul Initiative.

American Savings Bank has partnered with Hawai‘i Community Lending in several significant ways. They’ve pioneered a funding path for Department of Hawaiian Homeland beneficiaries to qualify for home construction loans – the first bank in Hawai‘i to do this.

Historically, beneficiaries have found it difficult to finance new construction on vacant land. They win a lease, but they don’t have the assets to qualify for a traditional construction loan or mortgage. Hawai‘i Community Lending has stepped up to fill that gap, offering financing for families to build on their land. But HCL’s revolving loan fund is limited. “American Savings Bank can’t lend directly to these families,” says Pieper, “But what if we provided capital to HCL, and they in turn deployed that capital to families to build? And so that’s the first thing we did.”

Gilbreath says it’s a gamechanger. “With that $2 million investment in our loan fund, we can do zero-down construction loans on Hawaiian Homelands. Families just pay a 1% fee upfront. And that’s important because there were basically two construction lenders charging up to 20% down before even starting building. And families just don’t have that kind of money.”

ASB’s initial investment has grown from $2 million to $13 million as more public and private capital has been invested in HCL. “Now we can do up to thirty loans at any given time,” says Gilbreath.

ASB has been able to channel federal funds for Gilbreath’s work as well. Through the Federal Home Loan Bank’s Member Impact Fund, American Savings Bank secured additional funding for both Hawai‘i Community Lending and its parent company, Hawaiian Community Assets. This lucrative program provides up to a three-to-one matching grant to local nonprofits supported by its member banks.

“We’re not just giving them a line of credit, we’re giving them actual cash – unrestricted funds – to scale up operations,” says Pieper. “The goal is not just to give money, but to come alongside.” As HCL’s board chair, Pieper offers his expertise.

This support couldn’t have come at a better time. After the devastating fires on Maui in August 2023, the need for a robust community lender was especially urgent. “Thirty-five percent of the homeowners in our Lahaina program are at risk of foreclosure now that their forbearance has ended,” says Gilbreath. “That’s a pretty significant number, and we anticipate that will only increase as resources get tighter.” Hawai‘i Community Lending currently serves over 500 Lahaina homeowners, coming up with solutions to help them prevent foreclosure and to rebuild. “It’s a multi-year program that I believe was only possible because of the relationship with American Savings Bank,” says Gilbreath.
Photos courtesy of Hawai‘i Community Lending
Pieper feels grateful that Hawai‘i Executive Collaborative paved the way for this fruitful partnership.

“Rediscovering Hawai‘i’s Soul really sparked conversations between organizations that typically would not collaborate,” he says. “It united people around the idea that Hawai‘i is special – not just because of the beaches, but because of this supernatural connection to place, people, and culture. People are inspired to think of solutions that may be outside of the box because they now know that other people feel the same way that they do and are willing to get a little uncomfortable to enact change.”