The president of American Savings Bank is resigning from the bank.

Timothy Schools, who has has served as ASB's president since February 2008, said he plans to return to his family in South Carolina.

ASB's parent company, Hawaiian Electric Industries Inc., said it has hired the executive search firm Korn/Ferry International to conduct a nationwide search.

Last year, Schools earned $1.15 million as ASB's president, according to filings with the Securities and Exchange Commission.