HONOLULU — How appropriate that "aloha" means both "hello" and "goodbye," as $23 million Aloha Federal Credit Union is saying both its farewells and greetings.
Aloha FCU has merged into $1.4 billion HawaiiUSA Federal Credit Union. The tiny CU, which was chartered to serve employees of now-shuttered Aloha Airlines, had just one branch near Honolulu International Airport. On Monday, that location reopened as HawaiiUSA's 13th branch — known as the "Aloha Branch."
HawaiiUSA FCU is the state's largest credit union.
"Aloha Federal Credit Union has a long history of serving Hawaii's airline industry beginning with Aloha Airlines, and we are honored to welcome their members into our credit union family," Karl Yoneshige, HawaiiUSA's president and CEO, said in a statement. "We look forward to reaching out to other companies in the airline industry who were part of the Aloha FCU field of membership."
Aloha FCU brings 3,263 members to the merger. The CU served employees of air industry companies in Hawaii. Families of existing members, as well as employees and family members of select airline companies, are eligible to join HawaiiUSA.
The board of directors for Aloha FCU proposed the merger on May 28. On Aug. 25, 95.7% of the membership approved the merger.
HawaiiUSA had 124,678 members prior to the merger. Chartered in 1936 to serve employees in education, it now serves 4,700 select employee groups.
The 50th state has been busy with mergers in 2014. Earlier this year, HawaiianTel Federal Credit Union merged with Island Tradition FCU and Sheraton Hawaii FCU, and Dole Wahiawa Federal Credit Union merged with Hawaii State FCU.