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Aloha Pacific FCU completes fourth acquisition in three years

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Hawaii Pacific Federal Credit Union in Honolulu has merged into Aloha Pacific Federal Credit Union.

The transaction was effective on Oct. 1, according to a press release on Friday.

This is the fourth credit union to merge into Aloha Pacific in three years, according to the press release. The institution now has more than 60,000 members and $900 million in assets.

“Aloha Pacific is excited to welcome members of Hawaii Pacific FCU into the ohana,” Vince Otsuka, president and CEO of APFCU, said in the press release. “We look forward to assisting them in their financial needs. Our additional branches and wide ATM network will make it easier for members to do their banking.”

All of the $46 million-asset Hawaii Pacific’s employees are being retained. Mark Yamane, formerly the CEO of Hawaii Pacific, is now chief financial officer at Aloha Pacific.

The Honolulu-based Aloha Pacific earned $2.7 million through June 30, flat from a year earlier, according to call report data.

Hawaii Pacific lost about $23,000 through the first six months of the year, compared with a loss of almost $5,000 for the same period in 2018, according to call report data.

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