KOLOA, Hi. – Koloa FCU, a troubled $17 million credit union, has agreed to merge into $72 million Garden Island FCU, accelerating the consolidation of Hawaiian credit unions.
The proposed merger, which must still be approved by members, comes amid the retirement of Koloa FCU’s manager Ralph Fujinaka.
Koloa FCU reported a first-half loss of $16,000, following losses of $371,000 in 2011 and of $230,000 in 2010.
The proposed merger follows recent combinations of: Ka’U FCU into CU Hawaii FCU; Media Hawaii FCU into Aloha Pacific FCU; Kulia Ohana FCU into Valley Isle Community FCU; Honolulu’s Trippler FCU into Pentagon FCU and Kunia FCU into Alaska’s Matanasuka FCU.