HONOLULU – Aloha Pacific FCU will pick up a new branch inside the Dole Pineapple Cannery with the acquisition of troubled Hawaii Stevedores/Castle & Cooke FCU, the fast-growing credit union giant’s fifth merger in the last five years.
Hawaii Stevedores, which serves employees of fruit conglomerate Castle & Cooke, is a one-time $15 million credit union that reported losses of $462,000 for the first three quarters of the years and losses for each of the past seven years, as its net worth slid to just 3.3% at Sept. 30.
The deal will give Aloha Pacific, the one-time Honolulu City & County Employees FCU, over $730 million in assets and more than 41,000 members.
Aloha Pacific, which previously merged with Inter-Island FCU, First Insurance FCU, Word of Life FCU and Media Hawaii FCU, is the third-largest credit union in Hawaii. It has 11 branches, 10 on Oahu and one in Las Vegas, which it acquired from Silver State Schools CU.