Hawaiian Tel Federal Credit Union announced that it merged with Hawaiian Airlines Federal Credit Union on November 1.
“It is a tremendous honor that Hawaiian Airlines FCU’s members voted overwhelmingly in favor of merging with Hawaiian Tel FCU,” Hawaiian Tel FCU President Norman Okimoto said in a statement. “We are excited and grateful for the opportunity to serve them.”
Hawaiian Airlines FCU was chartered in 1948 to serve the employees and families of Hawaiian Airlines. As of October 31, 2017, the credit union had 3,114 members and more than $22 million in assets.
Hawaiian Tel FCU had $607.5 million in assets and almost 57,000 members as of September 30, 2017.
The “entire staff” of Hawaiian Airlines FCU “will remain, and will soon be operating out of a new location at the Hawaiian Airlines Maintenance Hangar,” according to Hawaiian Tel FCU.
As a result of this merger, the former members of Hawaiian Airlines FCU will be able to use the expanded network of ten branches, six of which are in-store Walmart branches. The merger also resulted in “higher dividends paid to savings accounts, as well as reduced and eliminated fees.”
Hawaiian Tel FCU posted net income of about $5.4 million in 2016, up from about $4.9 million the prior year.
Meanwhile, Hawaiian Airlines FCU recorded a net loss of about $12,600 last year, after posting net income of about $9,700 in 2015.