LAS VEGAS-One year in the desert has done wonders for the health of Honolulu-based Aloha Pacific FCU.
On Dec. 1, 2010, $713-million Aloha Pacific opened its first off-island branch in a location formerly occupied by Silver State Schools CU, which closed the branch as part of its reorganization. According to Kristopher Kono, Aloha Pacific's senior marketing manager, the Las Vegas area is home to a large number of Hawaiians, plus it attracts numerous visitors from the islands.
"Our main focus this year was getting to know the market and reach out to Hawaiian residents and visitors to Las Vegas," he said. "We are letting people know when they go to Vegas they should stop by the branch."
Although Kono said the credit union does not discuss specific financials for a particular branch, he noted the Las Vegas branch has performed "very well" and has booked $20 million in loans.
In 2011 staff from the credit union's Las Vegas branch participated in the "Pure Aloha" festival at a local casino, plus an auto dealer event, Kono reported.
"For 2012 we plan to be much more active in our marketing and are looking at future opportunities in Las Vegas," he said. "We do see opportunities in Las Vegas and want to be able to help the community. As people become aware of us we think the branch will be a lot more active."
Although Nevada has consistently remained at the top of most foreclosure rankings in recent years, Kono said Aloha Pacific has carefully steered away from exotic mortgage products before booking home loans in Sin City. The CU reviews all borrowers individually and is following its standard mortgage lending practices.
Chartered in 1936 by city employees, Aloha Pacific FCU is the third-largest credit union in Hawaii. Membership is open to employees of the city and county, members of the Hawaii Government Employees Association, and numerous SEGs and their immediate family.
