HONOLULU – Aloha Airlines FCU, whose corporate sponsor filed for bankruptcy in March, was approved by NCUA for a so-called TIP charter allowing it to serve any and all air industry employees in Hawaii.
The flight is a similar one charted by Northwest Employees FCU, which obtained a TIP charter serving all air industry employees in the U.S. after the bankruptcy of its airline sponsor, then landed as Wings FCU.
The Aloha Airlines FCU, which is developing a new name and brand, has lost 5% of its assets in the past 12 months and reported a loss of $83,000 for the first six months of the year.
The new charter will allow the $30 million credit union to serve any employees of an airline or government agency serving the air transport industry within Hawaii, but not allied businesses, like car rental, travel agencies or hotels.
