HONOLULU Aloha Pacific FCU announced this morning that Wallace Watanabe retired Tuesday, after 40 years heading the now-$745 million credit union.
Vince Otsuka senior vice president of lending will serve as interim president and CEO until the board of directors appoints a permanent replacement for Watanabe.
Aloha Pacific, which was founded in 1936 as the Honolulu City & County Employees FCU, is the third-largest credit union in Hawaii with more than 140,000 members.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.
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