HONOLULU -- The president of Hawaii State FCU has resigned, the latest fall-out of governance turmoil at the state’s second largest credit union that claimed the chairman of the board earlier this year.
In a resignation letter dated Nov. 8, Deborah Kim, who has worked at the $1.2 billion credit union almost 20 years, cited what she called unprofessional treatment and retaliation directed at her. "I have worked in the best interest of the credit union and its members for 19 years, only to end my tenure with your volunteer officials spitting in my face," Kim wrote. "I deserved better."
Rachael Sasaki, senior vice president, is now acting president.
Kim’s resignation follows April’s ouster during elections of board chairman Beverly Ing Lee over a scandal involving lavish spending by directors. The scandal surrounded the board’s use of Chairman Lee’s travel agency to arrange official trips, frequently at ticket prices higher than what the airlines offered directly. Benefits received by board members included up to seven off-island trips per year and certain reimbursed costs for board spouses and companions, as well as a corporate credit card for each director with a limit of $5,000 per card.
The 75-year-old credit union reported positive net income of more than $2 million for the first three quarters of the year.
