After a merger earlier this month into Aloha Pacific Federal Credit Union, former Kekaha FCU members received a $2 million cash payout on Nov. 15.
Qualified members were alerted to the payout via mail or phone calls.
“We are pleased to announce this dividend disbursement will be shared among our eligible KFCU members,” Lori Cardenas, chair of the Kekaha Credit Union advisory board, said in a statement. “Both credit unions thought it was important to acknowledge and thank our members for all their support over the years. We also agreed to maintain the identity of Kekaha as a longstanding credit union with deep community ties and historical significance.”
Aloha Pacific President and CEO Vince J. Otsuka said the dividend “demonstrates we are financially stronger together, and we are committed to the Kekaha community.”
Honolulu-based Aloha Pacific holds $852 million assets and absorbed the $20 million-asset Kekaha under a co-branding agreement effective Nov. 1. Former KFCU members will have access to all Aloha Pacific branches, systems, products and services as a result of the agreement, and the CU will maintain its identity while operating as “a division of Aloha Pacific FCU.”
The merger also produced a new logo that features Kekaha’s iconic sugar mill. Former KFCU board members will remain active as the Kekaha Credit Union advisory board.
Call report data from the end of Q2 – the most recent filing available – shows Kekaha FCU lost more than $60,000 during the first half of 2018, compared with the first half of 2017, when the CU saw a $26,645 profit.
