KOLOA, Hi. – Koloa FCU, a troubled $17 million credit union, has agreed to merge into $72 million Garden Island FCU, accelerating the consolidation of Hawaiian credit unions.
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The proposed merger, which must still be approved by members, comes amid the retirement of Koloa FCU’s manager Ralph Fujinaka.
Koloa FCU reported a first-half loss of $16,000, following losses of $371,000 in 2011 and of $230,000 in 2010.
The proposed merger follows recent combinations of: Ka’U FCU into CU Hawaii FCU; Media Hawaii FCU into Aloha Pacific FCU; Kulia Ohana FCU into Valley Isle Community FCU; Honolulu’s Trippler FCU into Pentagon FCU and Kunia FCU into Alaska’s Matanasuka FCU.
