Hawaii National Guard Credit Union and Aloha Pacific Federal Credit Union are set to merge via a “special co-branding partnership” that they claim is the first arrangement of its kind in the state of Hawaii.
As part of the partnership agreement, Honolulu-based HNGFCU will retain its identity and will be known as Hawaii National Guard Credit Union, a Division of Aloha Pacific Federal Credit Union. The merger will become effective May 1. Both institutions are based in Honolulu, and the merged institution will serve nearly 50,000 members with approximately $800 million in assets.
“We are thrilled to welcome the members of Hawaii National Guard CU,” Vince J. Otsuka, president & CEO of Aloha Pacific FCU, said in a statement. “We look forward to serving our new members for many years to come “We hope new HNGCU members will take advantage of our partners’ surcharge-free ATMs, numbering in the hundreds in Hawaii. Helping members save money is one of our highest priorities.
All HNGCU employees will be retained and the credit union’s two branches – in Diamond Head and Kalaeloa – will join APFCU’s network of seven branches on Oahu and one in Henderson, Las Vegas. All of the branches will offer full services to both HNGCU and APFCU members.
In addition, HNGCU members will have free and unlimited access to Aloha Pacific’s ATMs, and surcharge-free access to First Hawaiian Bank, American Savings Bank, Hawaii National Bank and Bank of Nevada ATMs, as well the 30,000 ATMs and thousands of branches across the mainland U.S. through the CO-OP Shared Branching network.
According to call reports for the two institutions, Aloha Pacific posted a net income of about $2.9 million in 2016, down from $3.9 million in the prior year. Meanwhile, Hawaii National generated net income of $35,306 in 2016, up from $26,495 in the prior year.
