Hawaiian Financial says 'Aloha,' welcoming Times FCU members in merger

Honolulu-based Times Federal Credit Union has merged into Hawaiian Financial Federal Credit Union, which until Aug. 31 was known as Hawaiian Tel Federal Credit Union.

The board of directors and membership of Times FCU voted “overwhelmingly” in favor of the merger on Feb. 15, officials with the credit union said Monday. The merger became official on Sept. 1, one day after Hawaiian Financial FCU’s new name took effect.

Times FCU was chartered in 1959 to serve the employees and families of Teruya Brothers Ltd., Times Supermarket, Fastop Convenience Stores, Ilima Hotel, Big Save Stores, Shima’s Supermarket and Fujioka’s Wine Times. At the time of the merger, Times FCU had 932 members and $7 million in assets. It had one branch at 3375 Koapaka Street, near Honolulu Airport.

Hawaiian Financial FCU has $628 million in assets and serves 59,726 members. The CU has 12 branches, including one on Maui.

As a result of the Hawaiian Financial FCU merger, the two credit unions said Times FCU members will be able to utilize the expanded network of 12 branches, five of which are in-store Walmart branches.

“Times FCU members also will benefit from the added products, services, convenience and competitive rates that Hawaiian Financial FCU has to offer,” the two credit unions said in a statement.

“It is our pleasure to welcome our newest members to Hawaiian Financial FCU. We are honored and look forward for the opportunity to serve the members of Times FCU,” said Norman Okimoto, Hawaiian Financial FCU’s president.

Hawaiian Financial Federal Credit Union was chartered in 1936 as Mutelco Oahu Employees Federal Credit Union. In 1999, it changed its membership charter to include everyone who lives or works on Oahu – becoming the first credit union in Hawaii with an island-wide charter.

Through mergers and other expansion opportunities, what then was known as Hawaiian Tel Federal Credit Union, or HiTel FCU, eventually became the largest community-based credit union in the state, and fourth-largest overall. In 2012, HiTel FCU became the first credit union in Hawaii to have a branch in a retail location when it opened its Kapolei Walmart location.