Hawaiian Tel Federal Credit Union as absorbed $15.6 million-asset Board of Water Supply FCU, effective Nov. 1, 2016. Both institutions are based in Honolulu.
Board of Water Supply FCU chairman Keith Shida called the merger "mutually beneficial" and said it will "strengthen both organizations" and "allow continued growth and financial strength."
The merger also resulted in a bonus dividend of more than $1 million paid back to Board of Water Supply FCU members.
Board of Water Supply FCU, which has 1,068 members, was chartered in 1938 to serve the employees of the Board of Water Supply and their families. During the first three quarters of 2016 it posted a loss of more than $46,000, according to the most recent Call Report data, and had just $3.4 million in loans on the books – primarily unsecured lending and auto loans. It reported a loss of almost $82,000 last year.
Hawaiian Tel FCU is a $580 million institution with almost 55,000 members and ten branches. It is the fifth largest credit union in Hawaii.
