HONOLULU — Members of Oahu Federal Credit Union members have voted in favor of a merger with Aloha Pacific FCU.
The merger is to be finalized on Oct. 1.
The relatively young Oahu FCU was chartered in 2010 and has $54.2-million in assets and approximately 3,325 members.
Oahu FCU posted $73,554 in net income as of March 31, with capital of 12%.
“We are honored to have the opportunity to serve the members of Oahu Federal Credit Union,” Aloha Pacific FCU President and CEO Vince Otsuka said in a statement. “This merger is a meaningful step in our mission to deliver outstanding financial services and strengthen our commitment to the communities we serve. By joining forces, we will create a more robust and resilient credit union that can better adapt to the evolving needs of our members.”
The Financials
The $1.29-billion Aloha Pacific has more than 67,000 members. APFCU had $770,358 in net income to go with net worth of 10.08% as of March 31.
“This merger represents a new chapter for our members, one filled with greater opportunities and enhanced services,” Oahu FCU General Manager Bart Saxton said in a statement. “We believe that combing our resources with Aloha Pacific FCU will bring significant benefits to our members and the community, and we look forward to a prosperous future together.”
The credit unions said there will be no layoffs and the current OFCU branch will remain open.
Six People Get Payouts
As CUToday.info reported earlier, in its disclosure form filed with NCUA, Oahu FCU reported six people will receive merger-related payouts:
- General Manager: $161,849
- Assistant Manager: $128,080
- Controller: $104,051
- Operations Manager: $86,567
- Loan Processor II: $51,559
- Senior Teller: $77,593
Distribution to Members
Oahu FCU said as part of the merger it will distribute a portion of its net worth in the form of a bonus dividend equal to approximately 4% of share, share drafts and certificate balances.