ALEXANDRIA, Va.—NCUA Tuesday liquidated the $3.2-million First Hawaiian Homes FCU of Hoolehua, Hawaii.
Molokai Community Federal Credit Union of Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans.
The $20.3-million Molokai Community, a low-income designated credit union, has 3,839 members.
NCUA made the decision to liquidate First Hawaiian Homes and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
At the time of liquidation and subsequent assumption by Molokai Community, First Hawaiian Homes served 1,379 members. Chartered in 1937, First Hawaiian Homes served residents of Island of Molokai, Hawaii.
First Hawaiian Homes is the eleventh federally insured credit union liquidation in 2015.