HONOLULU – As part of a merger with Aloha Pacific FCU, members of Kekaha FCU here were paid a special $2-million dividend.
“We are pleased to announce this dividend disbursement will be shared among our eligible KFCU members,” said Lori Cardenas, chair of the Kekaha Credit Union Advisory Board, in a statement. “Both credit unions thought it was important to acknowledge and thank our members for all their support over the years. We also agreed to maintain the identity of Kekaha as a longstanding credit union with deep community ties and historical significance.”
The $20-million Kekaha FCU had approximately 1,663 members at the time of the merger, with a 20% net worth ratio.
Kekaha FCU is now operating under a co-branding arrangement with Aloha Pacific, in which it will operate as “Kekaha Credit Union, a Division of Aloha Pacific Federal Credit Union.” A new logo also features Kekaha’s iconic sugar mill (the CU was founded in 1938 to serve Kekaha Sugar Co.) The former KFCU board will remain active as the Kekaha Credit Union Advisory Board.
“This special dividend demonstrates we are financially stronger together, and we are committed to the Kekaha community,” said Aloha Pacific Federal Credit Union President and CEO Vince J. Otsuka in a statement. “Delivering value to our members is top priority, and we are grateful for the opportunity to serve the Kekaha community in the years to come. When you have Aloha, anything is possible.”