Wednesday, December 30, 2015

First Hawaiian Homes FCU Liquidated

The National Credit Union Administration today liquidated First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii.

Molokai Community Federal Credit Union of Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans.

NCUA made the decision to liquidate First Hawaiian Homes Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

According to the credit union's third quarter call report (most recent available), the credit union was well-capitalized, reported no problem loans, and was making a small profit.

At the time of liquidation and subsequent assumption by Molokai Community, First Hawaiian Homes served 1,379 members and had assets of nearly $3.2 million, according to the credit union’s most recent Call Report.

First Hawaiian Homes Federal Credit Union is the eleventh federally insured credit union liquidation in 2015.

Read the press release.
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