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PSCU extends partnership with two Hawaii credit unions and welcomes a third to the cooperative

ST. PETERSBURG, FL (May 31, 2018) — The nation’s leading credit union service organization, PSCU , announced today that two current Owners – Hawaii Central Federal Credit Union (Honolulu, Hawaii) and Hawaiian Tel Federal Credit Union (Honolulu, Hawaii) – have renewed their 10-year partnerships with the CUSO, while Maui Federal Credit Union (Kahului, Hawaii) has joined the cooperative as a new Owner. All three credit unions will partner with PSCU for credit processing services, with Hawaii Central FCU also utilizing them for debit processing.

“PSCU is pleased to continue growing its Owner base in Hawaii through these two renewed agreements and one new partnership,” said Scott Wagner, PSCU EVP and Chief Revenue Officer. “In particular, we are proud that two existing Owners place such a value in PSCU’s solutions and technology that they chose to extend their long-term partnerships with us. We look forward to delivering the same quality service and unparalleled member experience these two Owners have come to expect from PSCU to all three credit unions moving forward.

Two Hawaii credit unions announce merger

Hawaiian Airlines FCU was chartered in 1948 to serve the employees and families of Hawaiian Airlines. As of October 31, 2017, the credit union had 3,114 members and more than $22 million in assets.

Hawaiian Tel FCU had $607.5 million in assets and almost 57,000 members as of September 30, 2017.

The “entire staff” of Hawaiian Airlines FCU “will remain, and will soon be operating out of a new location at the Hawaiian Airlines Maintenance Hangar,” according to Hawaiian Tel FCU.

As a result of this merger, the former members of Hawaiian Airlines FCU will be able to use the expanded network of ten branches, six of which are in-store Walmart branches. The merger also resulted in “higher dividends paid to savings accounts, as well as reduced and eliminated fees.”

Hawaiian Tel FCU posted net income of about $5.4 million in 2016, up from about $4.9 million the prior year.

Meanwhile, Hawaiian Airlines FCU recorded a net loss of about $12,600 last year, after posting net income of about $9,700 in 2015.