news.cuna.org/articles/108932-molokai-community-assumes-assets-shares-of-closed-first-hawaiian-homes-fcu

Molokai Community assumes assets, shares of closed First Hawaiian Homes FCU

December 31, 2015

ALEXANDRIA, Va. (12/31/15)--The National Credit Union Administration (NCUA) liquidated First Hawaiian Homes FCU, Hoolehua, Hawaii, Wednesday.

NCUA made the decision to liquidate the credit union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Molokai Community FCU, Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans.

At the time of liquidation and subsequent assumption by Kaunakakai, Hawaii-based Molokai Community FCU, 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. Chartered in 1937, First Hawaiian Homes served residents of Island of Molokai, Hawaii.

First Hawaiian Homes FCU is the 11th federally insured credit union liquidation in 2015.

The assuming credit union, Molokai Community FCU, Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans. Molokai Community is a federally chartered credit union with a low-income credit union designation that has 3,839 members and assets of $20.3 million, according to the credit union’s most recent call report.

Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.

The Share Insurance Fund separately protects individual and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

Members with questions about their accounts may contact Molokai Community FCU at (808) 553-5328 between 8:30 a.m. and 4:30 p.m. Monday through Thursday and 9 a.m. and 5 p.m. Friday (HAST).