Hawaii State FCU reports strong growth in loan balances, deposits, assets, and membership in the third quarter
Hawaii’s largest credit union lender will open its 11th branch later this year
HONOLULU, HI (November 8, 2019) — Hawaii State Federal Credit Union (Hawaii State FCU), Hawaii’s largest credit union lender with more than 112,000 members on Oahu and Maui, released its third-quarter results today, reporting strong growth in total assets, deposits and loan balances. The credit union also continued to experience rapid growth in membership, welcoming more than 7,000 new members over the past 12 months.
Hawaii State FCU’s performance as of September 30, 2019, includes:
$1.04 billion in loan balances, a 11.3 percent increase from $936.1 million at the end of the third quarter of 2018
$1.50 billion in deposits, a 8.3 percent increase from $1.38 billion at the end of the third quarter of 2018
$1.72 billion in assets, a 8.7 percent increase from $1.58 billion at the end of the third quarter of 2018
$8.35 million in year-to-date net income, a 10 percent decrease from $9.28 million at the end of the third quarter of 2018
112,391 members, a 6.7 percent increase from 105,342 members in the third quarter of 2018
“We continue to focus on returning profits to our members by providing the best rates and lowest fees possible, which is one of the reasons our net income dipped compared to last year. We’re especially pleased to see that our growth in deposits has continued to outpace other financial institutions in the state, which can be directly attributed to the success of our Relationship Max high-yield savings account,” said Andrew Rosen, president and CEO of Hawaii State FCU. “As a result of our impressive growth, we have been able to give back more to our members – nearly $4 million in additional interest year to date. As interest rates begin to decline and may continue to do so into 2020, Hawaii State FCU remains committed to paying highly competitive dividends and offering one of the highest savings rates in the state.”
To meet the needs of its growing membership, Hawaii State FCU will open its newest branch later this year at the Laulani Village Shopping Center in Ewa Beach. The 1,900 square-foot branch will feature the latest in tech, including Interactive Teller Machines. This will be Hawaii State FCU’s 11th branch – the third new location to open this year.
“Our rapid growth in membership was bolstered by the recent opening of our Salt Lake Shopping Center Branch, which accounted for 21 percent of our new members during its first two months of operation. This validates our efforts to open branches in communities where our members reside and we look forward to expanding our presence in West Oahu,” added Rosen.
Membership is open to all active and retired employees of the State of Hawaii, City and County of Honolulu and Maui County. In addition, employees or members of more than 300 local organizations and businesses can qualify to become Hawaii State FCU members. For a full list of Select Employment Groups (SEG) eligible to join, click here.
Hawaii State Federal Credit Union (Hawaii State FCU) was founded in 1936. Serving state, city and county employees as well as non-profits and select businesses and their families across the state, Hawaii State FCU has nearly 112,000 members and $1.7 billion in assets. Hawaii State FCU provides financial advising, checking, savings and loan services on Oahu and in Kahului, Maui. For more information, visit www.HawaiiStateFCU.com.