First Hawaiian Homes Closes with Molokai Community Assuming Assets and Shares

Member Deposits Protected up to $250,000 by Share Insurance Fund

 

Dec. 29, 2015 - The National Credit Union Administration today liquidated First Hawaiian Homes Federal Credit Union of Hoolehua, HI.

 

Molokai Community Federal Credit Union of Kaunakakai, HI, immediately assumed First Hawaiian Homesí 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 unionís most recent Call Report.

 

Membersí 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 memberís interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA 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 Federal Credit Union 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. on Friday local time.

 

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.

 

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 unionís most recent Call Report. Chartered in 1937, First Hawaiian Homes served residents of Island of Molokai, Hawaii.

 

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

 

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