Hawaii State Federal Credit Union’s loans jumped 14 percent in the second quarter on the strength of its mortgages as well as photovoltaic and auto lending activity.
But the state’s second-largest credit union saw its net income fall 8.9 percent to $2.4 million from $2.6 million in the year-earlier quarter.
Hawaii State FCU said loan balances rose to $692.6 million from $607.5 million. Assets rose 4.4 percent to $1.45 billion from $1.39 billion.
“Our growth in the first half of 2016 has allowed us to give back to our members through lower fees, more competitive loan terms and higher savings rates,” Hawaii State FCU President and CEO Andrew Rosen said Wednesday.
Hawaii State FCU, which has generated more loan volume than any credit union in the state, ended June 30 with 93,840 members, a 7.9 percent increase from 86,965 in the year-earlier quarter.
The credit union serves state, city and county employees as well as nonprofits and select businesses and their families across the state.
It said it will celebrate the grand opening of its newest branch at Hawaii Kai Towne Center in September and is anticipating wrapping up renovations on its Pearlridge branch, which serves 16,000 members, by the beginning of the fourth quarter.
Dow, DuPont shareholders OK merger
NEW YORK >> Shareholders for agriculture and chemical companies DuPont and Dow Chemical have approved their merger. After it’s complete, the century-old companies plan to break up into three parts.
The companies held meetings where shareholders voted on the deal. Both Dow and DuPont were pushed by activist investors to break up or find other ways to revitalize their businesses. They agreed to merge in December in an all-stock deal valued at about $62 billion.
They expect the combination to be official by the end of 2016, but regulators will still have to approve it.
Tech surge lifts stock indexes to new highs
NEW YORK >> Stocks took another modest step further into record territory Wednesday after several companies reported profits that were stronger than expected, if not strong.
Technology stocks led the way following an encouraging report from Microsoft.
Both the Standard & Poor’s 500 index and the Dow Jones industrial average set all-time highs, and the Dow marked its ninth consecutive day of gains.
It’s the longest winning streak for the measure of blue-chip stocks since 2013, and it’s been a decidedly slow-and-steady one. All but one of those days had a gain of less than 1 percent.
U.S. seeks $1B taken from Malaysian fund
WASHINGTON >> The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian sovereign wealth fund and used for high-end real estate, fancy artwork and production of a Hollywood film, “The Wolf of Wall Street.”
Justice Department civil forfeiture complaints seek the forfeiture of property including a Manhattan penthouse, a Beverly Hills, Calif., mansion, a private jet and paintings by Vincent Van Gogh and Claude Monet.
The complaint, filed in Los Angeles, alleges a complex money laundering scheme that the Justice Department says was intended to enrich top-level officials of a government-controlled Malaysian wealth fund.
Unilever to purchase Dollar Shave Club
THE HAGUE, Netherlands>> Consumer products giant Unilever says it has agreed to buy the fast-growing California-based men’s grooming business Dollar Shave Club for an undisclosed sum.
The company sells razor blades and other grooming products direct to consumers via its website.
Unilever, which already owns personal care brands including Axe, Dove and Pond’s, said in a statement Wednesday that Dollar Shave Club has “transformed the shaving category with its lifestyle brand” and has built a membership of 3.2 million since its establishment in 2012. The company had sales of $152 million in 2015.
ON THE MOVE
Locations has promoted Michael Marks to vice president of client engagement, where he will also serve as a sales coach. He joined the firm in 2006 as internet sales team and client services manager, with previous experience as a sales manager for a real estate startup in Oregon.
PBS Hawaii has hired Cheryl Oncea as vice president of advancement, where she will oversee fundraising initiatives. She has 25 years of experience in media sales and advertising, including work for Hawaii News Now.
Hilton Grand Vacations has named Pamela Yagi general manager of Hilton Hawaiian Village. She has 25 years of hospitality experience, including as general manager of Hokulani Waikiki.
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Star-Advertiser staff
