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Hawaii State Federal Credit Union’s loan balances exceeded $1 billion last year while its loans and deposits jumped by double-digit percentages as the company opened three new branches.
Loans increased 11.4% to $1.09 billion and deposits rose 11.5% to $1.55 billion.
Net income, however, fell 37.9% to $6.1 million from $9.8 million a year earlier, according to the company’s financial report scheduled to be released today.
“Our growth in deposits can be directly attributed to the success of our Relationship Max high-yield savings account product that we unveiled in January 2019,” Hawaii State FCU President and CEO Andrew Rosen said. “As a result, we’ve more than doubled the interest dividend we paid out in 2019, putting an additional $5.8 million back into our members’ pockets. This caused out net income to decrease.”
Hawaii State FCU also saw increases in its assets and its membership. Assets rose 11.1% to $1.76 billion while the number of members rose 6.9% to 113,941.
Hawaii State FCU opened new branches in Salt Lake and Ewa Beach on Oahu and relocated its Kahului branch, which is now double the size of its former location on Maui.
ON THE MOVE
Central Pacific Bank has named Clint Hamabata vice president and mortgage loan manager. He joins the bank with more than 15 years experience in financial services, including sales manager at First Hawaiian Bank and condo projects/senior loan officer at American Savings Bank. Hamabata also serves as president of the One Ala Moana AOAO board.
E Noa Corporation has named Thomas Wakita Jr. vice president for westbound sales to oversee sales strategies for E Noa Tours and Waikiki Trolley in its westbound market. Wakita was previously vice president of sales and marketing North America for Outrigger Hotels & Resorts and also held a sales position with Hawaiian Airlines.