Oahu Railway & Land Federal Credit Union, which was operating with just one branch, has merged with the larger Hawaiian Tel Federal Credit Union.

Hawaiian Tel FCU announced the transaction Thursday, but the merger occurred Aug. 1 after ORAL’s board of directors and membership voted for the deal March 9. The merger resulted in a 10 percent bonus dividend paid back to all ORAL members.

ORAL, which had 254 members and $1.7 million in assets, was chartered in 1950 to serve the employees and families of Oahu Railway & Land Co. The membership evolved to service the wholly owned transportation subsidiaries of Saltchuck Resources (formerly Dillingham Corp.) and Foss Maritime Co. (Young Brothers Ltd. and Hawaiian Tug & Barge) and their families. ORAL operated from one branch at Pier 39/40, which closed as a result of the merger.

ORAL members now are able to use Hawaiian Tel’s network of nine branches, five of which are in-store Wal-Mart branches.

“We are honored and look forward for the opportunity to serve the members of ORAL FCU,” Hawaiian Tel FCU President Norman Okimoto said.

Hawaiian Tel, chartered in 1936, is open to everyone who works, lives, worships or does business on Oahu and their immediate families. Membership changed in 1999 from an employer-base to a community-base charter so that more people were eligible to join.

Hawaiian Tel is the fifth-largest credit union in the state with $578 million in assets and 55,267 members as of Aug. 31.