HONOLULU — This Thursday, Oct. 20, Hawaii State Federal Credit Union will join more than 57,000 credit unions around the world in celebrating International Credit Union Day. Recognized on the third Thursday of October since 1948, International Credit Union Day highlights the foundational principals of credit unions and seeks to educate individuals on the structure and benefits of the credit union model.
“International Credit Union Day is an annual reminder of the unique principles that guide our organization,” said Andrew Rosen, president and CEO of Hawaii State Federal Credit Union, who also serves as president of the Hawaii Credit Union League Oahu Chapter. “As a not-for-profit, member-owned credit union, we are driven to reinvest our profits back into our membership base through lower rates, higher savings returns and fewer fees.”
Hawaii State FCU is the state’s second largest credit union and saw its membership base top 95,000 members last month. “We are proud to measure our success by the relationships we build and the communities we serve, not by the number of transactions we complete. These qualities have made us the financial partner of choice for more than 95,000 members in Hawaii,” Rosen said.
In Hawaii, there are nearly 65 credit unions providing services in more than 150 branch locations. Total membership exceeds more than 800,000.
The theme of this year’s International Credit Union Day celebration is “The Authentic Difference” – a tribute to the qualities that set credit unions apart from other financial institutions:
- Credit unions are member owned. Each member has an equal vote to elect the board of directors, which governs the credit union.
- Credit unions are not-for-profit organizations. Any profits they make are returned to their members through reduced fees, higher savings rates, lower loan rates and other member benefits.
- Credit unions believe in the concept of “people helping people” through community service and support. Hawaii State FCU supports students and public school teachers with $50,000 in scholarships and grants annually, sponsors the Friends of the Library of Hawaii Annual Book Sale, and donates to many other charitable organizations in Hawaii.