HONOLULU — Hawaii State Federal Credit Union (Hawaii State FCU) enjoyed a rise in membership in the third quarter of 2017 that brought it closer to reaching its 100,000-member milestone. Competitive rates, exceptional member service and innovative technology have contributed to record membership growth over the past few years.
The growth in membership is also attributed to the credit union’s forward-thinking introduction of financial products, created specifically to meet the needs of its members. The Combo 100 First Mortgage, launched earlier in 2017, combines a first mortgage with a Home Equity Line of Credit to provide zero-down financing for both repeat and first-time homebuyers. Other programs such as the roof and renovation loan and solar loan help members make needed improvements or invest in energy-efficient features for their home.
In addition to membership growth, this quarter marks the credit union’s 16th straight quarter of loan growth. With more than $829.9 million in home, auto, solar and small-business loans, the state’s largest credit union lender has the distinction of being the fastest-growing credit union in Hawaii.
For the calendar quarter ending Sept. 30, 2017, Hawaii State FCU reported:
- $829.9 million in loan balances, a 17.8 percent increase compared with $704.3 million from the same quarter last year.
- $1.52 billion in assets, a 4.1 percent increase compared with $1.46 billion from the same quarter last year.
- $1.13 million in net income, a 24.7 percent decrease compared with $1.50 million from the same quarter last year.
- 99,113 total members, a 3.8 percent increase compared with 95,494 from the same quarter last year.
“We strive to provide value to our members with low fees and competitive rates, and our membership growth is a direct result of products and services that meet our members’ needs,” said Andrew Rosen, president and CEO of Hawaii State FCU. “Moving into the final quarter of 2017, we’re looking forward to the launch of our redesigned website, which will focus on empowering members — and nonmembers — to make educated financial decisions.”