HONOLULU (HI Now) - Hawaii’s credit union movement traces its roots to the 1930s, when plantation workers unable to obtain small loans turned to community savings circles built on trust. In 1936, Big Island teachers pooled resources to charter Hawaii’s first credit union, which grew into today’s Big Island Federal Credit Union. That same year, territorial employees founded a small cooperative that would become Hawaii State Federal Credit Union, now the state’s largest credit union. Credit unions are not-for-profit, member-owned financial cooperatives that return earnings to members through lower fees, higher savings rates, and lower loan rates. Andrew Rosen, president and CEO of Hawaii State Federal Credit Union, and Nicole Aguinaldo, president and CEO of Big Island Federal Credit Union, appeared on HI Now Daily to discuss the milestone and the principles that have guided credit unions for 90 years.
For more information on Hawaii State Federal Credit Union, visit hawaiistatefcu.com. To learn more about Big Island Federal Credit Union, visit bigislandfcu.com.
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