HONOLULU — Rather than submit an application for a national trade, industry and profession charter, Aloha Airlines Federal Credit Union opted to keep its reach within the air transportation industry in Hawaii.
The $30 million credit union received approval for a TIP charter in early July, according to the NCUA July 2008 Insurance Report of Activity issued on Aug. 25.
The new charter means Aloha Airlines FCU can now serve Hawaii's airline and government employees who work directly in the administration, regulation or security of airlines, airports or air transportation among a number of other groups.
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Because Hawaii's economy is critically dependent on air transportation and the local professionals who are part of that industry, the TIP charter won out over a community charter, said Doug Mashino, an Aloha Airlines FCU spokesperson.
"[The] credit union felt it was important to not only focus on the industry locally, but the local people who are all involved in the industry and [being] able to speak to their needs as fellow 'kamaaina' [which is the] Hawaiian word for local resident."
Nearly 1,000 members of the credit union's 4,595-member base lost their jobs after Aloha Airlines closed shop in March. The carrier was Aloha Airlines FCU primary sponsor for 56 years. The credit union is aiming to have a new name and brand by the end of the year.
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