The NCUA liquidated the $3.2 million First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii, on Dec. 30.
The NCUA decided to liquidate First Hawaiian Homes and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations, despite a 20% net worth on $2.3 million in assets for the quarter ended Sept. 30.
Additionally, the credit union reported a 0% delinquency rate of total loans and a charge off rate at 0%, as well as a return on average assets of 19 basis points for third quarter 2015, as well as the previous three quarters, according to NCUA financial reports. First Hawaiian Home's yield on average loans was 9.84% compared to 6.7% for its peers in the third quarter.
Recommended For You
According to the NCUA's website, the credit union's manager/CEO was Allennie Naeole.
First Hawaiian Homes' assets were assumed by Molokai Community Federal Credit Union of Kaunakakai, Hawaii, as well as its member shares and most loans. Molokai Community is a federally chartered credit union with a low-income credit union designation that has 3,839 members and assets of $20.3 million, according to the NCUA.
First Hawaiian Homes served 1,379 members, according to the NCUA. Chartered in 1937, First Hawaiian Homes served residents of the Island of Molokai, Hawaii.
First Hawaiian Homes was the eleventh federally insured credit union liquidation in 2015.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
