In Memoriam: Retired CEO Wallace Watanabe

Wallace Watanabe, retired president/CEO of Aloha Pacific Federal Credit Union, died Sept. 2, the Honolulu-based credit union said.

“It’s thanks to Wallace, his business insight and his forward thinking that made Aloha Pacific FCU the success it is today,” Vince Otsuka, who became APFCU’s president/CEO in 2013 after Watanabe’s retirement, said. “We are forever grateful and will miss his warmth and genuine aloha for our members, employees and community.”’

Watanabe joined the credit union in 1972 as a loan officer and became president/CEO in 1992.

Under his executive leadership, APFCU grew from $173 million in assets and 15,817 members in 1992 to $755 million in assets and 41,786 members in 2013. Currently, the credit union manages $1 billion in assets and serves more than 63,000 members.

He grew the credit union by expanding its branch network in the Oahu neighborhoods of Kailua, Kaimuki, Kapolei, Waikele, Waimalu and the business district on Fort Street.

Additionally, in 2010 he opened a branch in the Summerlin neighborhood of Las Vegas, which Hawaiians call “the ninth island.”  According to a 2018 report from Nevada Public Radio, Las Vegas has the biggest population of Hawaiians outside of the Aloha State.

Among Wantanabe’s other achievements included establishing a shared branching system and introducing the Kalabash ATM network (now named Aloha Pacific) as a less costly ATM option for credit union members.

He created the CUSO of Hawaii Services LLC to help credit unions process and service mortgage loans, and APFCU realty and financial planning divisions. He also helped smaller credit unions by offering technical and financial services, and created the City Credit Union Center in Kalihi, which housed a number of smaller credit unions.

“His legacy lives on,” Otsuka said. “In addition to leading our credit union, he was a leader in the credit union movement in Hawaii.”