New Credit Union Foundation Forms in Hawaii
Aloha Pacific FCU’s Aloha Pacific Foundation kicks off its charitable giving with a donation to a homeownership center.
A $1.2 billion Hawaii credit union, Aloha Pacific Credit Union in Honolulu, is the latest credit union to launch its own foundation.
The Aloha Pacific Foundation will support programs and funding initiatives that align with Aloha Pacific’s mission and community service areas, according to a Tuesday announcement from the credit union.
Led by a volunteer board of directors, the Aloha Pacific Foundation will fund and manage the credit union’s existing charitable giving initiatives, including grants, donations and scholarship programs. One of these programs is Aloha Pacific’s Masami Oishi Memorial Scholarship, and to date, the credit union has contributed $1 million in scholarships, grants and charitable gifts to community-based organizations and local students pursuing higher education, it said.
“As Aloha Pacific has grown over the years, so has our commitment to our members and the communities where they live, work and play. Establishing the Aloha Pacific Foundation is an extension of the ‘people helping people’ philosophy of credit unions,” Vince Otsuka, president/CEO of Aloha Pacific FCU, stated.
The Aloha Pacific Foundation recently made its debut donation – $10,000 to the Hawaii HomeOwnership Center, a non-profit in Honolulu focused on providing counseling, education and support to first-time homeowners in the state.
“The demand for housing is extremely strong in Hawaii and it’s important that potential first-time homebuyers are equipped with the necessary knowledge to purchase a home. The Hawaii HomeOwnership Center provides those tools and much more. It’s an invaluable resource for anyone looking to buy their first property,” Robert Morita, board chair of the Aloha Pacific Foundation, stated.
Reina Miyamoto, executive director of the Hawaii HomeOwnership Center, added, “We are grateful for the support of the Aloha Pacific Foundation. This gift helps us immensely in our mission of educating Hawaii’s homebuyers, a goal shared by Aloha Pacific.”
Other credit unions that have launched their own foundations in the past five months included the $421 million Education Credit Union in Amarillo, Texas, the $1.2 billion Avadian Credit Union in Hoover, Ala., and the $2.1 billion, Winston-Salem, N.C.-based Allegacy Federal Credit Union.