The Credit Union Movement
There are
approximately 8,000 member-owned cooperative financial
institutions, known as credit unions, in the U.S. Their roots go back to
1849 when the first credit union was established. It began amidst the
poverty of the mid 1800's in Germany. The Mayor at that
time encouraged farmers to pool their money and make loans to each
other rather than borrow from moneylenders. This concept spread to Canada and the U.S. in the early 1900's.
Edward Filene is the father of the American credit union movement.
Credit
Unions in Hawaii
In April 1936, six
teachers on the Big Island pooled their deposits to organize the
first credit union in Hawaii,
chartered August 1936, The Big Island Educational Federal Credit
Union. Hawaiian Tel Federal Credit
Union (formerly called Mutelco Oahu Employees Federal Credit Union) was
the first credit union chartered on Oahu.
On the same day in October 1936, Hawaii State Federal Credit Union
(formally called Hawaii Territorial Employees' Federal Credit Union)
also signed their charter. The Hawaii Credit Union Act was signed into
law by Governor John A. Burns on May 29, 1973.
Our Start
This Credit Union initially started as five
separate credit unions being serviced by the Hawaii Credit Union League
Oahu Service Center;
- Consolidated Amusement Federal Credit Union chartered April
12, 1936,
- Hopaco Employees Federal Credit Union chartered May 2, 1955,
- Hawaii ILWU Federal Credit Union chartered April 28, 1970,
- HTH Federal Credit Union chartered June 15, 1976, and
- Kai-Perm Hawaii Federal Credit Union chartered January 27,
1977.
Effective July 1, 1994, four credit unions merged
with the Hawaii ILWU FCU, forming one credit union. On August 22, 1994, NCUA approved the
name change to the Na Hui ˜Elima Federal Credit Union, which translates
to “A Group of Five”.
Our Name Change
In 2006, the credit union increased its field of
membership to include the Association of Hawaiian Civic Clubs. With
this change in the field of membership, the Board of Directors voted on
a name change, and on December 15, 2006 NCUA approved the name change
to Prince Kuhio Federal Credit Union. Beginning early in 2008, we began
adding in segments of the Hawaiian Homestead Associations, adding more
to the meaning of the Prince Kuhio Federal Credit Union.
What we are
Prince Kuhio Federal Credit Union is a
cooperative, owned and operated by its members. This is what
distinguishes the Credit Union from other financial institutions.
Members put their money in a variety of savings accounts, and that
money, in turn, is lent to members. After operating expenses and
reserve requirements are met, loan income is returned to members in the
form of dividends.
Governance
PKFCU is governed by a Board of Directors that
establishes and reviews policies. The Directors are Credit Union
members who are elected by the Membership and serve without pay. Every
member has one vote, regardless
of how much he or she has on deposit. At the Credit Union, there is no
select group of shareholders that profit more than anyone else. All Members profit -- individually
and collectively.
As of 02/28/2010,
PKFCU is a $7.4 million financial institution that is
federally-chartered credit union, organized under strict regulatory
laws that are monitored and enforced by the National Credit Union
Administration, an agency of the U.S. Government. This credit union is
federally insured by the National Credit Union Administration. We offer
a range of financial services, including financial counseling, savings
and loan programs that will help
its members to meet their financial objectives.
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