Mortgage Loans Added To Credit Union Services
A credit union is a group of people sharing a common bond of association by saving together and making low cost loans to each other from accumulated funds. The combined savings are the source of loan funds for the credit union. Each credit union is an individual non-profit organization supervised by either the Federal or State government. Hawaii Central Federal Credit Union (HCFCU) is owned and operated by its members and carries on the credit union philosophy of “People Helping People.”
HCFCU has been serving the people of Hawaii since 1937. It was originally at 1654 South King Street where the Hawaii Credit Union League is located today. Their field of membership was then comprised of other Hawaii credit union employees and officials, who at the time were not allowed to borrow from their own credit union, thus making HCFCU the “central credit union.” By 1973, its assets had reached over $2 million.
At that time, credit union law stated that a company had to employ a minimum of 200 people before the group was eligible to form its own credit union. On May 29, 1973, Governor John A. Burns signed into law the Hawaii Credit Union Act, which became effective July 1, 1974. With the new law, many people who previously were not eligible to join a credit union could join a “central credit union,” which helped to grow their field of membership.
Other Membership Benefits
Although State law has changed, HCFCU serves companies with less than 3,000 employees as well as individuals who work for such companies and others who are related to them.
Now located at 681 South King Street and under the direction of President Drake Tanabe, HCFCU has assets of over $140 million and is continuously growing with a wide variety of products and services available to their 13,000 members. Following are some of these products and services.
* Share Account
* Super Draft Checking
* Christmas Savings
* Business Accounts
* Term Share Certificates
* IRA Share Accounts
* IRA Term Share Certificates
Consumer Loan Products
* Personal Loans
* Auto Loans
* VISA Credit Card
* Line of Credit Loans
* Share Secured Loans
* No-fee Notary Services
* Free Traveler’s Cheques
* Discounted Movie Tickets
* Self-Serv. Coin Counting Machine
To grow the list of products and services available to their members, they have formed a mortgage lending subsidiary, CU Network Services (CUNS). President Miles Kimhan brings over 20 years of mortgage lending experience to CUNS, which has become a one-stop shop for mortgage lending services.
CUNS Home Loan Products include:
* First Mortgages
* Second Mortgages
* Owner/Builder Construction Loans
* Vacant Land Loans
* Investor Property Loans
* Home Equity Lines of Credit.
For more information about their home loan products, please call them at 529-4599.