The $9.4 million TheoDavies Federal Credit Union merged thisweek with the $156 million Hawaii Central Federal Credit Union, the Honolulu credit unionssaid.
|Founded in 1937, TheoDavis FCU served 1,538 members. Like manysmall credit unions, TheoDavies struggled financially withdeclining loan, fee and investment income.
|From 2008 to 2012, the credit union posted a total net loss of$1,032,814, according to NCUA financial performance reports.
|The merger is Hawaii's Central FCU's second since December whenthe credit union acquired the assets of the $3 million KapalamaPacific FCU, also in Honolulu.
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