The $9.4 million TheoDavies Federal Credit Union merged this week with the $156 million Hawaii Central Federal Credit Union, the Honolulu credit unions said.
Founded in 1937, TheoDavis FCU served 1,538 members. Like many small credit unions, TheoDavies struggled financially with declining 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 when the credit union acquired the assets of the $3 million Kapalama Pacific FCU, also in Honolulu.