HONOLULU -- The $31 million Aloha Airlines Federal Credit Union has seen new membership opportunities after bankrupt Aloha Airlines sold off several of its divisions.

Rising fuel costs and aggressive competition forced Aloha Airlines to shut down on March 31. Nearly 1,000 members of Aloha Airlines FCU's 4,345-member base were affected, according to the credit union.

Aloha Airlines FCU said Pacific Air Cargo's purchase of Aloha Airlines' contract services division has now made the company eligible for membership. Employees of Aeko Kula, which recently closed on the purchase of Aloha Airlines' cargo operation, are also now eligible to join the credit union. Aloha Airlines FCU said it will continue its 21-year alliance with Island Air, once a division of Aloha Airlines.

In May, Aloha Airlines FCU said it was in discussions on a new brand. Changes can already be seen including the mid-June roll out of an AccessCard Visa debit card and a new mailing address. The credit union previously shared a mail processing center with Aloha Airlines.

Aloha Airlines FCU is also reassuring its members that it is well capitalized, has never offered unsound borrowing or investment products, lends to only qualified members and funds its own loans. According to its NCUA 5300 call report, as of March 31, the credit union had a net worth ratio of 12.19% and nearly $590,000 in regular reserves.

"Unlike many of the banks that seem to be struggling now, our credit union answers only to our members," the credit union said on its Web site (www.alohafcu.com). "As a result, we are not driven by profit or by special dealings with large shareholders."

--msamaad@cutimes.com

Lazenby Named President of Navigator

Lazenby specializes in providing due diligence, litigation support and turnaround consulting. He has experience in operations, merger, acquisitions and structured transaction due diligence, portfolio-asset valuation, receivable collateral monitoring, loan level compliance, third party loan servicing, custodial audit services and regulatory compliance.

Lazenby is a Certified Fraud Examiner, completed the executive accounting and finance program at Columbia Graduate School of Business and the Management Development Program at the Kenan Flagler Business School. He also has his Certificate in Financial Planning from the University of Nevada, Las Vegas.

--lsiegriest@cutimes.com

Neighbors CU to Hold Free Seminars To Explain Consumer Credit Reports

ST. LOUIS -- Neighbors Credit Union will host two free educational seminars on credit reports in August.

Eric Clark, vice president of lending for Neighbors will conduct both seminars. The first will be held Aug. 7 at the James J. Eagan Center in Florissant, Mo. From 6:30 to 7:30 p.m. The second seminar will be held on Aug. 14 at the Genesis Banquet Center in St. Louis from 6:30 to 7:30 p.m.

The workshop will explain what a credit report is, the information it contains, how it is used and how to improve your credit report. All registered guests will receive a free copy of their credit report and credit score to follow along with during the seminar and to keep for their records.

To reserve a seat for the seminar visit ww.neighborscu.org or call 314-892-5400 extension 1225.

--lsiegriest@cutimes.com

San Diego Metropolitan CU Schools Young Members on Student Loans

The newsletter that's available on the credit unions Web site (www.sdmcu.org) delivered information on college loans that targeted at students planning for college, parents and recent college graduates.

The credit union cited Sallie Mae's 2007 survey of parents of college-bound freshman that showed one-third of those interviewed said they needed basic information about loans and payment plans. The newsletter then listed the different types of loans that are available for students and parents planning for college.

For recent college graduates, the newsletter advised them of the fact that on July 1 interest rates on some federal student loans dropped by three percentage points. It advised them that they can take advantage of the low rate by converting loans issued before July 1, 2006 into a single consolidation loan. The newsletter then went on to provide strategies on paying off loans and consolidating loans.

--lsiegriest@cutimes.com

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