HONOLULU -- With its newly granted trade, industry andprofession charter, Aloha Airlines Federal Credit Union is on amission to become the premier financial services provider toHawaii's airline industry.

In early July, NCUA gave the $30 million credit union the greenlight to expand its field of membership, according to the NCUA July2008 Insurance Report of Activity issued on Aug. 25. The newcharter expands Aloha Airlines FCU service on the Hawaiian islandsto not only airline employees, government employees who workdirectly in the administration, regulation or security of airlines,airports or air transportation but also to periphery divisions.

Airport employees who work directly with air transportation offreight, air courier services, airport and air transportationsupport and services are now eligible for membership. Janitorialservices, airport baggage handling, aircraft cleaning, maintenanceand repair services and runway maintenance services and on-boardairline food services are also included in the new membership pool.The TIP charter does not extend to employees of retail shops,restaurants, travel agencies, hotels or car rental companies, evenif located at an airport, according to NCUA.

Doug Mashino, a spokesperson with Aloha Airlines FCU, saidNCUA's approval of the TIP charter came roughly 30 days after thefinancial institution submitted its application and 95-pagejustification on June 6.

"We realize this approval turnaround time is unprecedented, andwe implored the NCUA to act expeditiously on our request because ofthe sudden loss of our majority sponsor, and in returning anapproval quickly, we were pleased with and appreciative of theNCUA's efforts and of its understanding of our situation," Mashinosaid.

Aloha Airlines FCU is currently undergoing changes to its brandfollowing the bankruptcy and shutdown of Aloha Airlines, itssponsor for 56 years. The carrier was forced to close shop in Marchciting cutthroat competition and rising fuel costs. As a result,nearly 1,000 members of the credit union's 4,595-member base losttheir jobs. Pacific Air Cargo's purchase of Aloha Airlines'contract services division and Aeko Kula's acquisition of thedefunct carrier's cargo operation have recently opened upmembership opportunities. Aloha Airlines FCU said it will continueits 21-year alliance with Island Air, once a division of AlohaAirlines.

While there is a presence of national TIP air industry creditunions in Hawaii, there is not one based in Hawaii that could servethe specific needs of the state's air industry, Mashino said. Asevident by Aloha Airlines' collapse, Hawaii's economy is criticallydependent on air transportation and the local professionals who arepart of that industry. In fact, Aloha and its successor company'sair cargo and freight operations transports 85% of Hawaii'snon-barge freight, he added.

"In that significance, the credit union saw [an] opportunity andchose to focus on the industry that we've been a part of for 56years, only now in a broader scope. Further, the credit union feltit was important to not only focus on the industry locally, but thelocal people who are all involved in the industry and be able tospeak to their needs as fellow 'kamaaina' [which is the] Hawaiianword for local resident," Mashino explained.

Aloha Airlines FCU discussed the possibility of a communitycharter but chose to focus on its nearly 60-year alliance withHawaii's air transportation industry. To that end, the credit unionis in the middle of developing a broader marketing plan to spreadthe word of its newfound field of membership. Those marketingefforts, which will also include a possible introduction of a newname and brand, are scheduled to begin in the fourth quarter,Mashino said. Aloha Airlines FCU is also planning to add newservices such as bill payment and expand its network of branches.In June, the AccessCard Visa debit card made its debut along with anew mailing address.

Meanwhile, the credit union continues to extend assistance tothose members who have been impacted by Aloha Airlines' shutdown.Mashino said many have found jobs within the air transportationindustry while others have moved on to completely different fieldsof work.

"While it's true a few employees left the state or the countryto find work to continue flying, many have now been hired by otherlocal airlines or are doing other things with other air industryenterprises," Mashino said. "Our expanded FOM charter now enablesus to serve other air industry professionals."

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