The NCUA liquidated the $3.2 million First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii, on Dec. 30.
The NCUA decided to liquidate First Hawaiian Homes and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations, despite a 20% net worth on $2.3 million in assets for the quarter ended Sept. 30.
Additionally, the credit union reported a 0% delinquency rate of total loans and a charge off rate at 0%, as well as a return on average assets of 19 basis points for third quarter 2015, as well as the previous three quarters, according to NCUA financial reports. First Hawaiian Home's yield on average loans was 9.84% compared to 6.7% for its peers in the third quarter.
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