Fifty years ago this month, 10 pineapple growers from the Kapa’a area got together to discuss ways to improve their financial conditions. Dissatisfied with the lending policies of the financial alternatives existing at that time, and ineligible to join any
Fifty years ago this month, 10 pineapple growers from the Kapa’a area got together to discuss ways to improve their financial conditions.
Dissatisfied with the lending policies of the financial alternatives existing at that time, and ineligible to join any of the existing credit unions on Kaua’i, this determined group of farmers pooled $595 of their own money to establish Kauai Community Federal Credit Union.
From that humble beginning, and a single location in the old Tip Top building that stood where the Lihu’e Civic Center’s “round building” now stands, KCFCU has grown into the largest credit union on the island, and one of the largest in the state, with upwards of 29,000 members.
The 10 were Sam Aoki, James E. Nishida, Joseph T. Nakamura, William E. Fernandes, George N. Oshita, Kenneth Kagawa, Katsuro Arashiro, Shingo Yamaguchi, Julio Clemente and Shigeto Nakamura.
From the beginning, the credit union’s goal was “to improve the economic condition of its members, and to offer its services to all residents who were not eligible to join the other credit unions on the island,” according to founding documents.
The first KCFCU office was offered by Suyeto Yama, an accountant and one of KCFCU’s first members, said Mel Chiba, KCFCU president and chief executive officer.
The first building owned by KCFCU was just off Rice Street in Lihu’e, in a space now occupied by the Kauai Government Employees Federal Credit Union.
This month, and all this year, KCFCU employees and members are celebrating the golden anniversary of the credit union’s founding, at all five branches: Waimea, Lihu’e, Kapa’a, ‘Ele’ele and Kukui Grove.
The board of directors, management team and staff are dedicating the entire year to thanking the members, owners, and community on Kaua’i, said Chiba, who joined KCFCU as assistant manager in 1974, when there was one location, six or seven employees, and $7 million in assets.
That was also the year the Lihu’e location became the current branch, at ‘Elua and Hardy streets.
“It reflects our service to the members,” said Chiba of the growth of the credit union.
The theme for the anniversary is “Because of you, we’re golden.”
“It (the theme) reflects the philosophy and true essence of KCFCU’s member-focused culture,” said Chiba.
Throughout the year, credit union officials will be honoring members with member-appreciation events, promotions and anniversary giveaways that will last throughout 2004.
“Basically, we believe in our philosophy of offering great service to our members,” Chiba said. “Our staff is really sincere about being friendly, sincere and courteous to the members.”
The board of directors is elected by and from the membership, and all directors serve without pay.
This means there are no stockholders, and all earnings are shared equally and returned to the members as competitive dividend rates on savings and low interest rates on loans, Chiba explained.
Any person who lives, works, worships, or attends school on Kaua’i or Ni’ihau, and those affiliated with businesses and other legal entities on either island, may become a KCFCU member.
The KCFCU leadership and employees continue to put forth every effort to enable members, through products, services, and low-cost or no-cost benefits, to become financially self-sufficient and successful, he added.
The KCFCU is a $250-million financial institution.
