LIHU‘E — Kaua‘i Federal Credit Union Board Chair Byron Watanabe announced on Saturday the appointment of Executive Vice President Sean Kaley as the interim president and CEO.
Kaley is succeeding Monica Belz, who is leaving KFCU for family and personal reasons. The appointment takes effect immediately.
Kaley takes over the role of interim CEO after serving the credit union as executive vice president and chief operating officer for six years. He will support the board as it initiates a search for a new CEO.
“Sean has been a steadfast leader of Kaua‘i FCU and we are confident in his ability to lead the organization and support the search process with the support of a strong C-Suite team, including Chief Financial Officer Sajid Siddiqi, Chief Accounting &Risk Officer Ruth Wright, and newly appointed Chief Impact Officer Hazelmae Overturf,” Watanabe said.
“We respect Monica’s decision to put her family first. Under her leadership, we have leaned into our mission of ‘strengthening the social fabric of Kaua‘i,’ expanding out membership, assets and opportunities to uphold a 77-year legacy. We are thankful for the foundation she has built, and on this foundation, we will continue to build a strong and resilient future for our members and community.”
KFCU, in February, announced Kalukalu at 1624 as the name for an economic resilience center, housing a new branch at 1624 Kuhio Highway in Kapa‘a.
The building restoration follows the credit union’s purchase of the former Otsuka Furniture store building in October 2022, mobilizing action on island priorities, such as affordable housing, small business innovation, climate change mitigation and nonprofit capacity building.
With more than 7,400 members, Kaua‘i Federal Credit Union is a well-capitalized institution with reserves well over the minimum regulatory limits and an asset base of $169.1 million. Kaua‘i FCU ended 2023 with asset growth of 13 percent, loan growth of 18 percent and a net worth of $18.4 million, or 3.9 percent above the “7.0 percent well-capitalized” regulatory level.
Twelve-month cash and contingent liquidity is forecast at $70 million.
