LIHU‘E — More than half of Kaua‘i’s population belong to one of eight credit unions on the island. The U.S. Census Bureau estimates that Kaua‘i’s population in 2008 was at 63,689. A mayoral proclamation celebrating International Credit Union Week states
LIHU‘E — More than half of Kaua‘i’s population belong to one of eight credit unions on the island.
The U.S. Census Bureau estimates that Kaua‘i’s population in 2008 was at 63,689. A mayoral proclamation celebrating International Credit Union Week states that between the eight credit unions on Kaua‘i, the total membership is 54,837.
The eight credit unions have combined estimated assets of $590.39 million.
Kaua‘i’s credit unions join other institutions statewide and around the world in celebrating International Credit Union Week, Oct. 12-16. The celebration is traditionally observed the third week in October.
Credit unions are cooperatives which utilize voluntary resources of men and women of the community for the purpose of redistribution of those resources through productive and providential loans in order to improve the quality of life for members and their families, the proclamation states.
The roots of credit unions go back to 1844 when a group of weavers in Rochdale, England sold shares to members of the Rochdale Society of Equitable Pioneers, an organization the group formed. Funds from these shares were used to buy goods at lower-than-retail prices and sold to members at a savings. This was the first credit union, states the Credit Union National Association.
This movement spread to Germany in 1850, Canada in 1901, and the United States in 1908.
Similarly, when immigrants began arriving in Hawai‘i, groups of planters and farmers would get together for the purpose of acquiring farm equipment for their operations.
Credit Unions are member-owned, democratically controlled, non-profit institutions, dedicated to the principles of cooperation, including the education of members regarding the benefits and requisites of thrift and planned, regular savings.
Membership in a credit union carries certain responsibilities which call on each member to act on behalf of the cooperative to continue its service according to the expressed needs of all who belong to the credit union.
Following WWII, there was a renewed growth in credit unions. In 1945, there were 8,683 credit unions in the country. That number expanded to 16,201 by 1955, and by 1969, the United States had 23,876 credit unions, the online source states.
Since the 1970s, many smaller credit unions began merging into larger units that offer a wider range of services. This has caused the number of credit unions to decline, but membership has continued to climb to where almost 85 million Americans are credit union members.
The Kaua‘i proclamation states that the credit unions on the island contribute significantly to the economic well-being of Kaua‘i’s communities and an improved standard of living for all credit union members and their families.
Kaua‘i’s credit unions include the Garden Island Federal Credit Union, the Kaua‘i Community Federal Credit Union, the Kaua‘i Government Employees Federal Credit Union, the Kaua‘i Teachers Federal Credit Union, the Kaumakani Federal Credit Union, the Kekaha Federal Credit Union, the Koloa Federal Credit Union and the McBryde Federal Credit Union.
