Hawaii State Federal Credit Union, the second-largest credit union in the state, recently purchased the former Acme Fender & Paint Shop property in Kakaako, where it plans to build its new flagship branch not too far away from its current Honolulu location, the head of the company told PBN.
Andrew Rosen, president and CEO of Hawaii State Federal Credit Union, whose main branch is located at 560 Halekauwila St., said that the new facility will house its retail functions.
The new branch will be located on a ground level with two floors of parking above it.
“With the population growing in Kakaako, we will have a lot of new users using our branch,” he told PBN. “A rail transit station will be nearby, so there will be a lot of foot traffic as well. We want to make sure we have a modern branch that addresses our own growth as well as the areas growth.”
The plan is to keep its existing five-story building for administrative functions with the new facility helping to deal with the expansion of the company.
“We have expanded in some new business lines,” Rosen said. “We’re back in the mortgage business and now we’re doing more financial advisory and investment services. In the last year, we’ve hired 20 new employees.”
Hawaii State Federal Credit Union paid $3.85 million for the property, according to public records and the broker who handled the deal, Kevin Nishikawa, vice president and Realtor for Honolulu-based Marcus & Associates Inc.
Rosen said that Acme Fender & Paint Shop, which remains open, will continue to lease the property from Hawaii State Federal Credit Union until construction on the new building begins.
He said that it is still working on the final plans on the new facility, but hopes to start construction sometime next year.
Hawaii State Federal Credit Union trails only HawaiiUSA Federal Credit Union, in terms of most members and highest amount of assets in the state.
Hawaii State Federal Credit Union, which currently has eight branches across the state and more than 50 shared-branch locations in Hawaii and Las Vegas, has 231 employees and about 80,000 members, according to a corporate fact sheet as of March 31. It was established in 1936 and has $1.3 billion in assets.
PBN first reported that Acme Fender & Paint Shop’s owner, Dwayne Nasu, had put his Kakaako property for sale with plans to close the business when it sold.
The asking price for the four 3,000-square-foot parcels at 585 Halekauwila St. was $5 million.
Nasu along with other small landowners in Kakaako were featured in a PBN cover story last year, discussing the quandary they face, either to sell or stay as the area adds thousands of residents and a slew of high-rises in a redevelopment of Oahu’s “Third City.”
He is part of the second generation of the family business, which started when he was just 3 years old.
Duane Shimogawa Reporter – Pacific Business News