KAILUA-KONA, HAWAII, USA – Few credit unions have a story like Hawaii Community Federal Credit Union (HCFCU). In the throes of the Great Depression, 10 coffee farmers with few opportunities but limitless dreams for a better life banded together to form a financial co-op called Kona Farmers Federal Credit Union. Nearly 90 years later, that co-op-today known as HCFCU-serves some 45,000 customers across the state.
Powered by state-of-the-art technology and offering a wide range of personal and business banking services, it is a model of success in a state where more than 70% of people bank with credit unions.
“We are proud of our history-how and where we started- and our role in the community we serve,” says Tricia Buskirk, President and CEO. “We have a deep understanding of how to support our community and meet their needs, and we are committed to serving them through both good and challenging times.”
Grown For and By the People
Hawaii’s history with credit unions originates with the Japanese concept of “tanomoshi,” or groups of friends and neighbors who via an informal, word-of-mouth tradition would meet monthly to contribute a predetermined amount. Members would take turns receiving their payout until everyone had a chance to benefit. In the early 1900s, Hawaii’s economy was tied to plantations, primarily coffee, pineapple, and sugar, which were tended by laborers from Japan, China, Korea, the Philippines, and other parts of the world.
When local banks denied laborers the opportunity to build wealth and receive financial assistance, they formed co-ops where members could pool money and take turns receiving individual payouts. These local financial groups were typically organized around a common crop, and it was the coffee growers who started HCFCU. Over time, the 10 founders of HCFCU combined forces with coffee and sugar laborers, strengthening their co-op.
As HCFCU expanded, it opened branches island wide and remained steadfast in its credo of “people helping people.” Today, HCFCU uplifts the community it serves by supporting more than 80 charitable nonprofit organizations and raising scholarship funds amounting to $30,000 per year for high schoolers. In 1972, HCFCU opened the first student credit union in the state, which it still facilitates in 5 high schools. On top of leading financial literary classes for youth, HCFCU conducts Deposit Days where elementary students can make their own deposits.
School-based programs are especially important to Buskirk-37 years ago, she joined the HCFCU-supported, student-led credit union at her high school. The experience sparked her passion for fi nance and economics, which eventually led to her current leadership position. “When it comes to the community, that concept of trust and knowing that we’ll be there for them is what keeps people with credit unions,” she says.
Solving Problems, Supporting Community
As a community-focused credit union, HCFCU thinks about its community as a whole and as a collection of individuals with specific needs. Take one issue facing customers all over the world: cybersecurity and fraud. In 2023, check fraud in the United States alone resulted in $21 billion in consumer losses. To protect its members from these and other scams, HCFCU offers identity threat protection plans to protect against fraud as well as free educational seminars for the community on Medicare scams and cybercrimes.
Each member of the HCFCU team is ready and willing to help members with any issue, big or small. Even Buskirk, as CEO, is willing to step up and help members with their individual needs. Some members need help on an individual basis, and HCFCU is there for them. “This is what we do,” Buskirk says. “We connect with our members, we see them in the community, and we understand their needs because we are the community as well.”
Creating Family
There’s a community within HCFCU too; its employees are among its greatest assets, as evidenced by the credit union’s investment in its team. Cecilia Calpito, HCFCU’s Controller, started her career with the company in 2008. She was a young parent establishing a career path through operations and accounting at the credit union, which eventually led her to pursue a degree in business administration. Through HCFCU’s employee education expense program, Calpito had her tuition, books, and materials paid for, which eased her college journey that earned her a bachelor’s in business administration from the University of Hawaii-West Oahu.
“We prioritize our employees, and invest in them,” says Buskirk. “We couldn’t be prouder of Cecilia and all that she’s accomplished.”
As HCFCU continues to evolve, the community it serves responds with praise. For 21 years in a row, it’s received the Best of the West award from community members. HCFCU also has numerous Kona-Kohala Chamber of Commerce awards to its name. Buskirk herself received the Pacific Business News’ 2024 Women Who Mean Business Award for being an outstanding female leader-a fitting accolade for someone whose family history aligns with the credit union’s.
Coming from a family of coffee farmers, Buskirk found her “ikigai,” or purpose driven role, when she found that her great uncle was on the original board of directors for HCFCU. “I was astonished,” she says. “This knowledge has brought even more meaning and joy to my role leading the credit union, and it’s a role I hope to continue for many more years to come.”
