Honolulu Federal Credit Union was chartered on December 3, 1936 as a financial cooperative for U.S. Federal Employees employed in Honolulu. It was the fifth credit union formed in what was then the Territory of Hawaii. Today, HOCU has more than 16,000 members with more than $260 million in assets. The credit union was chartered as a not-for-profit cooperative, owned by and operated for the benefit of its members. While the credit union’s are similar to that of a bank (both make loans and accept deposits), it is why and how we do it that make us different from banks. Credit unions are owned by their members, and any surplus above expenses belongs to its members. Credit unions are run by unpaid volunteers who serve on the Board of Directors and/or various committees. The board, in turn, hires a staff to handle the day-to-day operations. Credit unions do not have stockholders and are democratically run, meaning each member has only one vote, regardless of how much savings they have.