Wailuku Federal Credit Union, formerly Wailuku Community Federal Credit Union, was chartered in January 1955 with the help of a Wailuku business man, Mr. Manuel S. Molina, who felt that there was a need for a credit union in Wailuku. In the United States, credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits. Like banks, credit unions accept deposits and make loans. But as member-owned institutions, credit unions focus on providing a safe place to save and borrow at reasonable rates. Unlike banks, credit unions return surplus income to their members in the form of dividends.