HAWAII

Hawaii bankruptcies end up 50.4%

Statewide bankruptcies soared 50.4 percent to 2,077 in 2008 as the number of filings rose to the highest level in three years, according to final data yesterday from the Office of the U.S. Trustee.

In 2007, there were 1,381 filings while 2005 saw 4,481 filings and 2006 had 955 filings.

There were 1,651 Chapter 7 liquidation filings, a 49.3 percent increase over 1,106 in 2007. Chapter 11 filings, primarily for business reorganizations, grew 20 percent to 20 from 16. Chapter 13 filings, which enable individuals with regular sources of income to set up plans to pay creditors over time, gained 57 percent to 405 from 258. And there was one Chapter 12 filing in both 2008 and 2007. Chapter 12 cases are for family farmers or family fishermen with regular annual income.

Isle credit union merger approved

The merger of Inter-Island Federal Credit Union with Aloha Pacific Federal Credit Union was approved by the National Credit Union Administration, Aloha Pacific said yesterday. The combined credit union will be called Aloha Pacific Federal Credit Union and have about $485 million in assets, 29,700 members, 111 employees, six branches and 45 ATM locations.

The credit union intends to retain the remaining Inter-Island Federal employees and the branch.

Financial information was consolidated by yesterday, and Inter-Island Federal accounts and loans will be converted to Aloha Pacific during the next several months. Until then, both credit unions will operate separately and member accounts will continue to be safe and federally insured up to $250,000.

Experts to explain EB-5 opportunities

The state Department of Business, Economic Development and Tourism said yesterday that the United States Citizenship and Immigration Services has reaffirmed the Hawaii Regional Center under the EB-5 Employment-Creation (Immigrant Investor) immigrant visa category. Under the EB-5 program, a foreign citizen, along with his or her spouse and minor children, may qualify for U.S. residency by investing $500,000 or $1 million in a Hawaii business.

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