BUSINESS BRIEFS
Merger of credit unions OK'd
Advertiser Staff and News Services
The National Credit Union Administration has approved the merger of Inter-Island Federal Credit Union with Aloha Pacific Federal Credit Union.
The combined entity will have about $485 million in assets and six branches. Inter-Island Federal contributed about $10 million in assets and a branch at 2200 Kamehameha Highway in Hono-lulu to the merger.
"Inter-Island members will enjoy expanded services while we get a long-desired Kalihi branch location and new membership opportunities," said Wallace Watanabe Aloha Pacific president and chief executive officer, in a news release.
The combined operation also will have 45 ATM locations and 29,700 members.
INVEST AND GET YOUR GREEN CARD
The Department of Business, Economic Development and Tourism will sponsor two seminars in Honolulu on how to use a program that grants foreign citizens permanent U.S. residency by investing $500,000 to $1 million in a business.
Under the EB-5 Employment Creation immigrant visa program, a foreign citizen, along with his or her spouse and minor children, may qualify for a green card through a business investment. The program could provide Hawai'i's businesses with opportunities for low-cost financing at a time when capital is scarce.
The DBEDT-sponsored seminars will discuss on how to use the program to raise capital for Hawai'i businesses and are designed for immigration attorneys, project developers, business brokers and others who are interested in raising business capital from foreign investors.
The seminars are scheduled from 9 a.m. to 11 a.m. Jan. 14 in the first floor multi-purpose room of 250 South King St. A second session is set from 1 p.m. to 3 p.m. Jan. 15, at 235 South Beretania St., Room 204.
To make reservations or for further information, contact Cy Feng at 586-2597 or e-mail cfeng@dbedt.hawaii.gov.
HAWAI'I MEAT PRODUCTION STABLE
Red meat production was unchanged in Hawai'i in November compared with the same month a year earlier, according to a report from the U.S. Department of Agriculture.
The state produced 800,000 pounds of of beef, veal, pork, lamb and mutton, or same as the production in November 2007.
That compared with the national production number in November, which fell by 10 percent.
WATTS GETS COM-CENTER CONTRACT
Watts Constructors LLC is being awarded a $25.4 million contract for the construction of a satellite communications operations center at the Naval Computer and Telecommunications Area Master Station Pacific in Wahiawa.
Watts beat out three other bidders for the contract awarded by the Naval Facilities Engineering Command, Pacific, at Pearl Harbor. The contract contains an option to boost the value of the work by another $500,000.
SOLAR-FARM DEDICATION SET FOR JAN. 6
Castle & Cooke Hawai'i Inc. has scheduled a Jan. 6 dedication of what is the state's largest solar farm.
The company will dedicate a 1.2 megawatt solar farm that will supply up to 30 percent of Lana'i's daily peak electrical needs. Gov. Linda Lingle and Maui Mayor Charmaine Tavares, along with Lana'i residents, are scheduled to attend the event.
The solar farm has 7,000 panels covering 10 acres. Also in attendance will be David Murdock, chairman of Castle & Cooke.
