The Hawaiian Tel Federal Credit Union is remembering its former president/CEO Buddy Asato as an icon and pioneer who advanced the credit union movement in the Aloha state.
Asato, 85, passed away on November 28, the Honolulu-based credit union announced in a prepared statement Wednesday. Private funeral services were held Jan. 6.
His accomplishments include authoring the Hawaiian credit union law, which paved the way for state-chartered credit unions. He also started the first checking account and ATM systems for credit unions with Bank of Hawaii, developed the first open-ended lending system to the state, and introduced Payment Systems for Credit Union in the state, according to HTCCU.
During his 14 years as president/CEO of HTFCU, it became the largest sponsored-based cooperative in Hawaii. The credit union manages $583 million in assets and serves more than 55,000 members.
Asato launched his career in the credit union industry more than three decades ago when he worked as an NCUA examiner for 11 years. He left the federal agency to serve as an assistant general manager for the Hawaii Credit Union League for one year and was then appointed president/CEO of the $1.4 billion Hawaii State Federal Credit Union in Honolulu where he served for eight years.
“Buddy was a wonderful family man who dedicated his life to the credit union movement,” HTFCU President/CEO Norman Okimoto said. “He was very humble and was a friend and mentor to me and many other credit union CEOs, staff and volunteers. He was well respected not only in Hawaii but nationally as well. He was a visionary who always stated, ‘The only reason credit unions exist is to serve their members.’ He will be missed, but his legacy will live on with the success of HTFCU and the Hawaii credit union movement.”
Asato, who served in the U.S. Army during the Korean War, is survived by his wife Diana, three children, four grandchildren and two great grandchildren.
