FHLB Des Moines awards $5 million to support Maui relief efforts

The devastating wildfires that struck Maui in August resulted in significant loss of life, homes and property and have left countless individuals in temporary housing. In response, Federal Home Loan Bank of Des Moines has partnered with its Hawaiʻi financial institution members to donate $5 million to relief efforts.

Hawaiʻi is one of 13 states that FHLB Des Moines serves by providing liquidity to member financial institutions consisting of banks, thrifts, credit unions and insurance companies, which in turn provide funding in their communities for housing, farming and community development.

The $5 million in relief effort funds were awarded to the Hawaiʻi Bankers Association and the Valley Isle Chapter of the Hawaiʻi Credit Union League (VIC-HCUL).

FHLB Des Moines awarded $4 million to the Hawaiʻi Bankers Association who will regrant funds to the Hawaiʻi Community Foundation’s Maui Strong Fund, the United Way of Maui and the Council for Native Hawaiian Advancement.

Bryan Luke, president and CEO of Hawaiʻi National Bank and HBA chair, said, “This generous donation from FHLB Des Moines will provide critical support for Maui residents as they recover from the tragic wildfires and secure long-term housing. The Hawaiʻi Bankers Association and its member banks are pleased to work closely with local relief and community agencies to ensure funds reach those in need as soon as possible.”

FHLB Des Moines donated $1 million to the Valley Isle Chapter of the Hawaiʻi Credit Union League, who established the Credit Union Wildfire Relief Fund. This fund provides direct and immediate support to those in need, addressing their most pressing needs at any given time. According to Trevor Tokishi, President and CEO of Valley Isle Community Federal Credit Union and treasurer of the VIC-HCUL, Maui is currently in the immediate relief phase.

“As we move into the restore phase, we hope to help families transition from temporary housing in hotels and with family and friends to a more stable and transitional housing situation,” he said “This phase is expected to last for years. It aligns with FHLB Des Moines’ mission of promoting stable housing.”

This type of discretionary giving is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs.

Kris Williams, president and CEO of FHLB Des Moines said, “The impact of the Maui wildfires resulting in the loss of lives, livelihoods and the devastation to the Maui community is heart-breaking. The $5 million donation demonstrates our commitment and partnership with our Hawaiʻi members in aiding in the rebuilding of homes, businesses and the local economy.”

Earlier in 2023, FHLB Des Moines partnered with 10 Hawaiʻi member financial institutions to award nearly $2.2 million to numerous nonprofit and government agencies across Hawaiʻi to support affordable housing and community development needs. This state-wide outreach was available through FHLB Des Moines’ Member Impact Fund, which is a matching grant program designed to offer financial support for affordable housing and community development initiatives in targeted areas of the FHLB Des Moines district.

“We are glad we can provide grants that have a direct, positive impact on the communities
in which our members help advance affordable housing and community development needs
in a meaningful way,” said Williams.

Tokishi thanked FHLB Des Moines saying, “We look forward to partnering with FHLB Des Moines to make a meaningful difference in the lives of those affected by the Maui wildfires.”