With deep respect and heartfelt aloha, we honor the life and legacy of Frederico “Fred” Asuncion, a longtime member, volunteer, and guiding force in Hawai'i’s credit union movement. He passed away on September 17, 2025, at the age of 89.
Born in Pu'unēnē, Maui, on November 30, 1935, Fred was the son of Valeriano and Luciana Asuncion, who immigrated from the Philippines. His father who arrived in 1923 to work for Hawaiian Commercial & Sugar Company, embodied the values of humility, hard work, and service to others, values that Fred carried throughout his life. Growing up in the plantation camps, Fred learned early the meaning of perseverance and community.
After graduating from Baldwin High School, Fred served honorably in the U.S. Army during and after the Korean War, including 16 months stationed in Korea. He later continued his service in the Army Reserve and Hawai'i Air National Guard, retiring in 1992 with the rank of Master Sergeant. His experiences in the military shaped his discipline, leadership, and steadfast sense of duty, qualities that would later define his decades of credit union.
Following his military service, Fred pursued higher education at Maui Technical School (now the University of Hawai'i Maui College), where he earned an Accounting Certificate and served as student body president. Recognized for his dependability, service, leadership, and patriotism, he received the Daughters of the American Revolution Medal upon graduation. Ten years later, while balancing work and family life, Fred returned to school to earn his Associate Degree in Accounting under the G.I. Bill.
Fred’s professional journey reflected his lifelong dedication to learning and excellence. He began as a Credit Manager for Maui Dry Goods Company before joining the County of Maui Department of Taxation, where he built a distinguished career spanning more than 30 years. Starting as Tax Clerk and rising through the ranks to Real Property Tax Administrator, known for his fairness, integrity, and commitment to serving the people of Maui County.
Alongside his professional and family life, Fred gave generously of his time and talent to Maui County Federal Credit Union. A member since 1960, Fred served on the Supervisory Committee and Board of Directors in several capacities, including Chairman. Under his leadership, Maui County FCU transformed from what he once called a “plain vanilla” credit union into a full-service financial cooperative, not to imitate a bank, but to better serve members’ needs and ensure the credit union’s growth and sustainability.
Fred’s influence extended well beyond Maui County FCU. He served as President of the Valley Isle Chapter of the Hawai'i Credit Union League, and on the League’s Board of Directors for 17 years, including terms as Secretary, Vice Chairman, and Chairman. For nearly two decades, he also chaired the League’s Family Involvement Committee, inspiring others to carry forward the cooperative philosophy of People Helping People.
In 2006, Fred was recognized as Hawai'i Credit Union Volunteer of the Year, a fitting honor for someone who gave so much of himself in service to others. Those who worked alongside him remember not only his accomplishments, but also his humility, compassion, and deep belief that credit unions exist to uplift their members and strengthen their communities.
“Fred embodied everything that makes our credit union community so special, integrity, compassion, and a genuine desire to help others succeed. We are forever grateful for his vision and dedication, which continue to inspire how we serve our members and our Maui community each day.”- Michele Kawahara, President & CEO of Maui County FCU
Fred’s foresight, dedication, and aloha helped lay the foundation upon which Maui County FCU continues to grow today. His thoughtful leadership and selfless service remain a shining example of what it means to lead with heart.
We extend our deepest mahalo and aloha to our beloved friend Fred Asuncion, for a lifetime spent uplifting others and strengthening the credit union movement.