ANCHORAGE, Alaska.–Two large credit unions are proposing to merge and become even larger, although the smaller institution intends to retain its branding.
The $10.3-billion Alaska USA FCU and the $571-million Global Credit Union in Spokane, Wash., are seeking to combine to create a credit union that would serve more than 745,000 members and have more than 2,200 employees.
If members vote in favor, the combined CU would be among the 15 largest credit unions in the country.
Under the proposed merger plan, Global Credit Union will retain its name and seek to expand services in its hometown market of Spokane as well as Coeur d’Alene, Idaho.
Alaska USA has 67 branches in Alaska, Washington, California and Arizona, while Global Credit Union operates 12 branches, nine of which are in its home market region and three of which are located on U.S. military installations in Italy.
“Our members and employees will benefit from the strength resulting from the combination of our organizations,” Jack Fallis, Global Credit Union’s president and CEO, said in a statement. “Our members will enjoy the security and expanded services this merger will provide, while retaining Global’s name, service and commitment they have come to rely on.”
Compatible ‘Missions’
Added Geoff Lundfelt, president and CEO of Alaska USA, “Alaska USA shares Global’s values and both organizations can trace our roots to supporting America’s service members and a commitment to our employees and the communities we serve. Our missions are to continually find ways to improve the member experience and grow into areas where our collective members live, work and play.”
History of CU
Global Credit Union was founded in 1954 as Fairchild FCU to serve Fairchild Air Force Base. It changed its name and field of membership in 1988.
In 1988, Fairchild Federal Credit Union’s board of directors voted to change its name to Global Credit Union to better reflect its diverse membership and enhance potential for growth, according to the credit union’s website.
The merger, if approved, is anticipated to take effect in late 2022.
Global Credit Union reported net income of $2.617 million at mid-year with net worth of 8.6%. Alaska USA reported net income of $60.8 million with net worth of 8.95%.