KETCHIKAN, Alaska–Two credit unions in the Last Frontier State have announced a new frontier: a merger.
The $75-million ALPS FCU in Sitka, Alaska, is planning to merge with the $150-million Tongass FCU in Ketchikan to create a credit union that would serve approximately 13,500 members.
“ALPS and TFCU have long been allies in the credit union industry, sharing best practices and supporting each other in serving Southeast Alaska coastal communities since the 1960's,” the credit unions said in announcing the proposed merger. “Alaskan credit unions run by Alaskan leaders, TFCU’s president and CEO, Helen Mickel, and ALPS president and CEO, Sandi Riggs, trust that the members of their respective credit unions will benefit from enhanced services and improved convenience and access for members.”
Tongass FCU has nine locations across southeast Alaska, including Ketchikan, Metlakatla, Thorne Bay, Klawock, Wrangell, Hydaburg, Kake, Hoonah, and Haines. ALPS FCU operates locations in Sitka and Petersburg. The merged entities plan to operate under the Tongass Federal Credit Union brand.
‘Small & Unique’
“TFCU and ALPS serve the small and unique, coastal communities of Southeast Alaska. We are Alaskans who understand the culture, climate, and lifestyle of our region. TFCU is excited to partner with ALPS to move our combined credit union into the future. We remain committed to serving indigenous and coastal communities, while strengthening our ability to deliver excellent services that enhance the lives of our member-owners,” the credit unions said.
“ALPS has grown exponentially over the past few years and is quite possibly the strongest it has ever been in membership, assets, and financial position,” the statement continued. “We have always worked side by side with TFCU because our members share the unique characteristics of Southeast Alaskan consumers and businesses. Both credit unions have had growing pains that include staff shortages, increased operating expenses, and regulatory burden. Considering the current economic conditions, we feel it is the right time to combine our efforts and resources so that we continue to provide the best possible products and services to our shared and unique Southeast Alaska membership."
Staff to Remain
If the merger is approved by members, all ALPS employees will be offered positions with Tongass FCU, the CUs said. In addition, two directors from the ALPS board will join the other seven TFCU directors to serve on the newly combined Tongass FCU board.
In addition to a member vote, the merger also requires NCUA approval.
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