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October 14, 2021
Alaska USA Federal Credit Union (Alaska USA) headquartered in Anchorage, Alaska, and Global Credit Union (Global) headquartered in Spokane, Wash., Today announced that they are seeking regulatory approval of their intention to merge. The merger would combine Alaska USA’s 700,000 members with Global’s 45,000 members, and the result would be an organization with combined assets of over $ 11 billion, making it one of the 15 largest cooperatives in country credit. Stakeholders from both organizations were informed of the merger today.
The merger will bring the combined organizations’ workforce to approximately 2,200 employees in five states and overseas. Currently, Alaska USA has 67 branches in Alaska, Washington, California, and Arizona. Global operates a total of 12 branches: nine branches in Washington and Idaho and three additional branches in Italy at US military installations. As part of the merger, Global Credit Union will retain its trusted name and seek to expand its service offerings in the Spokane and Coeur d’Alene area.
“Our members and employees will benefit from the strength resulting from the combination of our organizations,†said Jack Fallis, President and CEO of Global Credit Union. “Our members will benefit from the security and extensive services that this merger will provide, while retaining the Global name, service and commitment that they now rely on. in the communities we serve. “
“Alaska USA shares the values ​​of Global and both organizations can find their roots in supporting the US military and their commitment to our employees and the communities we serve,” said Geoff Lundfelt, President and CEO of Alaska USA. “Our missions are to continually find ways to improve the member experience and to become areas where our collective members live, work and play.”
Upon completion of the merger, Alaska USA will extend job openings to all existing Global employees. “These employees have demonstrated a tremendous ability to serve the members of Global Credit Union and as the combined organization will grow larger and more complex, it is important for us to work to maintain their strong workforce,†said Lundfelt. Additionally, nearly all of Global’s current board members will continue to serve as volunteer representatives of a regional advisory committee within the combined organization.
The proposed merger requires approval from the National Credit Union Administration (NCUA) and must also be approved by Global Credit Union members, with an expected effective date of late 2022. Until then, that will be “as usual” in both organizations as they continue to serve their respective members in their branches until full systems integration can take place after the merger.
About Alaska United States – Alaska USA Federal Credit Union, founded in 1948, is a non-profit, member-owned cooperative with a full range of financial services including checking and savings accounts, consumer loans, home loans , mortgages, credit cards, business services and personal insurance. Alaska USA operates 67 branches in Alaska, Arizona, California and Washington, with nearly 2,000 dedicated employees serving more than 700,000 members. For more information, visit www.alaskausa.org.
About Global Credit Union – Global Credit Union, founded in 1954, is a full-service, member-owned, non-profit financial institution serving more than 45,000 members residing around the world. Membership is open to anyone living or working in Washington, Kootenai, Benewah, Shoshone, or Latah counties in Idaho, as well as all active duty military personnel and the retirement and their families. Global operates 12 branches in Washington and Idaho and three additional branches in Italy at US military installations. For more information, visit www.globalcu.org.
This press release was produced by the Anchorage Chamber of Commerce. The opinions expressed are those of the author.
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