October 14, 2021
Alaska USA Federal Credit Union (Alaska USA), headquartered in Anchorage, Alaska, and Global Credit Union (Global), headquartered in Spokane, Wash., Announced today that they are seeking regulatory approval for their merger. The merger would bring together the 700,000 members of Alaska USA with the 45,000 members of Global, creating an organization with combined assets of over $ 11 billion that makes it one of the 15 largest credit unions in the country. Stakeholders from both organizations were informed of the merger today.
The combination will expand the combined company’s workforce to approximately 2,200 employees in five states and overseas. Alaska USA currently has 67 offices in Alaska, Washington, California and Arizona. Global operates a total of 12 offices: nine offices in Washington and Idaho and another three offices in Italy for US military facilities. As part of the merger, Global Credit Union will keep its familiar name and seek to expand its service offering in the Spokane and Coeur d’Alene area.
“Our members and employees will benefit from the strength that comes from combining our organizations,” said Jack Fallis, President and CEO of Global Credit Union. “Our members will enjoy the security and enhanced services this merger provides while maintaining the name, service and commitment of Global that they rely on back to the communities we serve.”
“Alaska USA shares global values, and both organizations can trace our roots in supporting American service members and dedication to our people and the communities we serve,” said Geoff Lundfelt, President and CEO of Alaska USA. “Our mission is to continually find ways to improve the member experience and advance into areas where our collective members live, work and play.”
Upon completion of the merger, Alaska USA will post job vacancies to all existing Global employees. “These people have demonstrated a tremendous ability to serve the members of the Global Credit Union and as the combined organization grows larger and more complex, it is important to us that we work to maintain their strong workforce,” said Lundfelt. In addition, nearly all of the current Global Board of Directors will continue to serve as honorary officers on a regional advisory committee in the combined organization.
The planned merger requires the approval of the National Credit Union Administration (NCUA) and must also be approved by the members of the Global Credit Union, which is expected to come into force at the end of 2022, will continue to support their respective members at their branches until a full system integration can take place after the merger .
About Alaska USA – Alaska USA Federal Credit Union, founded in 1948, is a member-owned, not-for-profit cooperative offering a full range of financial services including checking and savings accounts, consumer loans, real estate loans, mortgage loans, credit cards, business services, and personal insurance. Alaska USA operates 67 offices in Alaska, Arizona, California and Washington with nearly 2,000 employees serving more than 700,000 members. More information is available at www.alaskausa.org.
About Global Credit Union – Founded in 1954, Global Credit Union is a full-service, non-profit financial institution serving more than 45,000 members worldwide. Membership is open to anyone living or working in the Washington State, Kootenai, Benewah, Shoshone, or Latah counties of Idaho, as well as all active and retired military personnel and their families. Global has 12 offices in Washington and Idaho and another three offices in Italy for US military facilities. More information is available at www.globalcu.org.
This press release was prepared by the Anchorage Chamber of Commerce. The views expressed are one’s own.