Alaska Story Archive
Global Federal Credit Union Buying $1.5 Billion-Asset Washington Bank
In a deal that, if completed, would represent the largest bank to be bought by a credit union, Global Federal Credit Union has agreed to acquire the $1.5 billion asset First Financial Northwest Bank. The $11.8 billion-asset Global, which was formerly known as Alaska USA Federal Credit Union, said it will pay $231.2 million in cash for the Renton, Washington-based bank.
Alaska USA Foundation surpasses $4 million in donations to community non-profits
The Alaska USA Foundation recently donated $40,000 to local nonprofits
Nov. 2022 — The Alaska USA Foundation recently donated $40,000 to local nonprofits dedicated to helping children and families in need throughout the states of Alaska and Arizona. These donations mark a particularly special milestone for the Alaska USA Foundation, as they bring the Foundation’s charitable giving contributions total to more than $4 million since its inception in 2003.
Recipients of the Alaska USA Foundation $40,000 support include:
- Feeding Matters – supports children and families navigating the difficulties of pediatric feeding disorder (PFD). They work to improve the health and well-being of children and their families through advocacy and programs that support, educate, and empower parents.
- Kids Kupboard – has connected thousands of at-risk children to more than one million fresh healthy meals to help keep them more productive in school.
- Covenant House Alaska – provides shelter and services for kids and youth, ensuring that no child must ever face hunger, homelessness, isolation, or the dangers of the street.
Merger of Alaska USA and Global Credit Unions Is Final, Creating One of The Largest US Financial Cooperatives
Courtesy of Amy Edelen, The Spokesman-Review
August 3, 2022 — Global Credit Union has merged with Alaska USA Federal Credit Union, making it one of the largest financial cooperatives in the country.
Under the merger, which closed Monday, the combined organization will have 760,000 members, more than 2,000 employees and hold $12 billion in assets.
As part of the merger, the Spokane credit union will retain its name, according to a news release, operating as: Global Credit Union, a division of Alaska USA Federal Credit Union.
Geoff Lundfelt, Alaska USA Federal Credit Union president and CEO, will remain at the helm of the combined organization. Jack Fallis, Global Credit Union’s president and CEO, will assume the role of Alaska USA Federal’s regional president of Pacific Northwest and international markets.
“With shared values, and a commitment to our communities, it is with great excitement that we merge into one organization,” Lundfelt said in the statement. “We welcome the employees and volunteers of Global and look forward to next year when we truly become one.”
Alaska USA Federal is extending employment to existing Global Credit Union workers. Several members of Global Credit Union’s board of directors will continue to serve as volunteers on a regional advisory committee, according to the news release.
Member services for the two credit unions will remain unchanged until a system conversion in early 2023, according to the news release.
“As this merger becomes official, our members will continue to receive the products and services they have come to rely on and will continue to see us in the community, engaging and interacting, giving back to those we serve,” Fallis said in the statement.
Financial terms of the merger were not disclosed.
Alaska USA Honors Alaska’s Military
27th Annual Military Appreciation Breakfast
Alaska USA honored 12 members of Alaska’s armed services, the Military Spouse of the Year, and the Civic Leader of the Year at the 27th annual Alaska USA Military Appreciation Breakfast.
The Service Person of the Year honorees, nominated by their supervisors, undergo a panel interview. These exceptional enlisted service members, representing each of the active-duty branches of the Guard and Reserve, were recognized and awarded for their outstanding achievements.
Guests included the command teams of the 12 honorees, as well as representatives for Senator Murkowski, Senator Sullivan, and Congressman Young. Alaska USA President and CEO Geoff Lundfelt, along with other Alaska USA officials and members of Alaska USA senior leadership team, were in attendance to recognize the awardees in-person for the first time since 2020.
“As we returned to an in-person event, it was a nice reminder of how this small token of recognition, is truly appreciated by the service members who have sacrificed so much for our country,” said Geoff Lundfelt, President and CEO, Alaska USA. “Each year this event provides an opportunity for us to look back at our history and think about our humble beginnings rooted in the military,”
The Alaska USA Military Appreciation Breakfast takes place in conjunction with the Armed Services YMCA of Alaska’s annual Salute to the Military event.
Alaska Announces New Banking and Securities Division Director
December 16, 2021 – State of Alaska Department of Commerce, Community, and Economic Development; Division of Banking and Securities announces Robert (Rob) Schmidt will serve as the new Director in December 2021. He was a Senior Assistant Attorney General with Public Corporations and Government Services with the Alaska Department of Law.
The division regulates state depository and non-depository financial institutions, administers and enforces Alaska’s financial services laws, and provides information for consumers, investors, entrepreneurs, and regulated industries. The division has three primary functional areas; licensing, examinations, and enforcement. Division staff answer inquiries, investigate and resolve complaints, and contribute to education and outreach activities.
Alaska USA Foundation donates $35,000 to local nonprofits in Alaska, California and Washington
August 9, 2021 – With more than 17 years of service to the community, the Alaska USA Foundation is committed to organizations that assist children, veterans, and active-duty military members and their families. Recently, they donated a total of $35,000 to local nonprofits in Alaska, California’s High Desert, and Washington.
$10,000 was donated to Greater Hope Foundation of Barstow, CA in support of their Family Hope Connections Project. The project connects foster children and families with trained professional clinicians in engaging, age-specific, therapeutic, and educational activities. $10,000 was donated to The Children’s Hospital at Providence which provides state-of-the-art medical treatment for Alaska’s newborns, children, and their families. $10,000 was donated to Together! in Tumwater, WA. The funds go directly to the Together! Club House program, which serves youth and families in the South Sound, providing integrated academic, health and social services along with youth development and community engagement to low-income, struggling students.
2021: OP-ED from League President Dan McCue, Dodd-Frank rollback poised to remove handcuffs from small lenders
Credit unions and other small community financial institutions keep the U.S. economy humming. More than 110 million Americans are members of credit unions and over 465,000 Alaskans are credit union members. Community banks employ three-quarters of a million people and originate nearly half of all loans made to small businesses. Click on the title to read the full release.
Transition of leadership set for regulator’s office
Jan. 5, 2018 — Changes are ahead in Alaska credit union and banking regulation, as Division of Banking and Securities Director Kevin Anselm retired Jan. 5, and a transition began. On Monday, Jan. 8, Operations Manager Barbara Reid took over as interim acting director of the DBS. Feb. 20, Chief of Enforcement and Outreach Kristy Naylor takes the reins as acting director. Anselm, who previously served as both a regulator and an administrative law judge in Oregon, joined the DBS in 2011; she was appointed director in 2013.
Alaska Credit Unions Await Final Marijuana Laws
March 27, 2015 – Alaska’s recent legalization of recreational marijuana means that America’s last frontier was among the country’s first states to tell residents it’s OK to fire up the bong.
Alaska Credit Union League Donates to Children’s Hospital at Providence
April 24, 2014 – Anchorage, Alaska – Alaska Credit Union League donated the Biz Kid$ financial education box set to the Children’s Hospital at Providence. The donation is part of an ongoing relationship between local credit unions and Children’s Miracle Network hospitals, linking credit unions’ philanthropy with their mission to improve people’s financial lives.