State regulators say they intend to approve the combination of Credit Union 1 and MAC Federal Credit Union following a public comment period.

Alaska regulators have signaled their intent to approve the merger of two long-standing credit unions, a move that would expand the reach of the state’s only state-chartered cooperative financial institution.

The Alaska Department of Commerce, Community, and Economic Development said in a public notice this week that its Division of Banking and Securities plans to approve an application to merge MAC Federal Credit Union into Credit Union 1. The agency said it intends to issue a certificate of merger following the completion of a public comment period.

Under the notice, interested parties may submit written statements or arguments regarding the proposal to the division before April 3. After that date, the department may approve or disapprove the application without further notice.

The proposed combination was first announced last year, but the transaction required review under state law. Because Credit Union 1 operates under a state charter — the only credit union in Alaska to do so — the state has primary regulatory authority over the institution and its merger activity. All other credit unions in Alaska are federally chartered.

If approved, the deal would unite Anchorage-based Credit Union 1, which has roughly $1.5 billion in assets, with Fairbanks-area MAC Federal Credit Union, which holds about $202 million in assets. The combined organization would serve more than 112,000 members through 19 branches across the state and operate under the Credit Union 1 name.

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Credit Union 1 has nearly 100,000 members and currently operates 16 branches. The institution has also been expanding its physical presence, recently opening a branch in Kotzebue and planning additional locations in Wasilla and Skagway in April. Another branch is slated to open in Homer this summer.

MAC Federal Credit Union serves about 20,000 members and has historically been concentrated in the Fairbanks region. Over the past several years, however, it has begun expanding southward, opening branches in the Matanuska-Susitna Borough roughly five years ago in its first move outside the Fairbanks area.

Executives from the two institutions have said the merger is intended to strengthen service and broaden financial offerings across the state.

“This isn’t just about combining assets; it’s about uniting two legacies of service, resilience, and innovation to create something even stronger,” said Mark Burgess, president and chief executive of Credit Union 1, when the merger was announced last year.

Both institutions trace their origins to 1952, giving them long histories serving Alaskan communities. Supporters of the merger have said combining resources could help the organizations expand services, invest in technology and increase their statewide footprint.

If the merger proceeds, Burgess would lead the combined institution.

The Alaska Division of Banking and Securities said it will review public comments before making a final determination. The agency expects a decision sometime after the April 3 comment deadline.

The proposed combination comes amid broader consolidation in the credit union industry nationwide, where mergers have become increasingly common as institutions seek greater scale to compete with banks and financial technology firms.

For Alaska, however, the transaction carries an additional dimension. Because Credit Union 1 is the state’s sole state-chartered credit union, the merger would further enlarge the footprint of an institution directly overseen by state regulators rather than federal authorities.

Regulators have not indicated any opposition to the proposal in the public notice, but the final outcome will depend on the state’s review and the completion of the public comment process in the coming weeks.