The two largest credit unions based in Alaska announced major expansion news this week.

The $11.5 billion-asset Global Federal Credit Union said it received regulatory approval from the National Credit Union Administration for its acquisition of the $1.5 billion-asset First Financial Northwest Bank in Renton, Washington.

The deal, which was announced in January 2024, marks the largest bank acquisition ever struck by a credit union. There was a larger transaction announced involving the $1.6 billion-asset Heritage Southeast Bank selling itself to VyStar Credit Union in 2021, but it ultimately failed to close.

Anchorage-based Global FCU said it previously received approvals from the Federal Deposit Insurance Corporation and Washington State Department of Financial Institutions.

The deal is now expected to close in the second quarter.

“Our combined commitment to service and community, our commitment towards delivering technology-forward services, and our ability to offer expanded business and commercial financial products is going to be significantly enhanced,” said Geoff Lundfelt, President and CEO of Global FCU.

The credit union said it will operate the bank locations as a separately branded division of Global until the system and brand integration is completed later in 2025.

Also in Anchorage, the $1.5 billion-asset Credit Union 1 announced plans to merge with $202 million-asset MAC Federal Credit Union in Fairbanks.

The deal must be approved by a member vote, but the credit unions hope to be completely integrated in 2026.

Credit Union 1’s President and CEO Mark Burgess will lead the combined institution, which will serve more than 112,000 members with 19 branches.

 The combined organization will operate under the Credit Union 1 name.

“This isn’t just about combining assets; it’s about uniting two legacies of service, resilience, and innovation to create something even stronger,” Burgess said in the press release. 

Both CU1 and MAC were founded in 1952.

CU1 also recently launched its 13th branch – in Kotzebue – and plans to open new branches in Wasilla and Skagway in April.

The credit union said there is only a Wells Fargo branch currently in Skagway, and the town’s borough assembly in January 2024 asked CU1 to consider expanding there. 

The NCUA approved 162 mergers in 2024, with 41 of those coming in the fourth quarter. The regulator green lighted 145 consolidations in 2023 and 181 in 2022. There were 4,604 federally insured credit unions as of Dec. 31, 2023, which was 149 more institutions than the 4,455 standing at the end of last year.

Global FCU earned roughly $22 million in 2024 after reporting net income of $6.8 million a year earlier, according to call report data from the NCUA. 

For Credit Union 1, 2024 earnings totalled $14 million, a 54% increase compared to the previous year. 

MAC FCU lost $2.6 million in 2024, according to NCUA data.

“Together, we are creating a stronger, more resilient financial institution that’s better equipped to serve you and support Alaska’s future. While there is still work ahead, we are excited for the opportunities this partnership brings.”

 – Anna Gould
Board Chair
MAC FCU