Credit unions in Alaska and Washington plan to merge
Two credit unions, one based in Washington state and the other in Alaska, said Thursday they are seeking regulatory approval for their intention to merge.
Credit unions said in a press release that the merger would combine the 700,000 members of the Anchorage, Alaska-based Federal Credit Union with the 45,000 members of the Global Credit Union.
The merger will result in an organization with combined assets of more than $ 11 billion, making it one of the country’s 15 largest credit unions, according to the press release.
Alaska USA has 67 branches in Alaska, Washington, California and Arizona. Global operates nine branches in Washington and Idaho as well as three branches in Italy at US military installations.
“Our members will benefit from the security and extensive services that this merger will provide, while retaining the Global name, service and commitment on which they now rely,” said Jack Fallis, President and CEO of Global Credit Union, in the new release.
The merger proposal requires the approval of the National Credit Union Administration and additionally must be approved by the members of the Global Credit Union, with an effective date scheduled for the end of 2022.
If the merger goes through, Alaska USA plans to offer jobs to all existing Global employees.