Global and Alaska USA are joining forces.
What does this mean for members, employees and communities? Every year about 50 credit unions merge with the approval of the National Credit Union Administrations (NCUA). These mergers are in members’ best interest because they increase efficiencies, provide access to more branches and facilities, and grow staff talent; all which expand member service, products and benefits. Here are four main things you need to know:
1. Why merge?
When credit unions merge, it truly is a perfect match. All credit unions exist to serve their owner-members. They work in a cooperative model with the core principle of people helping people. The Global Credit Union and Alaska USA partnership will make both credit unions stronger, which benefits employees, members and the communities they serve. Both credit unions share a common bond with military beginnings, Global in 1954 as Fairchild Federal Credit Union and Alaska USA in 1948 as the Alaskan Air Depot Federal Credit Union. Both were founded to provide financial services to military personnel, federal employees and their families.
2. What will the merged organization look like?
The merger will combine Alaska USA’s 700,000 members with Global’s 45,000 members, resulting in an organization with combined assets of over $11 billion, making it one of the 15 largest credit unions in the country. The combined workforce will expand to approximately 2,200 employees in five states and abroad. Alaska USA currently has 67 branches in Alaska, Washington, California and Arizona. Global operates 12 branches in Washington, Idaho and in Italy on U.S. military installations with worldwide military membership. As part of the merger, Global Credit Union will retain its trusted name and seek to expand service offerings in Spokane and Coeur d’Alene. All Global branches will remain open and all Global employees will receive an employment offering at or above their current position, as well as expanded employment benefits.
3. How will this benefit members?
Alaska USA and Global members will reap the benefits of increased operating efficiencies with an expanded branch network, 24/7/365 live member contact center, and continued innovation. The communities they serve will benefit from larger philanthropic efforts and financial resources. Both credit unions participate in the shared branching network, allowing participating credit union members to perform transactions at shared branches. Account numbers, online access, debit and credit cards and routing numbers will remain the same at this time. Communication on the transition will be ongoing to ensure members of both credit unions enjoy uninterrupted access to their money.
4. What happens now?
As a part of obtaining regulatory approval from both the NCUA and the Washington State Department of Financial Institutions, both credit unions have undergone due diligence to ensure the partnership is in their members’ best interest and the resulting organization will be beneficial to all. Once regulatory approval is received, the process of obtaining member approval will begin in the latter half of 2022.
This is an exciting opportunity for Global and Alaska USA members, employees and the communities these credit unions serve. For ongoing information about the merger, visit https://globalcu.org/mergernews
Questions? Contact Global at https://globalcu.org/contact