Global and AlaskaUSA are joining together
Learn how this exciting news will benefit our members, employees and communities.
Alaska USA Federal Credit Union and Global Credit Union
Announce Intent to Merge
ANCHORAGE, AK & SPOKANE, WA (October 14, 2021) – Alaska USA Federal Credit Union (Alaska USA) with headquarters in Anchorage, Alaska, and Global Credit Union (Global) with headquarters in Spokane, Washington announced today they are seeking regulatory approval of their intent to merge. The merger would combine Alaska USA’s 700,000 members with Global’s 45,000 members, and it will result in an organization with combined assets of over $11 billion, making it one of the 15 largest credit unions in the country. Stakeholders of both organizations were informed of the merger today.
The merger will expand the combined organizations’ workforce to approximately 2,200 employees in five states and abroad. At present, Alaska USA has 67 branches in Alaska, Washington, California and Arizona. Global operates at total of 12 branches: nine branches in Washington and Idaho and an additional three branches in Italy on U.S. military installations. As part of the merger, Global Credit Union will retain its trusted name and seek to expand service offerings in the Spokane and Coeur d’Alene area.
“Our members and employees will benefit from the strength resulting from the combination of our organizations,” said Jack Fallis, Global Credit Union’s president and CEO. “Our members will enjoy the security and expanded services this merger will provide, while retaining Global’s name, service and commitment they have come to rely on. Global’s long history of community involvement and charitable giving will continue as both organizations share the same philosophy of giving back to the communities we serve.”
“Alaska USA shares Global’s values and both organizations can trace our roots to supporting America’s service members and a commitment to our employees and the communities we serve,” said Geoff Lundfelt, Alaska USA president and CEO. “Our missions are to continually find ways to improve the member experience and grow into areas where our collective members live, work and play.”
Upon completion of the merger, Alaska USA will extend employment offers to all of the existing Global employees. “These employees have demonstrated a tremendous ability to serve Global Credit Union members and as the combined organization will be larger and more complex, it is important to us that we work to maintain their strong workforce,” said Lundfelt. Further, nearly all of the current Global Board of Directors will continue to serve as volunteer officials of a Regional Advisory Committee in the combined organization.
The proposed merger requires approval by the National Credit Union Administration (NCUA) and must also be approved by Global Credit Union members, with an anticipated effective date in late 2022. Until then, it will be “business as usual” at both organizations while they continue to serve their respective members at their branch locations until a full systems integration can occur after the merger.
About Alaska USA - Alaska USA Federal Credit Union, founded in 1948, is a member-owned, not-for-profit cooperative, with a full range of financial services, including checking and savings accounts, consumer loans, real estate loans, mortgage loans, credit cards, business services and personal insurance. Alaska USA operates 67 branches in Alaska, Arizona, California and Washington, with nearly 2,000 employees dedicated to serving more than 700,000 members. For more information, visit www.alaskausa.org.
About Global Credit Union - Global Credit Union, founded in 1954, is a full-service member-owned, not-for-profit financial institution serving more than 45,000 members residing around the world. Membership is open to anyone living or working in Washington State, Kootenai, Benewah, Shoshone or Latah counties in Idaho, and all active duty and retired military members and their families. Global operates nine branches in Washington and Idaho and an additional three branches in Italy on U.S. military installations. For more information, visit www.globalcu.org.
Common Questions
This merger makes both of our organizations stronger, which benefits our employees, our members and the communities we serve. Partnering with another established credit union will significantly increase operating efficiencies so we will have the resources to deliver much more to Global members – with the same personalized service we have always provided. Members will have expanded access to branches, a 24/7/365 member contact center, and future innovation. It will result in combined assets of over $11 billion, making it one of the 15 largest credit unions in the country. The merger will also provide the opportunity to participate in larger philanthropic efforts in the communities where we live, work, and serve.
All of Global’s team members will be offered employment and nearly everyone will maintain the same or a substantially similar role after the merger is complete. In fact, a potential merger of this size creates a tremendous amount of opportunity for existing employees to expand their career options in the future.
No, at this time, your member number and online access will remain the same. Throughout this process, in the event that your member or account numbers have to change, you will be notified well in advance, and we will assist you every step of the way.
Again at this time, it is business as usual and everything will continue to work as it has. We are committed to make any transition as seamless as possible so you will continue to enjoy uninterrupted access to your money.
No. There was very little overlap between Global and Alaska USA, so upon completion of the merger, members of the combined organization will have access to over 80 branches in five states.
Both Global and Alaska USA participate in a shared branching network that allows members of those participating credit unions to perform some transactions at another participating credit union’s branch.
Alaska USA is a member of the Allpoint surcharge-free ATM network, and after the merger is complete, Global members will have access to more than 55,000 surcharge-free ATMs worldwide.
Our collective commitment to the communities we serve remains steadfast, and we look forward to the potential of even more significant and broader participation with the financial strength of the combined organizations.
Each credit union will continue the due diligence process while obtaining regulatory approval from both the National Credit Union Administration (NCUA) and the Washington State Department of Financial Institutions. Once we receive regulatory approval, the process of obtaining member approval will begin and is expected to occur in the latter half of 2022.
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