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Alaska USA, Global Credit credit unions seeking merger approval

UPDATED: Fri., Oct. 15, 2021

The Global Credit Union Building headquarters is shown in 2018 in downtown Spokane. The organization has proposed merging with Alaska USA Federal Credit Union.  (Journal of Business)
The Global Credit Union Building headquarters is shown in 2018 in downtown Spokane. The organization has proposed merging with Alaska USA Federal Credit Union. (Journal of Business)

Spokane-based Global Credit Union and USA Alaska Federal Credit Union, headquartered in Anchorage, Alaska, are seeking regulatory approval for a merger.

If approved, the merger would result in a combined 745,000 members, 2,200 employees and assets of more than $11 billion.

The proposed deal would make it one of the 15 largest credit unions in the country, according to a news release.

Alaska USA has 67 branches in Alaska, Washington, California and Arizona. Global Credit Union operates 12 branches, nine of which are in the region. It also has three branches on U.S. military installations in Italy.

Under the merger, Global Credit Union will retain its name and expand service in the Spokane area and Coeur d’Alene.

“Our members and employees will benefit from the strength resulting from the combination of our organizations,” Jack Fallis, Global Credit Union’s president and CEO, said in a statement. “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.”

Fallis clarified in a email the two credit unions intend to merge and one is not acquiring another.

“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,” Geoff Lundfelt, Alaska USA president and CEO, said in a statement. “Our missions are to continually find ways to improve the member experience and grow into areas where our collective members live, work and play.”

Global Credit Union was founded in 1954 as Fairchild Federal Credit Union to serve financial needs of military and civil service employees on Fairchild Air Force Base.

In 1988, Fairchild Federal Credit Union’s board of directors voted to change its name to Global Credit Union to better reflect its diverse membership and enhance potential for growth, according to the credit union’s website.

Upon completion of the merger, Alaska USA will extend employment to existing Global Credit Union workers.

“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,” Lundfelt said. “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 regulatory approval by the National Credit Union Administration and the Washington State Department of Financial Institutions. It also requires approval by Global Credit Union members.

The merger, if approved, is anticipated to take effect in late 2022.

“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,” Fallis said.

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