Spokane-based Global Credit Union has merged with Alaska USA Federal Credit Union, making it one of the largest financial cooperatives in the country.
Under the merger, which closed Monday, the combined organization will have 760,000 members, more than 2,000 employees and hold $12 billion in assets.
As part of the merger, the Spokane credit union will retain its name, according to a news release, operating as: Global Credit Union, a division of Alaska USA Federal Credit Union.
Geoff Lundfelt, Alaska USA Federal Credit Union president and CEO, will remain at the helm of the combined organization. Jack Fallis, Global Credit Union’s president and CEO, will assume the role of Alaska USA Federal’s regional president of Pacific Northwest and international markets.
“With shared values, and a commitment to our communities, it is with great excitement that we merge into one organization,” Lundfelt said in the statement. “We welcome the employees and volunteers of Global and look forward to next year when we truly become one.”
Alaska USA Federal is extending employment to existing Global Credit Union workers. Several members of Global Credit Union’s board of directors will continue to serve as volunteers on a regional advisory committee, according to the news release.
Member services for the two credit unions will remain unchanged until a system conversion in early 2023, according to the news release.
“As this merger becomes official, our members will continue to receive the products and services they have come to rely on and will continue to see us in the community, engaging and interacting, giving back to those we serve,” Fallis said in the statement.
Financial terms of the merger were not disclosed.
The two credit unions announced plans in October to seek regulatory approval for a merger.
Alaska USA operates more than 90 branches and service centers in Alaska, Washington, California and Arizona. Global Credit Union has 12 branches in Washington and Idaho. It also has three branches on U.S. military installations in Italy.
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.
Prior to the merger with Alaska USA Federal, Global served more than 45,000 members worldwide.