CU1 to Merge with MAC Federal Credit Union
Photo Credit: Patricia Morales | Alaska Business
Two Alaska credit unions approaching their 75th anniversaries are joining forces. Credit Union 1 (CU1) announced an intent to merge with Fairbanks-based MAC Federal Credit Union, forming a combined institution with more than 112,000 members, nineteen branch locations, and more than $1.6 billion in assets.
Class of ‘52
CU1 is the major partner, with nearly 100,000 members and $1.4 billion in assets. MAC counts more than 20,000 members.
Both CU1 and MAC were founded in 1952. CU1 traces its origin to Anchorage Teachers Federal Credit Union; by the time it was Frontier Alaska State Credit Union in 1995, it merged with FedAlaska Federal Credit Union to form CU1. MAC was originally the Tanana Valley Federal Credit Union, then became Ft. Wainwright Federal Credit Union for military and civilian employees at the US Army post; the name changed to Military and Civilian Federal Credit Union in 2002, which was restyled in 2011 to Members and Community. Branches in Wasilla and Palmer in 2021 and 2022 extended services beyond two locations in the Fairbanks area.
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March 2025
“Both credit unions have spent decades helping Alaskans achieve their dreams,” says CU1 President and CEO Mark Burgess. “That is why this isn’t just about combining assets; it’s about uniting two legacies of service, resilience, and innovation to create something even stronger.”
CU1 recently opened a thirteenth branch in Kotzebue, and new branches are scheduled to open this spring in Skagway and Wasilla.
“By combining forces with Credit Union 1, we are unlocking a broader range of financial products and services, from enhanced loan options to advanced digital banking tools. Our members will have access to a larger network of branches and ATMs, making it easier to manage their finances wherever they are,” says MAC Board Chair Anna Gould. “Together, we are creating a stronger, more resilient financial institution that’s better equipped to serve you and support Alaska’s future. While there is still work ahead, we are excited for the opportunities this partnership brings.”
The merger must be approved by state and federal regulators and is subject to a member vote, but the credit unions hope to complete all of that in 2025 and be completely integrated in 2026. The announcement of the intent to merge marks the completion of a review of financials and a discussion of shared values.
Burgess says, “Together, we will reach more people, expand financial opportunities, and reinforce our commitment to the state we call home. We cannot wait to join forces with our MAC colleagues and welcome their members to CU1.”
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