ANCHORAGE, Alaska–Two Alaska credit unions have announced plans to merge.
The $1.46-billion Credit Union 1 in Anchorage (not to be confused with a credit union of the same name in Lombard, Ill.) and the and the $201-million MAC FCU in Fairbanks said they are seeking to combine.
The two CUs would serve more than 112,000 members and have 19 branches. Credit Union1 CEO Mark Burgess would lead the combined organization.
“Both CU1 and MAC were founded in 1952 and have each grown alongside Alaska, from a rugged, untamed territory to the vibrant state it is today,” the credit unions said in a statement. “Though their paths differed, they were shaped by the same spirit and built on the belief that every Alaskan deserves financial well-being—whether they’re teachers in Anchorage, service members at Fort Wainwright, or families building their futures in Fairbanks, Mat-Su, and beyond.”
MAC FCU posted $2.58 million in net income in 2024, with 10.02% net worth. Credit Union 1 had $14 million in net income and net worth of 13.34% as of year end.
‘Uniting Two Legacies’
“Both credit unions have spent decades helping Alaskans achieve their dreams,” said Mark Burgess, CU1 President and CEO. “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,” Burgess added. “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.”
‘Excited for Opportunities’
Added MAC Board Chair Anna Gould in a statement, “This merger brings exciting new opportunities for our members and the Alaskan community. 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. Additionally, Credit Union 1’s commitment to community-focused values means that we can continue to prioritize the needs of Alaskans, helping to drive local economic growth and keep resources within our state. 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 still requires MAC FCU members to vote in favor and regulatory approvals. If approved, the credit union said they hope to integrate in 2026.