SPOKANE, Wash. (AP) — Two credit unions, one based in Washington state and one in Alaska, said Thursday they are seeking regulatory approval of their intent to merge.
The credit unions said in a news release that the merger would combine Anchorage, Alaska-based USA Federal Credit Union’s 700,000 members with Global Credit Union’s 45,000 members.
The merger will result in an organization with combined assets of over $11 billion, making it one of the 15 largest credit unions in the country, according to the news release.
Alaska USA has 67 branches in Alaska, Washington, California and Arizona. Global operates nine branches in Washington and Idaho as well as three branches in Italy on U.S. military installations.
“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,” Jack Fallis, Global Credit Union’s president and CEO, said in the new release.
The merger proposal requires approval by the National Credit Union Administration and additionally must be approved by Global Credit Union members, with an anticipated effective date in late 2022.
If the merger goes through, Alaska USA plans to offer jobs to all existing Global employees.