Credit Union 1 Alaska: Comprehensive Company Profile

Background

Credit Union 1 (CU1) is Alaska's only state-chartered credit union, dedicated to fostering thriving communities by prioritizing people over profits. Established in 1952 as the Anchorage Teachers Federal Credit Union, CU1 has evolved into a member-owned financial cooperative serving nearly 100,000 Alaskans. With assets totaling approximately $1.48 billion as of December 31, 2022, CU1 operates 12 branches across the state, including locations in Anchorage, Fairbanks, Eagle River, Kodiak, Ketchikan, Soldotna, and Nome.

Key Strategic Focus

CU1's strategic objectives include:

• Community Engagement: Actively participating in local initiatives and providing financial education to empower Alaskans.

• Technological Advancement: Implementing digital banking solutions to enhance member experience and accessibility.

• Geographic Expansion: Extending services to underserved regions, exemplified by the upcoming branch in Kotzebue, set to be the northernmost credit union branch in Alaska.

Financials and Funding

As of December 2024, CU1 reported assets of $1.47 billion, with a net income of $14.2 million. The credit union maintains a strong financial position, evidenced by an 'A' health rating.

Technological Platform and Innovation

CU1 leverages a robust technological infrastructure, including:

• Digital Banking Services: Offering online and mobile banking platforms for convenient account management.

• Interactive Teller Machines (ITMs): Implementing ITMs across branches to provide personalized, video-assisted banking experiences.

Leadership Team

• Mark Burgess, President/CEO: With a background in IT and a passion for technical solutions, Mark joined CU1 in 2018 as Chief Technology Officer before becoming CEO. He serves on various boards, including the Alaska SeaLife Center and the Alaska State Council on the Arts Commission.

• Erika Smith, Chief Operating Officer: A lifelong Alaskan with experience in national banking chains, Erika is dedicated to supporting the next generation's critical thinking and enjoys outdoor activities in her personal time.

• Travis Frisk, Chief Financial Officer: Bringing over three decades of financial industry experience, Travis has worked for major national banks and serves on the Board of Junior Achievement of Alaska and as President of the Alaska Wolves Hockey Association.

Leadership Changes

In 2014, longtime CEO Leslie Ellis retired after 30 years of service, succeeded by Mark Burgess, who continues to lead CU1 with a focus on innovation and community engagement.

Competitor Profile

Market Insights and Dynamics

Alaska's financial services market is characterized by a mix of local and national institutions, with credit unions playing a significant role in serving community needs.

Competitor Analysis

• Global Federal Credit Union: Headquartered in Anchorage, Global FCU is the largest credit union in Alaska, managing $12.066 billion in assets and serving over 754,000 members.

• Matanuska Valley Federal Credit Union: Based in Palmer, this credit union manages $913.9 million in assets and serves over 60,000 members.

• Denali. A division of Nuvision Credit Union: Operating in Alaska and Washington, Denali has grown through mergers and offers a range of financial services.

Strategic Collaborations and Partnerships

CU1 collaborates with various organizations to enhance its services and community impact, including:

• Alaska Commercial Company: Partnering to establish the Kotzebue branch within a new AC store, expanding financial services to remote communities.

Operational Insights

CU1's strategic considerations include:

• Community-Centric Approach: Focusing on local needs and fostering strong community relationships.

• Technological Integration: Investing in digital platforms to enhance member experience and operational efficiency.

• Geographic Expansion: Targeting underserved regions to broaden its member base and fulfill its mission.

Strategic Opportunities and Future Directions

CU1's future roadmap includes:

• Branch Expansion: Opening new branches in Kotzebue and Wasilla to increase accessibility.

• Digital Innovation: Continuing to enhance online and mobile banking services to meet evolving member needs.

• Community Engagement: Strengthening partnerships and community programs to support financial education and empowerment.

Contact Information

• Website: cu1.org

• LinkedIn: Credit Union 1 Alaska

• Headquarters: Anchorage, Alaska, United States