Early 2004 Merger Helps Alaska's Credit Union 1 See Record Profits
ANCHORAGE, Alaska - Last year saw record profits for Credit Union 1, Alaska's second-largest, thanks in part to an early 2004 merger. The $484 million credit union saw profits of $6.7 million in 2004, which were up 67% over 2003, according to Roger Aldrich, chairman of Credit Union 1. Some of the profits were achieved through the absorption of North Country Credit Union in January 2004. As of Dec. 31, Credit Union 1 had $485 million in assets, up 6% from 2003. Loans were also up 3% to $312 million and deposits increased 5% to $439 million. Equity soared 22% to $42.6 million. Credit Union 1 is the result of a merger between Frontier Alaska State CU and FedAlaska FCU in September 1995. FedAlaska was originally charged in 1948 to serve employees of CAA (the predecessor agency to the Federal Aviation Administration) working in the territory of Alaska. Frontier was founded in 1952 to serve teachers and administrative employees of the Anchorage school district. Credit Union 1 serves more than 51,000 members.