When the doors opened for business Jan. 2, North Country Credit Union reopened as Credit Union 1.
The two institutions merged over the New Year's holiday, with staff working from Dec. 30 to Jan. 1 to integrate computer systems and accounts. As a result of the merger, Credit Union 1 now offers financial services to roughly 4,500 new members across Alaska, and has two additional branches: A second branch in Fairbanks, at 909 First Avenue, and its first branch in Nome, at 110 Front Street.
Plans are under way to improve those facilities, Credit Union 1 President Leslie Ellis said in a press release.
"By the end of 2004, Credit Union 1 will install an ATM in Nome," Ellis said. "We will also completely rebuild the Fairbanks First Avenue location."
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Ellis said Boslough Construction Inc. will build the new branch. It is the same firm primarily responsible for construction of the new Credit Union 1 Fairbanks branch at 1453 University Avenue, which will open Feb. 2, 2004.
In late August 2003, North Country board members announced their intention to merge with Credit Union 1, to improve service. Members of both institutions approved the merger in special elections in late October.
Regulatory approval followed shortly thereafter from both the state of Division of Banking, Securities and Corporations, and the National Credit Union Administration.
This is the third recent merger for Credit Union 1. In 1995, the institution was formed when FedAlaska Federal Credit Union merged into Frontier Alaska State Credit Union. In 1997, Ward Cove Federal Credit Union merged into Credit Union 1.
As a result of joining Credit Union 1, former North Country members will have access to a wide variety of new and improved financial products and services, including credit cards and real estate loans.
Credit Union 1, with post-merger assets of over $480 million, is the second-largest credit union in Alaska. Credit Union 1 operates in six Alaska communities - Anchorage, Fairbanks, Ketchikan, Kodiak, Soldotna and now, Nome.
Founded over 50 years ago, Credit Union 1 has 12 branches and more than 48,000 members. Anyone who lives or works in Alaska is eligible to join Credit Union 1.
