Credit Union 1 Answers Skagway’s Call for Greater Financial Access

Alaskans have a history of inviting new businesses to move in. Once in a while, the request pays off. Just ask the Skagway Borough Assembly.

The assembly, in January 2024, directed staff to correspond with Alaska banking institutions, seeking a local branch in a community currently served only by Wells Fargo (ever since it was National Bank of Alaska). Skagway Assembly members sought an Alaska-focused financial institution that would understand the community’s unique challenges and opportunities. Credit Union (CU1) RSVP’d with a “yes.”

From Two New Branches to Three This Year

“With two other branches opening this year, Skagway wasn’t on our radar for expansion, but the assembly’s request got our attention,” says CU1 President and CEO Mark Burgess. “When we visited the community, we met incredible people who exemplify the Alaskan spirit—innovators, small business owners, and families building their future. It became clear that CU1 could make a real difference here.”

CU1 COO Erika Smith adds, “Expanding to Skagway represents more than just a new branch; it’s an opportunity to help sustain the town’s long-term economic vitality and foster a stronger financial foundation for its residents and businesses.”

Located at 306 B 3rd Avenue, the Skagway branch will mark CU1’s fifteenth location—all of which are in Alaska—and is scheduled to open in April 2025.

“We wholeheartedly welcome Credit Union 1 to our community. We appreciate that Credit Union 1 responded to the Municipality of Skagway’s request and is able to expand financial options in our town,” municipal leaders said in a January 13 message to CU1. “Offering these services in Skagway contributes to the economic prosperity of our community and fosters a sense of financial security among our residents.”