CU1 Breaks Ground on First Mat-Su Branch
Credit Union 1 President and CEO Mark Burgess (center) leads the ceremony to begin construction of the Wasilla branch.
Alaska Business
Since forming in 1952 as the Anchorage Teachers Federal Credit Union, the financial institution now known as Credit Union 1 (CU1) has grown to a dozen branches from Ketchikan to Nome. In all that time, though, it never had a branch in the Matanuska-Susitna Borough. That changes next year.
Keeping an Eye on the Mat-Su
A groundbreaking ceremony in Wasilla over the weekend formally began construction of CU1’s thirteenth branch. The site on Railroad Avenue, next door to Bearpaw River Brewing Company, is near the junction of Parks Highway and Knik Goose Bay Road, for convenient access in downtown Wasilla and for the extensive suburbs south of Wasilla city limits. Beyond reaching into a market for new customers, the credit union is following CU1 members who’ve migrated to the Wasilla area.
“We’ve been keeping an eye on the Mat-Su Valley for a long time and had many member requests to build a branch in Wasilla over the years,” says CU1 President and CEO Mark Burgess. “When we stepped back and looked at the migration of our members to the Valley, it made sense to have a branch closer to them.” The board of directors approved the expansion last September.
“Thank you for listening to your Valley members,” said Wasilla Mayor Glenda Ledford at the ceremony. She then joined Burgess and the credit union’s board members tossing dirt with golden shovels.
“As we embrace our identity as Alaska’s only state-chartered credit union, we want to continually recognize opportunities to invest in and support families and businesses in the communities we serve. This includes the Mat-Su Valley, which has a growing population and an expanding CU1 membership base. It’s a place that has been asking us to provide them with a local option for their banking,” says CU1 Chief Retail Officer Erika Smith. “We are excited to let them know they’ve been heard and turn some dirt.”
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April 2024
Spark Design created plans for a 10,000-square-foot building, large enough for up to forty CU1 employees. A community room on the second floor will be available for events and as a rental space for nonprofits. Construction is being led by Cadence General Contractors, which has worked on CU1 projects in the past.
The Wasilla branch is scheduled to open in the fall of 2024.
“A Long Time Coming”
A close-up of the sign displaying Spark Design’s rendering of the Wasilla CU1 branch.
Alaska Business
As part of the groundbreaking ceremony, CU1 held its first ever Mat-Su Member Appreciation Day.
“It’s wonderful to be back at our member appreciation events this year, and we’re absolutely thrilled with the groundbreaking of our Wasilla branch,” Burgess says. “Building a branch in the Valley has been a long time coming, and I am so excited to offer our many loyal members in the Mat-Su another convenient option to serve them.”
The event also featured CU1’s 2023 nonprofit partner in the Mat-Su Borough, Kids Kupboard, an organization that provides fresh healthy meals to children who have been identified as food insecure. CU1 employees host fundraisers for Kids Kupboard throughout the year and volunteer at a weekly food distribution site in Wasilla’s Nunley Park.
CU1 has been able to give more than $40,000 to all its statewide Leading Change partners so far this year through fundraising and donation match efforts.
In their company kitchens, the Corporate 100 blend wholesome ingredients with exquisite utensils to create the scrumptious ambrosia that keeps employees gratified and contented. Meet the top Alaska employers ranked by number of Alaskans on their payroll, and learn the recipe for success. This issue also includes a focus on economic development initiatives in Anchorage and Kodiak.