Members Approve CU1 Merger with MAC Federal Credit Union
Photo Credit: Patricia Morales | Alaska Business
Members of Credit Union 1 (CU1) and Fairbanks-based MAC Federal Credit Union (MAC) voted in favor of a merger that’s been pending for more than a year.
June 1 marked a “Legal Day 1” to officially come together as one credit union operating under the CU1 brand. The combined organization serves approximately 112,500 members, operates nineteen branches statewide, and holds more than $1.7 billion in assets.
Members Have Spoken
CU1 is the major partner, with nearly 100,000 members and $1.4 billion in assets. MAC counts more than 20,000 members.
“This is an exciting moment for both organizations and for the future of cooperative banking in Alaska,” says CU1 President/CEO Mark Burgess. “Our members have spoken, and we’re honored by the trust they’ve placed in this merger. Together, we’ll continue building on nearly seventy-five years of service, expanding access and investing in the communities that rely on us.”
Current Issue
June 2026
Both CU1 and MAC were founded in 1952. CU1 traces its origin to Anchorage Teachers Federal Credit Union; by the time it was Frontier Alaska State Credit Union in 1995, it merged with FedAlaska Federal Credit Union to form CU1. MAC was originally the Tanana Valley Federal Credit Union, then became Ft. Wainwright Federal Credit Union for military and civilian employees at the US Army post; the name changed to Military and Civilian Federal Credit Union in 2002, which was restyled in 2011 to Members and Community. Branches in Wasilla and Palmer in 2021 and 2022 extended services beyond two locations in the Fairbanks area.
“From MAC’s founding at Fort Wainwright to its continued support for active-duty service members, veterans, and their families, that mission remains central and will continue under the merged credit union,” Burgess says. “We’re proud to welcome MAC employees and members to Credit Union 1 as we continue doing more for Alaskans together.”
CU1 says members should notice no immediate changes. Over time, members can expect expanded products and services, higher lending limits, enhanced digital banking capabilities, and additional statewide branch access. CU1 opened new branches in Kotzebue, Skagway, and Wasilla last year, and a twentieth is slated to open in Homer this year.
