Two Southeast Alaska Credit Unions Merge
Carter Damaska
Tongass Federal Credit Union (TFCU) merged with ALPS Federal Credit Union, uniting two institutions that span Southeast Alaska.
Southeast Strong
The two credit unions became one legal entity operating under the TFCU name, effective February 1. The merger received final approval in January when 69 percent of ALPS members voted in favor.
The organization combines assets worth $233.4 million serving 13,163 members with eight branches (Ketchikan, Sitka, Petersburg, Metlakatla, Klawock, Wrangell, Haines, and Juneau) and four community microsites (Thorne Bay, Hydaburg, Kake, Hoonah). With their overlapping territories and similar histories, the two credit unions went into the merger with “Southeast Strong” as their guiding principle.
TFCU President and CEO Helen Mickel continues to lead the merged credit union. “We are so pleased to be combining two credit unions with rich histories serving Southeast Alaska since the early ‘60s. Together we are truly stronger,” she says. “Our expanded resources will continue to enable our members to achieve their financial goals through the friendly, affordable, and convenient services they have come to expect from their local community credit unions.”
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ALPS President and CEO Sandi Riggs remains as Executive Vice President through the core computer conversion. “The partnership between ALPS and TFCU will allow us to serve our Southeast Alaska members and communities with a much higher level of service and volunteerism moving forward,” says Riggs. “Combining the talented staff at our two credit unions will improve our service to all members and solidify our commitment to providing financial services and support to the membership. We are excited to see what we can accomplish together as we move forward.”
ALPS was started by employees of Alaska Lumber and Pulp in 1960 as a response to local banks charging outrageous loan rates and making borrowing difficult for young families in Sitka. TFCU was started in 1963 by a group of Ketchikan teachers and public workers who came together because their financial needs were not being met by local banks.
Both credit unions continue to serve their respective members while integrating ALPS members into the TFCU system by the end of July 2023.
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