Alaska USA is no half-baked financial institution. The member-owned credit union provides financial services to more than 435,000 members from about 65 branch locations in Alaska, Washington, and California. Serving consumers and small businesses, Alaska USA offers deposit accounts, loans, credit cards, insurance, and trust and investment management services. Loans for automobiles and RVs account for nearly two-thirds of the credit union's lending portfolio; it also originates real estate, consumer, and commercial loans. Alaska USA was founded in 1948 as the Alaskan Air Depot Federal Credit Union.
Alaska USA Mortgage provides mortgage lending and origination services, while Alaska USA Insurance Brokers offers home, auto, and commercial coverage. In 2008, the credit union launched Alaska USA Title Agency, which offers title and escrow services.
Despite a challenging economic environment, Alaska USA recorded one of the best years in its history in 2011. The credit union reported a nearly 3% increase in revenues (to more than $311 million) and a 54% jump in net income (to $41.7 million). It attributed the improved results in part to higher loan volume -- particularly consumer and business loans -- fueled by low interest rates. The company also charged off fewer loans compared to the previous year.
Alaska USA expanded beyond the Pacific Northwest and into California in 2009 when it took over The Members Own Federal Credit Union and High Desert Federal Credit Union, which had been placed conservatorship by the National Credit Union Administration (NCUA). The acquisitions, which added about 22,000 members in San Bernardino County, is part of Alaska USA's goal of diversifying into new markets. – less