The Alaska Contractor: Fall 2006

MEMBER PROFILE
AlaskaUSA Federal Credit Union By TIFFANY HORVATH
‘Lending’ itself to a unique fi nancial landscape
In 1948, 15 Fort Richardson men pooled their resources
and started volunteering their free time
to operate a credit union that provided fi nancial
benefi ts to a multitude of new Alaskans arriving
every day.
“Alaska Air Depot Federal Credit Union,” as it
was originally known, was fashioned to meet the
monetary needs of military personnel, civilians, and
new federal employees in the fl edgling territory of
Alaska.
Today this once tiny fi nancial cooperative is
known as the AlaskaUSA Federal Credit Union and
is one of the largest fi nancial establishments in the
state. But, it took a specifi c act of Congress and decades
of proven customer service for AlaskaUSA to
reach that milestone.
After World War II, there was an explosion of
people settling in the 49th state, and these individuals
had a need for consumer credit that local establishments
weren’t able to handle. In those decades,
the Federal Government mailed checks to employees
and it could frequently take more than a month
for workers to get their pay.
So in 1948, in the enterprising spirit so familiar to
Alaskans, a handful of men at Fort Richardson decided
to create a credit union that could satisfy the
lending needs of the
recent arrivals, themselves
included. That
initial, tiny not-forprofi
t cooperative, originally
made up of volunteers,
today remains
the primary provider
of consumer loans in
Alaska. It is owned by
nearly a quarter-million
members worldwide,
and one in four Alaskans
rates AlaskaUSA
Federal Credit Union as
their preferred fi nancial
institution.
AlaskaUSA continues to make its mark in the fi -
nancial world, by continually upgrading and expanding
their services and options to all their members.
“AlaskaUSA was the fi rst credit union in the
United States to make a 30-year mortgage, around
1984,” said Nancy Usera, Senior Vice President for
Corporate Development.
She has been with AlaskaUSA for more than a
decade, and takes great pride in the cooperative’s
roots. “The idea of a credit union was very compatible
and contagious.” The concept of people pooling
their money and lending it out fi ts well with the selfsuffi
cient spirit for which Alaska is famous, Usera
said.
That initial cooperative employs about 1,000
people at its 33 branches in Alaska, 17 offi ces in the
Seattle area, two fi nancial centers, and three more
fi nancial centers in development.
“Our business motto is we only provide services
that offer real value and we provide the best service
in the area,” Usera said. “Members want what they
want, when they want it and we try to give them
that.”
She said AlaskaUSA recently expanded member
services as part of its continual effort to meet member’s
expectations.
AlaskaUSA FCU members can take advantage of
AlaskaUSA Mortgage Company, began in the 1980s;
AlaskaUSA Trust Company, founded in the late
1990s; or their most recent subsidiary, AlaskaUSA
Insurance Brokers.
For AlaskaUSA FCU, membership in the Associated
General Contractors of Alaska is a must. Senior
Vice President of Business
and Commercial
Lending David Hamilton
emphasizes how
AlaskaUSA depends
on information from
the AGC.
“For my annual
projects, AGC provides
me with a wealth of
information regarding
spending and what
projects are going on
statewide. Being a
part of all that through
PHOTO: COURTESY OF ALASKAUSA
AGC just make sense,”
he said.
Hamilton said AlaskaUSA is proud of its reputation
for helping smaller businesses get started and
restructured around the state. He said the credit
union focuses on local business owners seeking to
get an idea off the ground, rather than huge, multinational
corporations.
“Most of the people and businesses we deal
60 The Alaska CONTRACTOR Fall 2006