Updated: 8 hours ago Posted: 13 hours ago
SPOKANE, Wash. — Global Credit Union has merged with Alaska USA Federal Credit Union, making it one of the nation’s largest financial unions.
Under the merger, which closed Monday, the combined organization will have 760,000 members, more than 2,000 employees and $12 billion in assets.
As part of the merger, Spokane Credit Union will retain its name, according to a news release, operating as: Global Credit Union, a division of Alaska USA Federal Credit Union.
Geoff Lundfelt, president and CEO of Alaska USA Federal Credit Union, will continue to lead the combined organization. Jack Fallis, president and CEO of Global Credit Union, will assume the role of regional president of the Pacific Northwest and international markets for Alaska USA Federal.
“With shared values and a commitment to our communities, it is with great excitement that we merge into one organization,” Lundfelt said in the statement. “We welcome Global’s employees and volunteers and look forward to seeing you again next year.”
Alaska USA Federal is expanding employment to current Global Credit Union employees. According to the press release, several members of Global Credit Union’s board of directors will continue to serve as volunteers on a regional advisory committee.
Member services at the two credit unions will remain unchanged until a system conversion in early 2023, according to the news release.
“As this merger becomes official, our members will continue to receive the products and services they’ve come to trust and continue to see us in the community, engaging and interacting, giving back to those we serve,” Fallis said in the statement. . .
Financial terms of the merger were not disclosed.
The two credit unions announced plans in October to seek regulatory approval for a merger.
Alaska USA operates more than 90 branches and service centers in Alaska, Washington, California and Arizona. Global Credit Union has 12 branches in Washington and Idaho. It also has three branches at US military installations in Italy.
Global Credit Union was founded in 1954 as Fairchild Federal Credit Union to serve the financial needs of military and civilian employees at Fairchild Air Force Base.
In 1988, Fairchild Federal Credit Union’s board of directors voted to change its name to Global Credit Union to better reflect its diverse membership and improve growth potential, according to the credit union’s website.
Prior to the merger with Alaska USA Federal, Global served more than 45,000 members worldwide.