Alaska financial institutions: banking on local advantages.

• Author: West, Gail
• Position: FINANCIAL SERVICES

Financial institutions from Alaska's panhandle to the North Slope are a diverse lot--from one of the nation's largest banks to home-grown, rooted-in-Alaska banks and credit unions--and they do, in truth, cover the state with a full range of banking products. Alaska is fortunate to have them.

The state itself is 52 years old this year, but several of these banks and credit unions predate statehood--some by a significant number of years. First National Bank Alaska is celebrating its 90th year of business; Alaska Pacific Bank, based in Juneau, is counting its 76th year; Alaska USA Federal Credit Union and Denali Federal Credit Union have served Alaskans for 63 years each; and Credit Union 1 counts 59 years. The youngsters of the group are Denali State Bank, based in Fairbanks and celebrating 25 years, and Northrim Bank, in business for the past 21 years.

At First National--a bank which opened its doors at Fourth Avenue and G Street in Anchorage, 90-year-old President D.H. Cuddy continues oversight of the bank he stepped into upon his father's death 60 years ago. Doug Longacre, a senior vice president, said Cuddy jokes about being the longest-tenured employee without a promotion. "He works all day every day," Longacre said about Cuddy, "and everyone is important to him. His office is always open."

Alaska Pacific Bank began as Alaska Federal Savings and Loan Association in Juneau in 1935. Tom Morgan, the local owner of a plywood mill, wanted to sell more lumber, said bank President and CEO Craig Dahl, and there were no local institutions interested in making home loans in the area. "The federal government had just passed the savings and loan act so Morgan started to open savings accounts and finance home loans in Southeast Alaska. Many of us still have our original passbooks," Dahl said. Over the years, though, Alaska Pacific grew and changed and in 1999 Alaska Pacific went public and issued stock to customers and outside investors.

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Alaska USA Federal Credit Union was chartered in 1948 in Anchorage to serve the federal civil service personnel recently transferred to Alaska. Founding members began to pool their savings and extend credit to one another as well as volunteer their time to operate the credit union. During the ensuing years, the credit union expanded its membership to personnel in remote Air Force and Navy stations, then to companies building the trans-Alaska oil pipeline and to shareholders of 10 of Alaska's...