First National Bank Alaska celebrates 85 years of success: it has grown from a one-man operation to serving 17 communities throughout the state.

• Author: Orr, Vanessa

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When Winfield Ervin opened First National Bank of Anchorage in 1922, he did it because he said he had "faith in the future of Anchorage." Over the years, that faith grew to encompass all of Alaska, and the bank, now renamed First National Bank Alaska, soon became a fixture in communities all over the state.

Today, as Alaska's largest and strongest locally owned bank, First National has 29 branches in 17 communities throughout the state. "We have grown from one main office to having branches in Juneau, Fairbanks and Bethel, and many points in between," said D.H. Cuddy, who has served as the bank's president for more than 51 years. "When I went into the business in 1951, the bank had $6.5 million in loans and total assets of $31.2 million. Today, we have $1.2 billion in loans and total assets of $2.3 billion.

"I believe that our growth reflects the growth of the state," he added. "The bank has benefited as the state has developed over the past 85 years."

THE EARLY DAYS

Even before Alaska had a state flag or air mail service, First National had a home in Anchorage. According to The History of One Alaska Bank, published by First National, the bank, which was located on the corner of Fourth Avenue and G Street, featured brass spittoons and teller counters made from marble slabs that Ervin had used to knead confectionery as a candy maker back in Idaho. The vaults contained gold nuggets, as well as untanned pelts of beaver, wolverine, fox and mink. Outstanding stock totaled 500 shares, and the bank had only one employee, former railroad worker Harry Hamill.

In 1942, controlling interest in the bank was purchased by Warren N. Cuddy, a former U.S. district attorney in Valdez. During his tenure, the bank supplied payroll to World War II troops stationed in Alaska. Cuddy also opened a banking facility in Adak to serve the needs of the U.S. Army base. As the westernmost banking institution in the U.S. during this time, First National branches spanned four time zones.

In 1950, First National declared a 167 percent stock dividend, the largest stock dividend in the history of the bank. The bank also held a $200,000 stock sale--the only one in the bank's history--to raise money for the purchase of the Bank of Seward. One year later, bank president Warren Cuddy died, leaving his widow, Lucy Hon Cuddy, to become chairman of the board, and his son, D. H. Cuddy, to become the bank's new president.

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