Alaska USA: member owned for member service.
Author | Cottrell, Shon |
Position | Alaska USA Federal Credit Union - Company Profile |
200,000 members share ownership of Alaska USA Federal Credit Union, Alaska s largest not-for-profit financial cooperative. Chartered in 1948, the credit union's cooperative concept of individuals pooling their financial resources to provide services to one another was a natural for early Alaskans. The concept caught on, and today Alaska USA is the second largest financial institution in Alaska and among the top five federal credit unions in the country.
"We're in the business of service," says CEO Bill Eckhardt. "One of the universal credit union mottoes is 'Not for profit, not for charity, but for service.' Because the credit union elects its board democratically from among its members, the credit union has insights into members' priorities."
These insights lead to Alaska USA's early development of a nationwide serves to call center, the Alaska Option ATM Network, and computer-based home banking. Today, Alaska USA has 23 branches in nine Alaska cities and three in the Pacific Northwest. This year the credit union opened a new branch in Wasilia, and its first two retail branches, one inside Fred Meyer on College Road in Fairbanks, and another in the Kodiak Safeway. Still ahead in 1997 is a new branch facility in Juneau. Alaska USA has also deployed 88 proprietary ATMs. Alaska USA ATMs are surcharge-free to both members and nonmembers.
So how did Alaska USA generate $102.7 million in revenue last year, a 6.45 percent increase over the year before? "In one word, volume," says Eckhardt. "Over the years members have referred new members. And because we are a not-for-profit cooperative, all earnings, with the exception of required reserves, are returned to members by way of dividends on deposits, reduced cost for...
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