MAC & Credit Union 1 Join Forces to Better Serve Alaskans

For Immediate Release

Anchorage and Fairbanks (March 12, 2025) — Credit Union 1 (CU1) and MAC Federal Credit Union (MAC) are excited to announce their intent to merge, bringing together two trusted, Alaska-grown financial institutions. Operating under the Credit Union 1 name and the leadership of President/CEO Mark Burgess, the combined institution will serve more than 112,000 members across 19 branch locations, and hold more than $1.6 billion in assets, all dedicated to the financial empowerment of Alaskans.

Both CU1 and MAC were founded in 1952 and have each grown alongside Alaska, from a rugged, untamed territory to the vibrant state it is today. Though their paths differed, they were shaped by the same spirit and built on the belief that every Alaskan deserves financial well-being—whether they’re teachers in Anchorage, service members at Fort Wainwright, or families building their futures in Fairbanks, Mat-Su, and beyond.

“Both credit unions have spent decades helping Alaskans achieve their dreams,” said Mark Burgess, CU1 President/CEO. “That is why this isn’t just about combining assets; it’s about uniting two legacies of service, resilience, and innovation to create something even stronger,” Burgess added. “Together, we will reach more people, expand financial opportunities, and reinforce our commitment to the state we call home. We cannot wait to join forces with our MAC colleagues and welcome their members to CU1.”

“This merger brings exciting new opportunities for our members and the Alaskan community. By combining forces with Credit Union 1, we are unlocking a broader range of financial products and services, from enhanced loan options to advanced digital banking tools. Our members will have access to a larger network of branches and ATMs, making it easier to manage their finances wherever they are,” said MAC Board Chair Anna Gould. “Additionally, Credit Union 1’s commitment to community-focused values means that we can continue to prioritize the needs of Alaskans, helping to drive local economic growth and keep resources within our state. Together, we are creating a stronger, more resilient financial institution that’s better equipped to serve you and support Alaska’s future. While there is still work ahead, we are excited for the opportunities this partnership brings.”

CU1 is expanding its reach in other ways to help Alaskans, as well. They recently opened their 13th branch in Kotzebue and plan to open new branches in Wasilla and Skagway in April.

This announcement marks the completion of a thorough review of financials and deep discussions of shared values. The deal must be approved by state and federal regulators and is subject to a member vote, but the credit unions hope to complete all of that in 2025 and be completely integrated in 2026. Updates and more information will be published at cu1.org/MACmerger.

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About Credit Union 1

Credit Union 1 is an Alaskan financial cooperative with a mission to help members achieve their financial goals by focusing on excellent service and value. Founded in 1952, Credit Union 1 currently has 13 branches and growing, nearly 100,000 members and $1.4 billion in assets. Anyone who lives or works in Alaska is eligible to join Credit Union 1.

About MAC

MAC Federal Credit Union (MAC), founded in 1952, has grown from serving federal employees in Fairbanks to a community-focused financial institution with over 20,000 members across four branches in Alaska. MAC actively supports local initiatives, donating $164,000 and contributing 2,370 volunteer hours in 2023. Guided by its mission to enhance member financial well-being, MAC provides cost-effective services while fostering community success.

Media Contact:
Jessica Gallagher, Director Corporate Communications
Phone: 907.841.7010
Email: gallaghj@cu1.org