Credit Union 1 (CU1) has been a cornerstone of Alaska’s financial landscape for over 70 years. Established in 1952, CU1 is the only Alaska-chartered financial cooperative, serving Alaskans with a focus on financial stability, community support, and innovative solutions tailored to meet the unique needs of the state. In partnership with GCI, CU1 has expanded its reach, improved its services, and better serves underserved communities across Alaska. The partnership reflects a shared commitment to ensuring Alaskans, regardless of location, have access to vital financial services and technology.
Building Credit Union 1
Since its inception, Credit Union 1 has consistently led the way in providing financial services to Alaskans. From being the first to offer credit cards in Alaska to introducing 24/7 account access in 1986, CU1 has continuously innovated to meet the needs of its members. “We started with just nine members and a $5 deposit, running the credit unit out of a shoebox,” Chief Technology Officer Keith Bennett shared, emphasizing the bank’s deep-rooted commitment to Alaska.
CU1’s mission to serve the underserved is at the heart of its operations. As a nonprofit cooperative, CU1 invests profits back into the community, offering unique programs like annual scholarships and setting a goal of 3,500 volunteer hours for employees in 2024. “Being a part of Alaska, from the front-line staff to the board, our goal is to serve the underserved across the state and to help Alaskans with their financial well-being and stability,” Bennett shared.
CU1 continues to expand its footprint, with a new branch planned in Utqiagvik, ensuring that financial services are accessible across the state.
Building partnerships with the Alaska Oil and Gas Association
Building partnerships with GCI
Over the years, GCI services assisted CU1 in growing and modernizing its services. This long standing partnership enabled CU1 to expand its branch network, particularly in rural locations like Kodiak, Nome, and Ketchikan. “GCI has been a partner for 40 years and has given us the security and confidence to expand our branch footprint across Alaska,” Bennet said, highlighting how critical this relationship has been to its success.
To better serve its members CU1 adopted new technologies, such as interactive teller machines (ITMs) and mobile branches. Thanks to GCI’s reliable network, CU1 has been able to offer video conferencing capabilities at its ITMs, bringing face-to-face financial services to Alaskans in remote communities. Whether through mobile banking, remote check deposits, or expanding its mobile trucks, CU1 has leveraged GCI’s network to ensure Alaskans have access to financial services, regardless of location. “We rolled out mobile trucks in 2019 using GCI cellular service, bringing banking to communities on the road system and events like the state fair,” Bennett said.
Building a financially supported future
As CU1 continues to grow, it remains dedicated to providing financial support and education to all Alaskans. With plans to further expand the branch network and locations and strengthen its digital banking services, CU1 is focused on offering personalized experiences for members. “We have goals and ambitions to expand our branch footprint and strengthen the digital experience for our members,” Bennett shared.
Through innovative products like Quick Loans, which provide emergency funds based on member relationships rather than credit scores, CU1 is ensuring that all Alaskans have the support they need in times of crisis. The partnership with GCI has been integral in making this possible, providing the connectivity and technological infrastructure required to serve even the most remote communities in Alaska. Credit Union 1’s story is one of growth, innovation, and unwavering dedication to the people of Alaska. With a continued focus on serving the underserved and utilizing cutting-edge technology, CU1 is set to remain a part of Alaska’s financial future for many years to come.