TFCU to Merge with ALPS Federal Credit Union - P.O.W. Report

Tuesday, August 30, 2022

TFCU to Merge with ALPS Federal Credit Union


We have big news…We are excited to announce plans to merge with ALPS Federal Credit Union!

Based in Sitka, ALPS has been serving Southeast Alaskans for over 60 years and shares many similarities with TFCU’s own story. TFCU and ALPS have long been allies in the credit union industry, sharing best practices and supporting each other in serving Southeast Alaska coastal communities since the 1960's. Both of our credit unions have had growing pains that include staff shortages, increased operating expenses, and regulatory burden in recent years. We also serve similar small and unique, coastal communities in Southeast Alaska. We are Alaskans who understand the culture, climate, and lifestyle of our region.

TFCU is pleased to partner with ALPS to move our combined credit union into the future. We remain committed to serving Indigenous and coastal communities, while strengthening our ability to deliver excellent services that enhance the lives of our Member-Owners. Together, we will gain operational efficiencies and incorporate two more convenient Southeast Alaska locations in Petersburg and Sitka. Our merged credit union will operate under the Tongass Federal Credit Union brand, with current TFCU President/CEO Helen Mickel at the helm, and Ketchikan will remain the credit union headquarters.

The proposed merger requires approval from the National Credit Union Administration (NCUA), the credit union's regulatory body, followed by approval of the ALPS FCU membership. ALPS membership approval is an important milestone as they will be voting to replace their ALPS Credit Union Charter and adopt TFCU’s. After final approval of the merger, all ALPS employees will be offered positions with TFCU. Two directors from the ALPS Board of Directors will be added to the seven TFCU directors to serve on the newly combined TFCU Board. Our target date for completing the merger is January 1, 2023. The merger would combine ALPS’ 3,986 members with TFCU’s 9,418 members and expand the workforce to approximately 72 employees. It will result in an organization with combined assets of over $225 million, making it the fourth largest credit union in the state.

We are honored that the ALPS board of directors and their President/CEO Sandi Riggs selected TFCU as a merger partner. ALPS has grown exponentially over the past few years and is likely the strongest it has ever been, in membership, assets, and financial position. TFCU’s board of directors and leadership team are committed to continuing the work both credit unions are doing to promote thriving communities and financially empowering Member-Owners through meaningful products, services, and education.

Thank you TFCU members for supporting your local financial cooperative by borrowing, saving, and investing with us. We are here for you and because of you. I hope you will join me in welcoming nearly 4,000 new Southeast Alaskan members to our cooperative on January 1, 2023. Together we are Southeast Strong!

Thank you,
Helen Mickel, President/CEO & the entire TFCU Team

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