State regulators intend to approve merger of two Alaska credit unions

The Alaska Division of Banking and Securities is planning to approve the merger of Credit Union 1 and MAC Federal Credit Union, the agency said in a public notice this week.

The two credit unions announced their merger plans last year, but state law required a review. Credit Union 1 is Alaska’s only state-chartered credit union, which gives the state primary authority over its operations. All of Alaska’s other credit unions are federally chartered.

CU1 has almost 100,000 members and 16 branches — the newest slated to open in Homer this summer.

MAC Federal Credit Union is based in the Fairbanks area and has about 20,000 members, according to figures provided with the merger announcement last year.

It opened branches in the Matanuska-Susitna Borough starting five years ago, marking its first expansion outside the Fairbanks area.

Public comments on the merger can be submitted to the Division of Banking and Securities, which expects to make a final decision on the merger sometime after April 3.