Type | Public company |
---|---|
OTCQX: FBAK | |
Industry | Financial services |
Founded | 1922 |
Headquarters | Anchorage, Alaska United States |
Area served | State of Alaska |
Key people | Betsy Lawer, CEO/Chair |
Products | Savings, checking, personal and commercial loans, online banking, mortgages, credit cards, investment management |
US$55.6 Million (2019) | |
Total assets | US$3.81 Billion (2019) |
Total equity | US$547.7 Million (2019) |
Number of employees | 650+ |
Website | fnbalaska |
First National Bank Alaska is an American bank founded in 1922 by Winfield Ervin Sr., as The First National Bank of Anchorage. The first branch stood on the corner of 4th and G Streets in Anchorage, Alaska.
The bank was founded in 1922 by candy maker Winfield Ervin Sr. at the corner of 4th and G Streets in Anchorage, Alaska. The bank still operates a branch at this location today. Known at the time as The First National Bank of Anchorage, the business benefited from the Alaska Railroad construction boom of the early 1920s. [1]
In 1941, the bank was purchased by Warren N. Cuddy, who took over as president. Cuddy first came to Alaska in 1914, settling in Valdez and working as a grocery clerk in the Valdez Mercantile Company. During this time he began to study law and met his future wife, Lucy Hon. They moved to Anchorage in 1933, where Cuddy continued his legal work and took over the law practice of J.S. Truitt. Cuddy became involved with the Alaska Rural Rehabilitation Corporation (ARRC), which was established in 1935, and served on the board of directors. The ARRC was the main administrative agency of the Matanuska Colony, a New Deal experiment that brought two hundred farming families into the Matanuska Valley. This resettlement of families also brought with it $200 million into southcentral Alaska between 1935 and 1941 at the height of the Great Depression. It was during this time that Cuddy became interested in the struggling bank, and began his long career in the banking business of Alaska. Cuddy secured the bank's membership in the Federal Deposit Insurance Corporation (FDIC), which enabled it to grow much faster during the wartime since federal agencies and the military did business only with government-insured banks. [1] Cuddy died in 1951, and his son, D.H. Cuddy, succeeded as president, a position he retained for 63 years until his passing in 2015 at the age of 94. [2] Cuddy's daughter, Betsy Lawer, succeeded as first as Chair and President, now Chair and CEO, making the bank continually operated by the Cuddy family for more than 75 years. In 1960, First National opened Alaska's first drive-through bank. In September 2001, the bank's name was changed to First National Bank Alaska. The similarly named National Bank of Alaska had been absorbed into Wells Fargo in 2000.
The bank has consistently ranked among the nation's top performing banks, in 1989 being listed among the nation's top 10 performing banks by Veribanc, meeting the "highest standards in the industry." In May 2007, Bauer Financial Reports gave First National a "five-star" rating, the highest such rating they offer. It is the 73 consecutive quarter First National has earned the five-star rating, the longest such streak of any Alaska bank. Because First National has maintained this rating in each quarter for at least 10 years, it also earned Bauer's distinction of an "Exceptional Performance Bank."
Most recently, First National has been recognized two years in a row, by the readers of Alaska Business Magazine, as the "Best Place to Work in Alaska;" MSN also listed the bank in early 2018 as the "Most Admired Company in Alaska."
First National reported more than $3.61 billion in assets in its 2016 Annual Highlights. [3] In April 2006, the bank opened its 29th branch in Glennallen. The bank currently operates 28 branches in 18 Alaska cities. [4]
First National Bank Alaska stock currently trades as FBAK on the OTC Markets stock exchange. The company has consistently paid quarterly dividends since November 2003. [5] FBAK increased its quarterly dividend to $20 in May 2016, citing a strong capital account and a unique position to operate competitively versus national chains. As of October 1st, 2021, the stock was trading at $233.74 per share at a P/E ratio of 13.1 and with a dividend yield of 5.48%.
Alaska is a non-contiguous U.S. state on the northwest extremity of North America. It borders British Columbia and Yukon in Canada to the east and it shares a western maritime border in the Bering Strait with Russia's Chukotka Autonomous Okrug. The Chukchi and Beaufort Seas of the Arctic Ocean lie to the north and the Pacific Ocean lies to the south. Technically a semi-exclave of the U.S., Alaska is the largest exclave in the world.
Valdez–Cordova Census Area was a census area located in the state of Alaska, United States. As of the 2010 census, the population was 9,636. It was part of the Unorganized Borough and therefore has no borough seat. On January 2, 2019, it was abolished and replaced by the Chugach Census Area and the Copper River Census Area.
Tok is a census-designated place (CDP) in Southeast Fairbanks Census Area, Alaska, United States. The population was 1,243 at the 2020 census, slightly down from 1,258 in 2010.
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Gakona is a census-designated place (CDP) in the Copper River Census Area in the U.S. state of Alaska. As of the 2020 census, the population of the CDP was 169, down from 218 in 2010.
Glennallen is a census-designated place (CDP) in the Copper River Census Area in the Unorganized Borough of the U.S. state of Alaska. As of the 2020 census, the population of the CDP was 439, down from 483 in 2010. It is the most populated community in the census area.
Carrs–Safeway is a supermarket chain that is based in Anchorage, Alaska, and is a subsidiary of Albertsons. It was acquired in April 1999 by former parent Safeway from an employee ownership group, who itself had purchased the company from founder Larry Carr and his partner Barney Gottstein in 1990.
The Richardson Highway is a highway in the U.S. state of Alaska, running 368 miles (562 km) and connecting Valdez to Fairbanks. It is marked as Alaska Route 4 from Valdez to Delta Junction and as Alaska Route 2 from there to Fairbanks. It also connects segments of Alaska Route 1 between the Glenn Highway and the Tok Cut-Off. The Richardson Highway was the first major road built in Alaska.
The Glenn Highway is a highway in the U.S. state of Alaska, extending 179 miles (288 km) from Anchorage near Merrill Field to Glennallen on the Richardson Highway. The Tok Cut-Off is often considered part of the Glenn Highway, for a total length of 328 miles (528 km).
The Alaska Railroad is a Class II railroad that operates freight and passenger trains in the state of Alaska. The railroad's mainline runs between Seward on the southern coast and Fairbanks, near the center of the state. It passes through Anchorage and Denali National Park, to which 17% of visitors travel by train.
Wien Air Alaska (IATA: WC) was a United States airline that was the result of a merger of Northern Consolidated Airlines(NCA) and Wien Alaska Airways. It initially used the name Wien Consolidated Airlines following the merger in 1968. In 1973, Wien Consolidated became Wien Air Alaska. The company was famous for being the first airline in Alaska, and one of the first in the United States. It ceased operations on 23 November 1984, at which point it was operating as Wien Airlines.
China Banking Corporation, commonly known as Chinabank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino entrepreneurs. The bank offers a wide range of banking services, including deposits, investments, trust, cash management, remittance,and loans. It also offers insurance brokerage, stock brokerage, and bancassurance services through its subsidiaries and affiliate.
Austin Eugene "Cap" Lathrop was an American politician, industrialist, and outspoken opponent of Alaskan statehood. He has been called "Alaska's first home-grown millionaire."
National Bank of Alaska was Alaska's largest financial institution for the latter part of the 20th century. In 2000, it was purchased by Wells Fargo, giving the larger bank a presence in 23 states.
Prince William Sound College is a college located at 303 Lowe St. in Valdez, Alaska. PWSC comprises one main campus in Valdez and extension campuses in Glennallen and Cordova. The college is part of the University of Alaska Anchorage under the aegis of the University of Alaska System.
David Warren "Dave" Cuddy is a businessman and Republican Party politician from the U.S. state of Alaska.
Winfield Ervin Jr. (1902–1985) was a mayor of Anchorage, Alaska.
In 1935, the Federal Emergency Relief Administration created an experimental farming community known as the Matanuska Valley Colony as part of the New Deal resettlement plan. Situated in the Matanuska Valley, about 45 miles northeast of Anchorage, Alaska, the colony was settled by 203 families from Minnesota, Wisconsin and Michigan. The colony project cost about $5,000,000 and, after five years, over half of the original colonists had left the valley. By 1965, only 20 of the first families were still farming the valley.
Edwin Butler Crittenden (1915-2015) was an American architect practicing in Anchorage, Alaska. Referred to later in life as the "dean of Alaska architecture", he was the most notable Alaskan architect of the 20th century.
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