![]() | This article contains close paraphrasing of a non-free copyrighted source, https://www.alaskausa.org/about/history.asp?pg=2 ( Copyvios report ).(September 2021) |
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Company type | Credit Union |
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Industry | Financial services |
Founded | 1948 |
Headquarters | Anchorage, Alaska, United States |
Area served | Alaska; Washington; Maricopa County, Arizona; High Desert, California; Northwest Idaho |
Key people | Geoff Lundfelt, President Bobby Alexander, Chairman |
Products | Checking and savings, consumer loans, credit cards, commercial products, personal insurance, mortgage and real estate, financial planning and investment services |
Total assets | US$12.066B (2023) |
Subsidiaries | Global Credit Union Insurance Brokers, Global Credit Union Home Loans, Procure Mortgage Company Global Credit Union Foundation |
Website | www |
Global Federal Credit Union is a credit union headquartered in Anchorage, Alaska, chartered and regulated under the authority of the National Credit Union Administration (NCUA). In the United States, Global is among the largest credit unions by assets, and it is among the 20 largest credit unions by membership. [1]
Global is a federally chartered, member-owned, not-for-profit financial cooperative with more than 100 branch offices and service locations throughout Alaska, Arizona's Maricopa County, California's San Bernardino County, Washington State, and Idaho's Kootenai County. As of October 2023, Global had $12.066 billion in assets and more than 754,000 members. [2]
The credit union is the leading provider of consumer financial services in Alaska, with growing membership in all 50 states. Global provides deposit accounts, consumer loans, credit cards, 24/7/365 support, and online and mobile account management. Global also provides commercial products, personal insurance, real estate loans, and financial planning and investment services.
The credit union also owns and operates Global Insurance Brokers in Alaska and Washington, and Global Credit Union Home Loans in Alaska, California, and Washington.
On September 16, 2003, Global established the Global Credit Union Foundation to support 501(c)(3) organizations that provide non-discriminatory, needs-based services to children and veterans of the armed services. [3] On June 4, 2009, Global Credit Union Foundation amended its articles of incorporation to provide support to any 501(c)(3) organization. [4]
Global Credit Union was founded in 1948 by 15 volunteers and originally chartered as the Alaskan Air Depot Federal Credit Union to provide financial services to military personnel and federal employees stationed in pre-statehood Alaska.
By 1974, the credit union's membership grew to include more than 20,000 workers of the services companies of the Trans-Alaska Pipeline System. During this same period, Global Credit Union received congressional authority to provide services to 10 of the Alaska Native Regional Corporations under the Alaska Native Claims Settlement Act.
The credit union entered the Pacific Northwest market in 1983 by merging with Whidbey Federal Credit Union in Oak Harbor. Global gained a statewide community charter in Washington following the merger of two other Seattle-based credit unions in 2010.
Global Credit Union expanded into California's San Bernardino County in 2009 by acquiring the High Desert Federal Credit Union of Apple Valley, California, and the Members Own Federal Credit Union of Victorville, California. This growth continued with the acquisition of Arrowhead Credit Union in 2010, and their branches in Barstow, Victorville, Big Bear, and Hesperia, California.
In 2014, Global Credit Union opened its first Arizona branch in Glendale. Shortly after in 2015, the credit union was granted authorization by the NCUA to qualify members in underserved areas in Maricopa County. [5] In 2020, they further expanded in Arizona with the acquisition of the seven branches of TCF Bank in the area.
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts, share draft accounts, credit cards, credit, share term certificates, and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African countries, credit unions are commonly referred to as SACCOs.
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
Navy Federal Credit Union is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member credit union in the United States, both in asset size and in membership. As of January 2024, Navy Federal has US $171 billion in assets and has 13.5 million members.
Wescom Credit Union is a credit union and financial services company serving California. It has $6 billion in assets and more than 200,000 members. It currently has 25 branches, both stand-alone offices and branches inside of grocery stores, as well as a CUSO called Wescom Resources Group headquartered in Pasadena, California that provides technology products and services to credit unions across the United States.
TEG Federal Credit Union is a federally chartered credit union in the New York counties of Dutchess, Orange, Westchester, Putnam, Rockland, Sullivan, and Ulster. As of 2020, the institution has $305 million in assets, 118 employees, and 36,000 members.
Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio, Texas, federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets, Security Service serves more than 800,000 members, and operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.
Desert Financial Credit Union is a credit union based in Phoenix, Arizona, that operates 47 branches and service centers throughout Coconino, Gila, Maricopa, Pinal, and Yavapai counties and now statewide in Arizona. Desert Financial remains federally insured by the NCUA and in addition will be regulated by the Arizona Department of Financial Institutions, which regulates state chartered credit unions in Arizona. Desert Financial is the largest credit union in Arizona, managing nearly $8.5 billion in assets as of October 2022.
iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.
Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion.
Treasury Department Federal Credit Union (TDFCU) is a credit union headquartered in Washington, D.C., chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government.
Wings Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With assets of $8.4 billion, the credit union serves eligible Minnesota and Wisconsin counties, the metro areas of Seattle/Tacoma, Detroit, Orlando, Atlanta and employees in the air transportation industry nationwide. Wings was chartered in 1938 and is regulated by the National Credit Union Administration (NCUA).
Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.6 billion in assets and serves over 80,000 members.
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United Services of America Federal Credit Union was a credit union headquartered in San Diego, California, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government.
Lafayette Federal Credit Union, is a credit union headquartered at the Norman Cohen Financial Service Center in Rockville, Maryland, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. Federal government. As of April 2024, Lafayette Federal had over US$2.01 billion in assets, and over 57,400 members.
First Entertainment Credit Union is a state-chartered, natural person (retail) credit union – a cooperative financial institution that is owned and controlled by its members and operated for the purpose of providing credit at competitive rates and other financial services to its members. Headquartered in Hollywood, California, First Entertainment Credit Union is regulated under the authority of both the California Department of Financial Protection and Innovation (DFPI) and the National Credit Union Administration (NCUA), an agency of the U.S. federal government.
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