KOTZEBUE, Alaska–Credit Union 1 said it plans to open a location here later this year that it believes will be the first credit union branch located inside the Arctic Circle.
Located on the edge of the Chukchi Sea in far Northwest Alaska, Kotzebue is an isolated but thriving seaside community, CU1 said.
The Kotzebue Branch is scheduled to be part of a new Alaska Commercial Co. (AC) store that is being built in the heart of town. The $1.45-billion, Anchorage-based CU1 noted AC stores are iconic, valued suppliers of essential goods in many remote Alaska communities.
Indigenous Community
“More than 75% of Kotzebue residents are Indigenous people of Inupiat descent, and Alaska Native culture permeates the community,” the credit union stated. “With a population of roughly 3,000 residents, Kotzebue is one of the larger ‘hub’ communities in rural Alaska that provides services to smaller, even more remote villages across the vast state.”
Despite its regional stature, the credit union noted Kotzebue, like many rural Alaskan communities, has limited financial service options and access. Currently, only one institution has a physical location there.
CU1 said it is “committed to changing that limitation across the state through branch, technology, and service expansions built with Alaskan members in mind.”
‘We Can’t Wait’
“We couldn’t be more thrilled to be able to offer our services in a new community like Kotzebue. As a hub for much of Northwest Alaska, the branch will enable Alaskans in nearby villages to access financial services that may not have been available to them before,” CU1 President/CEO Mark Burgess said in a statement. “We can’t wait to meet many new people and make new friends, but most importantly, earn the trust of the people of Kotzebue and become a positive member of the community.”
CU1 noted the location will be the second CU1 branch to open in 2024, as it has also broken ground on a branch in Wasilla, Alaska. Those facilities will bring CU1’s total branch network to 14.
A ’Big Year’
“This is a big year for CU1, but not only from a location expansion standpoint,” VP-Marketing and Communications Kerry Youngren said in a statement. “We’ve added new member benefits like free access to Greenlight, giving members new means to manage family finances and an easy and engaging way to give their kids a stronger financial foundation. We are also launching a small-dollar loan program via QCash that will offer members a safety net, helping them to avoid the pitfalls of high-cost, short-term borrowing.”