About ALPS

ALPS Federal Credit Union is a not-for-profit financial cooperative committed to giving you greater value than commercial banks. We believe access to low-cost financial services is critical to the health and stability of our local economy and community.
*On February 1, 2023 ALPS and Tongass Federal Credit Union merged into one credit union under the Tongass Federal Credit Union name.*

About ALPS

ALPS Federal Credit Union is a not-for-profit financial cooperative committed to giving you greater value than commercial banks. We believe access to low-cost financial services is critical to the health and stability of our local economy and community.

Our Mission

ALPS Federal Credit Union is a member-owned non-profit committed to building a stronger financial future for our membership and Southeast Alaska communities.

Our Vision

ALPS FCU exists to help enhance the financial future of its members and the communities we serve, and does so in a friendly, educational, safe, efficient, caring and personalized manner that meets the member’s unique needs.

Our Values

It is our purpose to help our members achieve financial goals by providing them with products and services at each stage of their financial needs. By embracing this viewpoint, we promote growth of the credit union, its membership, and the communities we serve.

Our History

In 1956, the Sitka pulp mill was purchased by the Alaska Pulp Corporation. Pulp mill workers from around the U.S. and Canada flocked to Sitka with their families because they were promised journeyman status within six months. At that time the industry was very competitive, so workers were not able to gain journeyman status in their Lower 48 jobs unless a predecessor was retiring. During the peak of the pulp mill’s operation, 450 residents were employed.

The Alaska Pulp Corporation was owned by the Japanese, which made it the first Japanese investment in America since World War II. As such, the owners wanted to make a good impression by hiring very skilled workers. Many workers came from established pulp mills in Shelton, WA, Lewiston, ID, and Canada.

Conditions were rough because there was not a lot of available housing and infrastructure in Sitka. Those who toughed it out needed financing for new homes, vehicles, and other necessities. At their previous jobs in the lower 48 and Canada, many of the workers had credit unions in their workplace, making it very convenient to save money from their paychecks and apply for low interest loans. Together, they resolved to build their own credit union.

On July 5, 1960 the worker’s efforts paid off. They were approved for a credit union charter aptly named the Alaska Lumber & Pulp (A.L.P.) Federal Credit Union. The credit union started out in an office at the pulp mill on a part-time basis. By the end of 1960 there were 244 members. Total assets had grown to $38,599, 80% of which were loans given to workers. After one year in operation, the credit union grew in loans to $120,525 with 300 members and one full-time employee. The credit union eventually became large enough to move into its own building closer to town, which most of the workers appreciated because it was on their way home.

In 1985, A.L.P. Federal Credit Union became a community-chartered credit union, allowing membership to local residents as well as employees of the pulp mill.

The credit union’s acronym evolved into what it is known as today: “ALPS”. The pulp mill closed its doors in 1993 and many workers moved away to find jobs, but the credit union was well established by then and remained in business. In 2013, ALPS FCU again expanded its original charter to serve all of Southeast Alaska.

Today we have a main branch in Sitka and a second branch in Petersburg with a staff of 16 and assets of over $84 million.

Governance

In the spirit of people helping people, the credit union is overseen by volunteers. A Board of Directors is responsible for the general direction and control of your credit union. The board appoints a Supervisory Committee, whose responsibility is to ensure member assets are safeguarded. Volunteer terms are three years.