To our ALPS Members:
We have big news...We are so excited to announce plans to merge with Tongass Federal Credit Union!
ALPS has grown exponentially over the past few years and is quite possibly the strongest it has ever been, in membership, assets, and financial position. ALPS and TFCU have long been allies in the credit union industry, sharing best practices and supporting each other since the 1960’s. We have always worked side by side with TFCU because of our shared Southeast Alaska coastal and Indigenous communities.
Both credit unions have had growing pains that include staff shortages, increased operating expenses, and regulatory burden. Considering the current economic conditions, we feel it is the right time to combine our efforts and resources so that we can continue to improve the products and services that we provide our Members. Our Sitka and Petersburg branches will combine with TFCU’s nine locations across southeast Alaska in Ketchikan, Metlakatla, Thorne Bay, Klawock, Wrangell, Hydaburg, Kake, Hoonah, and Haines. The merged entities will operate under the Tongass Federal Credit Union brand.
Our team has demonstrated a tremendous dedication to serving ALPS FCU members, especially throughout the pandemic. We want to ensure that talent is retained so the personal level of service continues for our membership moving forward. Upon completion of the merger, all ALPS employees will be offered similar positions with Tongass Federal Credit Union. Two directors from the ALPS Board of Directors will join the other seven TFCU directors to serve on the newly combined Tongass Federal Credit Union Board of Directors.
The merger would combine ALPS FCU’s 3,986 members with TFCU’s 9,418 members and expand the workforce to approximately 72 employees. It will result in an organization with combined assets of over $225 million, making it the fourth largest credit union in the state. In addition, TFCU has a Low-Income Designation and is certified as a Community Development Financial Institution (CDFI), designations that ALPS cannot qualify for due to our geographic census. The merged entity will carry these designations, which will primarily benefit our businesses and low-income mortgage-seeking members.
So what happens next? Our proposed merger requires approval from the National Credit Union Administration (NCUA), our regulatory body, followed by approval from you, our Members. We anticipate a vote in early Fall, following NCUA approval. Watch your mail, email and our website for more information.
You, our Members, have entrusted us to improve your financial wellbeing and we are confident that by combining our strengths we’ll move our combined credit union into the future – with enhanced services and improved convenience and access.
We hope that you’ll approve this merger during the member vote so that we can strengthen our ability to deliver excellent services that enhance our Members' lives. Together we are Southeast Strong!
Sandi Riggs, President & CEO & the entire ALPS Team
Frequently Asked Questions
August 31, 2022
Merger Application submitted to NCUA for approval
NCUA Merger Approval
Special ALPS Membership meeting (45-90 days after receiving NCUA approval)
ALPS Membership vote (majority of votes cast determines merger outcome)
January 1, 2023
Legal Day One
ALPS Team officially employees of TFCU
System integration begins
July 1, 2023
Operational Day One
Full system integration