ANCHORAGE, Alaska – Alaska USA FCU on Monday announced its Alaska USA Insurance Brokers CUSO has agreed to acquire Rainier Pacific Insurance Services, a one-time subsidiary of credit union-convert Rainier Pacific Bank that is now owned by Oregon’s Umpqua Bank.
Umpqua Bank acquired the insurance agency as part of a February purchase and assumption deal after the FDIC closed Tacoma-based Rainier Pacific Bank, which had been a credit union until a 2001 conversion to a mutual savings bank.
Rainier Pacific Insurance, chartered in 1994, provides insurance for individuals and small businesses including home, auto, boat, commercial and surety coverage. It has locations in Federal Way, Tacoma, and Gig Harbor, Wash., serving 6,500 clients in King, Pierce, and Kitsap counties.
Alaska USA, which has operated in Alaska and Washington for several years, has been expanding its footprint on the west coast, acquiring two California credit failures last year, High Desert FCU and The Members Own CU, and five branches from troubled Arrowhead Central FCU earlier this year.
