Alaska USA FCU Expands Washington Footprint With Deal For Another CU Failure
ANCHORAGE – Alaska USA FCU, which expanded its west coast market with deals for two California failures last year, announced this afternoon it has acquired Transportation Northwest CU, a failed Seattle credit union, which will help it expand it Washington membership.
The deal for the one-time $34 million Transportation Northwest, which lost more than $3 million the past two years and has net worth around 1%, will give the $4.1 billion Alaska USA two more Washington branches, one in Seattle and one in Shoreline.
Alaska USA has been growing its west coast footprint by leaps and bounds the past two years, first by acquiring the California failures High Desert FCU and The Members Own CU, then by buying five branches from troubled Arrowhead Central CU.
Alaska USA is among a handful of healthy credit union giants being solicited by regulators to take on troubled or failed credit unions. The Alaska credit union reported a $7.5 million net fore the first half of the year, even after a $4.7 million charge for the corporate credit union bailout, and had net worth of $343 million, or 8.3%.