Kachemak Bay , AK (March 3, 2026) |
Credit Union 1 (CU1), the only state-chartered credit union serving Alaska, has announced plans to open a new full-service branch in Homer in summer 2026 — marking its fourth new brick-and-mortar location in approximately 18 months — as part of a broader strategy to expand access to locally governed financial services in underserved and geographically diverse markets.
At a time when many financial institutions are reducing their physical footprints, CU1 is investing in in-person service in communities where local access, relationship-based banking and decision-making continue to matter.
The Homer branch, located along Kachemak Bay on Alaska’s southern Kenai Peninsula, will be staffed by local employees and offer CU1’s full suite of services, including consumer banking, mortgage lending and small business solutions. The community of roughly 6,000 serves as a regional hub for surrounding areas, with an economy shaped by commercial fishing, tourism and a strong base of small businesses.
Despite steady growth in the region, access to locally governed, relationship-based financial services has not kept pace, and this is a gap CU1 aims to address through a hybrid model that pairs physical presence with modern digital tools.
“CU1’s decision to open a branch in Homer reflects both the community’s vision for thoughtful growth and the opportunity for credit unions to play a meaningful role in local economic resilience,” said Mark Burgess, President and CEO of Credit Union 1. “We believe there is continued value in physical presence, especially in markets where trust, accessibility and local decision-making matter.”
The expansion builds on CU1’s more than 50-year presence on the Kenai Peninsula and reflects a deliberate approach to growth across Alaska. While some recent CU1 expansions have brought the first credit union presence to a community, others — like Homer — are focused on increasing local choice and deepening service in growing markets.
In 2025, the credit union opened new branches in Kotzebue, which is above the Arctic Circle, as well as Skagway and Wasilla, while also expanding its business lending capabilities to support small businesses statewide.
Alaska presents a unique operating environment for credit unions, with vast geography, limited infrastructure in some regions and communities that often rely on a small number of financial institutions. CU1’s model emphasizes local staffing, community partnerships and reinvestment within the state, in alignment with cooperative principles that address real access and service gaps.
“Our goal is to show up in a way that reflects Homer’s values and strengthens the local economy over time,” said Erika Smith, Chief Operating Officer at Credit Union 1 and a long-time Kenai Peninsula resident. “Because we serve only Alaska, our decisions are made locally and our focus remains on building long-term relationships with the people and businesses who call this region home.”