Credit Union 1
“At Credit Union 1, our mission is to help more people achieve their economic potential, which benefits our member owners and the communities we serve. This objective allows us to live our vision of being a financial institution that drives family and community success. We welcome you to become a part of the Credit Union motto, “People helping People” and participate in a better way of saving and borrowing money.
As a cooperative, when our membership increases, the rise permits us to grow and expand our product offerings, better serving our members and the communities in which we all live. Membership growth helps attract the deposits we need to lend out to other members in our communities in the form of Mortgages, Auto Loans and similar products. The increase of lending services to more members in our communities also generates more loan interest income, which is our greatest source of revenue. This additional loan interest income is then reinvested back into your credit union in the form of improved technology and services. The improvements make it possible to provide products and services more efficiently and at a lesser cost. By delivering services and products in a less costly manner, your credit union can provide its member owners with an enhanced member experience and keep our deposit rates higher and our loan rates lower. Both of which benefit our entire membership base. A true win/win scenario for all our member owners.”
- website: https://www.creditunion1.org/
Cannabis Banking Services
“Credit Union 1 has a comprehensive line of banking products tailored for cannabis businesses and designed to help your business grow. Manage your business finances online, quickly and securely, nationwide.”
States Served:
- Nationwide.
Official cannabis banking page: https://www.creditunion1.org/420/
Media coverage:
- Bloomberg: Cannabis Banking Is Booming Despite Federal Uncertainty
- Todd Gunderson, CEO of Credit Union 1, said his institution — which like Dart, uses Shield’s software — started out in 2019 with one cannabis client in Nevada. It now works with around 150. “Our comfort level is very high with cannabis banking. I think we’re taking on more and more clients every day,” he said. He estimates his client base in cannabis has more than doubled in the last six months.
- Inc: Alaska Credit Union Will Be the First Financial Institution to Serve $55 Billion Cannabis Industry
- It had to happen eventually and now it has. After years of being shunned by banks everywhere in the U.S. and operating on a cash-only basis, a few cannabis dispensaries will now be able to open actual bank accounts. That’s thanks to a pilot program just announced by Credit Union 1, a credit union headquartered in Anchorage and serving all of Alaska. The financial institution says the move is not intended to indicate any political or moral position on marijuana use.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).