Our Early Beginnings
Alaska Pacific Bank opened for business in 1935 as Alaska Federal Savings and Loan Association, with the sole purpose of providing home loans to the residents of Juneau, Alaska. Founder Tom Morgan, operated the association inside the offices of his primary business, the Columbia Lumber Company, until moving into the first official office of the institution, which was located at 117 Seward Street. After years of steady growth, the association moved into a new headquarters building on Franklin Street in Juneau in 1961. This location met the needs of the company for more than twenty years; then in 1983 constructed the current location of Alaska Pacific Bank's largest branch and administrative offices on Jordan Avenue.
Over the years, the company grew, adding offices around Southeast and South Central Alaska, continuing its focus on residential construction and home loans. However, an oil-driven recession of the mid-80s, which was a blow to the entire state’s economy, resulted in the association closing its offices in the South Central region.
The association continued to expand its operations throughout Southeast Alaska.. No longer limited to just savings accounts and home loans, the association started offering a competitive array of other accounts and services, including checking accounts and consumer and small business loans. The expansion of its product offering was accompanied by its name change to Alaska Federal Savings Bank in 1994.
On July 1, 1999, Alaska Federal Savings Bank converted from a mutually-owned association to a stock-based savings bank, providing its customers and members of the general public with the opportunity to purchase stock and invest in the future of the company. As part of this conversion, the bank changed its name to Alaska Pacific Bank, reflecting the bank's full range of consumer and commercial financial services. This transaction raised additional capital to support product development, provide additional lending capacity, and invest in technology and people.
Alaska Pacific Bank Today
Alaska Pacific Bank is a federally charted savings bank headquartered in Juneau, Alaska. It is the sole subsidiary of Alaska Pacific Bancshares, Inc. The company had $175.8 million in assets as of March 31, 2007.
Alaska Pacific offers a full range of banking services to individuals and businesses through its offices in Juneau, Ketchikan, and Sitka, Alaska. The bank offers a wide range of business loans and is a leading SBA lender; is active in many types of consumer lending, including home equity loans, boat and vehicle loans; and is involved in land development and construction loans. True to its roots, the bank still has a strong residential lending department committed to meeting the housing needs of the region.
“Your neighbors…Your bank”
Our officers and employees take pride in being part of an Alaskan bank. We believe that our customers benefit by doing business with us because we are a locally-owned financial institution that:
- Makes local loan decisions, which results in quicker, better informed decision-making.
- Gives customers the opportunity to get to know and work directly with the decision makers.
- Employs loan officers and managers who understand the bank’s local business communities and the challenges of living and doing business in Alaska.
- Demonstrates a strong commitment to the local community through its officers’ and employees’ involvement in community organizations, as well as its community contributions and sponsorships.
- Plays a key role in the local economy through its payroll and its reinvestment of local deposits through a variety of lending programs.
We encourage you to come by and visit us at any of our offices, or take a moment to give us a call. We are accessible, and we would appreciate the opportunity to get to know you better.