First National Bank Alaska
| Company type | Public |
|---|---|
| Industry | Banking, financial services |
| Founded | 1922 |
| Founder | Winfield Ervin Sr. |
| Headquarters | Anchorage , United States |
Area served | Alaska |
Key people | Betsy Lawer (Chair and CEO) |
| Products | Banking services |
First National Bank Alaska is a U.S.-based financial institution established in 1922 by confectioner Winfield Ervin Sr., originally named The First National Bank of Anchorage. Its initial branch still operates in downtown Anchorage. The bank quickly secured a solid foothold locally, benefiting from the growth spurred by the Alaska Railroad.
In 1941, ownership transferred to Warren N. Cuddy, who assumed the presidency and obtained FDIC insurance for the bank. This development facilitated expansion during World War II by attracting federal and military clients. Leadership remained within the Cuddy family, with Warren’s son, D.H. Cuddy, presiding for 63 years until 2015. Presently, Betsy Lawer, daughter of D.H. Cuddy, holds the roles of Chair and CEO, continuing more than three-quarters of a century of family governance.
The institution introduced Alaska’s inaugural drive-through banking service in 1960 and adopted the name First National Bank Alaska in 2001 following the merger of National Bank of Alaska with Wells Fargo. It has consistently earned high national rankings, maintaining a "five-star" rating from Bauer Financial for 73 straight quarters—the longest record among Alaskan banks—and has been recognized as an "Exceptional Performance Bank."
Operating 28 branches in 18 Alaskan communities, the bank reported assets totaling $3.81 billion and net income of $55.6 million in 2019, demonstrating robust fiscal health. Its shares are traded on OTC Markets under the symbol FBAK, with a track record of issuing quarterly dividends since 2003 and a dividend yield of 5.48% as of October 2021. The bank leverages a strong capital foundation and strategic management to compete effectively against national banking chains.
First National has received honors such as "Best Place to Work in Alaska" from Alaska Business Magazine and "Most Admired Company in Alaska" from MSN, highlighting its leadership role and dedication to fostering growth within Alaska’s financial sector.
Key dates
- 1922: Confectioner Winfield Ervin establishes First National in Anchorage with an initial capital of 500 shares and a vault containing gold nuggets.
- 1923: The opening of the Alaska Railroad prompts contractors and workers to entrust their funds to the bank.
- 1943: The bank handles payroll services for military personnel stationed in Alaska.
- 1959: After Alaska attains statehood, First National inaugurates its Northern Lights Branch—the first branch located inside a major shopping mall—and soon thereafter launches Alaska’s first drive-through banking facility along with computerized systems.
- 1964: In response to the Good Friday earthquake, the bank commits significant resources to state recovery efforts; President D.H. Cuddy spearheads construction of a new facility to demonstrate confidence.
- 1967: The bank plays a leading role in recovery operations following the Fairbanks flood.
- 1989–1999: Amid statewide economic downturns and branch closures, First National remains among the top ten performing banks nationally while expanding its Anchorage headquarters, service centers, and upgrading its Data Center.
- 2000–2010: Prioritizing technological advancement, the bank introduces online banking services and broadens its branch network with new locations in Glennallen, Healy, Fairbanks (Johansen Branch), and constructs a new Dimond Branch facility.
- 2010–present: Expansion continues with additional branches including Anchorage’s U-Med District, Juneau Regional Branch, and relocating Elmendorf Branch to become North Star Branch at Joint Base Elmendorf-Richardson.