Inside Alaska Business
Global Credit Union
The former Alaska USA Federal Credit Union isn’t stopping its growth through acquisition since merging in 2022 with the Spokane-based credit union that gave the co-op its new name. Global Credit Union is extending its reach by purchasing another Washington credit union, Renton-based First Financial Northwest Bank. The $231 million transaction is anticipated to be completed in the fourth quarter of 2024, subject to regulatory approvals, approval by shareholders of First Financial Northwest Bank, and other customary closing conditions. First Financial Northwest Bank has fifteen branch locations in the Seattle-Tacoma area.
Tyonek Native Corporation
A subsidiary of Tyonek Native Corporation closed on the purchase of a 68,000-square-foot hangar in Huntsville, Alabama. Tyonek Services Group is using the facility for maintenance and modification of fixed-wing and rotor aircraft. The company has leased the hangar at Huntsville International Airport since 2018. Stephen Peskosky, CEO of the Upper Cook Inlet village corporation, says, “The completion of this acquisition is a key milestone achievement supporting our longer-term objectives and positions us well for continued growth in the aircraft maintenance services segment.”
Doyon, Limited
A decade after forming a joint venture to provide oil field engineering services, Doyon Anvil is splitting up. Doyon, Limited exited the venture with Washington-based Anvil Corporation, selling its ownership stake. The Alaska Native corporation for the Interior region had partnered informally with Anvil prior to the joint venture through its Doyon Emerald subsidiary. During the ten-year joint venture, Doyon Anvil helped begin construction at the Pikka project on the North Slope.
McKinley Capital Management
One unit of the McKinley Management family of companies changed hands to a new majority owner, putting McKinley Capital Management under Alaska Native leadership. Denali Advisors, a San Diego-based institutional investment management firm, is led by Bob Snigaroff, a shareholder of The Aleut Corporation. He says of the acquisition, “Denali is a minority-owned Indigenous asset manager, which provides access to business channels not currently available to McKinley Capital.” McKinley Management retains a minority stake in McKinley Capital Management, and its other business units are not affected by the transaction.
CBRE Valuation & Advisory Services
A Texas-based real estate services and investment firm is expanding its presence in Alaska by acquiring the team from an Anchorage appraisal company. North Pacific Advisors is dissolved as its founder, Greg Wing, becomes a senior vice president for CBRE Valuation & Advisory Services. Wing has owned North Pacific Advisors since 2007; he previously founded the commercial appraisal firm Howard & Wing in 1997. Mike Gibson, who worked with Howard & Wing for four years as an appraiser and general contractor, is also joining CBRE, as is Shane Smith, both as senior appraisers. CBRE Valuation & Advisory Services is part of CBRE Group, which has served as a broker for commercial properties in Alaska.
Alaska Energy Metals
Results of exploration last summer at the Nikolai prospect near Paxson were positive, according to Alaska Energy Metals CEO Greg Beischer. The company spent about $5 million on exploration in 2023, and Beischer told Delta Junction residents in January that he expects to spend at least $15 million this year. His preferred objective is to define the nickel deposit, increasing the value of the project so it can be sold to a larger developer. The only domestic nickel producer, Eagle Mine in Michigan, is expected to shut down in 2027, while the metal is in greater demand as a component for lithium-ion batteries.
Black Gold Transport
Ore from the Manh Choh mine near Tok is being processed at Fort Knox mine north of Fairbanks. In December, a few Black Gold Transport trucks per day began hauling material stored since operations began last summer. A route through Fairbanks was adjusted by court order, avoiding Mitchell Expressway, Peger Road, and Johansen Expressway and instead exiting the Richardson Highway at Steese Highway. The larger loop was meant to avoid a Chena River bridge that can’t hold 80-ton loads, but the 95-foot trailers are too long for Peger Road without a permit.
Alaska Airlines
More flight paths to the East Coast open this summer. While United Airlines adds the only nonstop route from Anchorage to Dulles International Airport in Washington D.C. on a seasonal basis, Alaska Airlines is connecting Anchorage to JFK Airport in New York City thanks to longer range aircraft. The Seattle-based carrier welcomed its first Boeing 737-8 in December and announced seasonal nonstop service for its longest regular route starting June 13. Alaska Airlines also ordered 737-10s, scheduled for delivery in 2025.