Mt. McKinley Bank was formed as a Mutual Savings Bank on December 3rd, 1965. The goal of our bank was to encourage financial growth through savings and thrift. In addition, we wanted to provide a local alternative for those residents seeking home mortgages. Startup capital for the bank consisted of $357,000 in debentures that were issued rather than common stock. Those debentures were repaid to the investors and to this day we are a “mutual” institution.
In our early years, banking operations were considerably smaller than they are today. The original office was just a small part of the main building that was located at 530 Fourth Avenue in downtown Fairbanks. Our "vault" was a tiny Victor Screwdoor cannonball safe. Manufactured in 1895, the safe was only the 4th or 5th cast out of magnesium steel. The safe weighs 3600 pounds (or 2 tons) and was considered one of the most impregnable safes of its time. Used in our daily operations from 1965 until March of 1972, the safe is now on display at our main office.
Mt. McKinley Bank’s first President and CEO was former US District Court Judge Vernon D. Forbes. Mr. Forbes remained with Mt. McKinley Bank until his retirement in 1975. In addition to Judge Forbes, Mt. McKinley Bank has had four other Presidents and CEOs, Kenneth G. Thompson who served from 1975 until 1989, William K. Simon who served from 1989 until 1995 and Craig J. Ingham who served from 1995 until 2015. Our current President and CEO, Patty C. Mongold, has been a bank employee for approximately 40 years and was promoted to her position in 2015.
Growth and a desire to better serve our customers requires space. In 1991, Mt. McKinley Bank added a branch location at the corner of University Avenue and Airport Way providing convenience and allowing us to offer additional services that were not offered at our Downtown location at that time. To further provide quality banking services to the greater Fairbanks area, a second branch location was built in 2002. Located on St. Nicholas Drive in the heart of North Pole, this branch provides full-banking services including lending, safe deposit boxes, drive-up lanes as well as an ATM. Mt. McKinley Bank continued its expansion in the interior with a third branch located in Delta Junction which opened in December 2004 and a fourth branch location which opened in northeast Fairbanks in the spring of 2006. In June 2008 the Main Office was relocated to 500 Fourth Avenue, adjacent to its original location at 530 Fourth Avenue. The new main office is a state of the art facility and provides every service available. Every Mt. McKinley Bank location provides outstanding products and services.
Over the years Mt. McKinley Bank has grown to provide a wide array of financial services beyond home loans and savings accounts. In August of 2000 we entered into full service banking and once again Mt. McKinley Bank found it necessary to provide an alternative banking option to the community: Commercial Banking. We felt it was paramount that local businesses be able to find other commercial banking solutions here in Fairbanks, and that they find them with Mt. McKinley Bank. Our services now include individual and business checking accounts, personal and business savings accounts and certificates of deposit, all types of commercial and consumer loans, safe deposit boxes, contract collection services, IRAs, Internet Banking and Bill Pay, nine ATM machine locations with much more on the way.
Mt. McKinley Bank currently employs approximately 80 dedicated Alaskans and is heavily involved in various community projects and events. We support many non-profit agencies both financially and through the volunteering of time by our officers, staff and trustees.
Our assets as of December 31, 2008 were approximately $284 million with $50.2 million in capital. Since the bank’s first year of operation, we have been able to show strong positive earnings every single year, through both good times and bad. Below is a summary of our growth in assets:
Mt. McKinley Bank is the oldest and largest local financial institution in Fairbanks. For over 40 years we have provided millions of dollars in residential mortgage financing offering in-house loans and local servicing in our effort to provide the best possible customer service. Today, our goals as a mutual bank are the same as they were in 1965: to pay our customers the highest possible return on their deposit investments and to provide lending and banking services at the lowest possible cost.