Mt. McKinley Bank, the oldest bank in Fairbanks, is commemorating its 60th anniversary of serving the Interior region. Founded in 1965, the bank emerged from a community initiative aimed at providing better financial options for residents, particularly those seeking home loans at a time when few alternatives existed.
“We started as a community effort, and we’ve maintained that structure and drive,” said Patty Mongold, President and CEO of Mt. McKinley Bank. The founders of the bank recognized the limitations of existing financial institutions, which often imposed prepayment penalties on mortgages, and sought to create a mutual savings bank that would prioritize community needs over profit.
Growth and Adaptation Over Six Decades
Initially located at 530 Fourth Avenue in downtown Fairbanks, Mt. McKinley Bank has expanded alongside the city. Over the years, it has adapted its services to meet the evolving demands of both customers and the banking industry. “As the bank has changed, the community has changed with it,” Mongold noted, acknowledging the growth of competition in the financial sector.
In 2000, the bank transitioned to full-service banking, providing commercial banking options to local businesses. Today, it operates five physical locations and employs over 90 staff members, solidifying its role as a vital financial resource in the area.
Mongold, who has been with the bank for nearly 50 years, has witnessed significant transformations in banking practices. She recalls a time before automated teller machines (ATMs) became commonplace and recognizes the increasing trend toward online banking. “People have talked about a cashless society ever since I’ve worked in banking. I’d say we’re probably closer than we’ve ever been,” she said. “But people still like their cash.”
Community Engagement and Personal Service
Despite the shift toward digital banking, the lobbies of Mt. McKinley Bank remain active, with staff dedicated to providing a personal touch. Kaye KingKade, Chief Operating Officer, emphasized that the one-on-one service is a significant reason why customers return regularly, with some visiting the bank weekly.
The bank actively encourages employee involvement in the community. Each year, Mt. McKinley Bank donates $300 to a non-profit organization chosen by each employee. “We believe it to be one step in getting us to become more engaged in the community and understand how important that impact is,” said Alli LeBon, downtown branch manager.
Through these initiatives, Mt. McKinley Bank aims to foster community relationships and support local causes, reinforcing its commitment to the people it serves. “You need a bank to make your dreams come true,” LeBon concluded, highlighting the institution’s role in facilitating local aspirations.
As Mt. McKinley Bank celebrates its 60 years of service, it stands as a testament to the power of community-driven financial institutions in adapting to change while maintaining a focus on personal relationships and local engagement.