Mt. McKinley Bank, the oldest bank in Fairbanks, is commemorating its 60th anniversary of dedicated service to the Interior. Established in 1965, the bank emerged from a community-driven initiative aimed at addressing the limited mortgage lending options available at the time. President and CEO Patty Mongold highlighted the bank’s foundational ethos, stating, “It started as a community effort and we’ve just maintained that structure and drive.”
In the early years, residents faced significant challenges when trying to buy homes, as the few available savings and loan institutions imposed prepayment penalties. Responding to this need, a group of Fairbanks locals came together to form a mutual savings bank, allowing for community-focused investments, a critical departure from the conventional commercial banking model. The bank opened its doors at 530 Fourth Avenue in downtown Fairbanks and has since grown alongside the city.
As Fairbanks expanded, so did Mt. McKinley Bank. In 2000, the bank transitioned to full-service banking, offering commercial banking solutions to local businesses. This strategic move led to further expansion, resulting in over 90 employees and five physical locations throughout the Interior.
Mongold, who has been with Mt. McKinley for nearly 50 years, has witnessed the evolution of the banking industry. Reflecting on the transformation, she noted, “When I started out, I had never heard of an ATM, and now more than ever, people gravitate toward online banking.” Despite the shift towards digital services, she emphasized, “People still like their cash,” highlighting the bank’s enduring relevance in a rapidly changing landscape.
The bank’s commitment to personal service remains a cornerstone of its operations. Kaye KingKade, Chief Operating Officer, remarked on the vibrant atmosphere within the bank, stating, “The lobbies of Mt. McKinley are rarely empty, and there’s always a smiling teller waiting to greet people.” Many customers return weekly, drawn by the individualized attention they receive.
Employee engagement in the community plays a vital role in the bank’s mission. Each year, Mt. McKinley Bank allocates $300 to a non-profit organization chosen by each employee, fostering a culture of philanthropy and community involvement. According to Alli LeBon, downtown branch manager, “We believe it to be one step in getting us to become more engaged in the community and understand how important that impact is.”
The fabric of Mt. McKinley Bank is woven from a commitment to community engagement, adaptation to industry changes, and a dedication to customer service. As LeBon encapsulated, “You need a bank to make your dreams come true.” As they celebrate this significant milestone, Mt. McKinley Bank stands as a testament to the power of community-driven initiatives and the importance of personal service in the banking industry.
