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First National Bank Alaska

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First National Bank Alaska (OTCQB: FBAK) is an American bank founded in 1922 by Winfield Ervin, Sr., as First National Bank of Anchorage. The first branch stood and still stands on the corner of Fourth and G in Anchorage, Alaska.

First National Bank Alaska's original location in downtown Anchorage, Alaska, in 2016.

History

The bank was founded in 1922 by candy maker Winfield Ervin at the corner of Fourth and G in Anchorage.[1] The bank still operates a branch at this location to this day. In 1941, the bank was purchased by Warren N. Cuddy, who took over as president. Cuddy died in 1951, and his son, D.H. Cuddy, succeeded as president, a position he retained for 63 years until his passing in 2015 at the age of 94.[2] Cuddy's daughter, Betsy Lawer, succeeded as Chair and President, making the bank continually operated by the Cuddy family for more than 75 years. In 1960, First National opened Alaska's first drive-through bank. In September 2001, the bank's name was changed to First National Bank Alaska. The similarly named National Bank of Alaska had been absorbed into Wells Fargo in 2000.

The bank has consistently ranked among the nation's top performing banks, in 1989 being listed among the nation's top 10 performing banks by Veribanc, meeting the "highest standards in the industry." In May 2007, Bauer Financial Reports gave First National a "five-star" rating, the highest such rating they offer. It is the 73 consecutive quarter First National has earned the five-star rating, the longest such streak of any Alaska bank. Because First National has maintained this rating in each quarter for at least 10 years, it also earned Bauer's distinction of an "Exceptional Performance Bank"

First National reported more than $3.569 billion in assets in its 2015 annual report. In April 2006, the bank opened its 29th branch in Glennallen. The bank currently operates 31 branches in 20 Alaskan cities.[3]

First National Bank Alaska stock currently trades as FBAK on the OTC Markets stock exchange. The company has consistently paid quarterly dividends since November 2003.[4] FBAK increased its quartly dividend to $20 in May 2016, citing a strong capital account and a unique position to operate competitively versus national chains. As of August 11, 2016, the stock trades at a P/E ratio of 15.61 with a dividend yield of 5.00%.

References

  1. ^ https://www.fnbalaska.com/about-fnba/company-history
  2. ^ https://www.fnbalaska.com/about-fnba/press-releases/alaska-loses-pioneer-and-banking-leader
  3. ^ https://www.branchspot.com/first-national-bank-alaska/
  4. ^ https://dividata.com/stock/FBAK/dividend


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