Mt. McKinley Bank, the oldest banking institution in Fairbanks, is celebrating its 60th anniversary this year. Founded in 1965, the bank emerged from a community effort to provide local residents with better banking options, particularly in mortgage lending. President and CEO Patty Mongold emphasized that the bank has maintained its original mission to serve the community’s needs.
Prior to its establishment, residents faced limited options for home financing, particularly with existing savings and loan institutions imposing prepayment penalties. A group of Fairbanks residents recognized this gap and came together to create a mutual savings bank, which operates differently from traditional commercial banks. This unique structure allows Mt. McKinley Bank to make significant investments in the local community.
Growth and Adaptation Over Six Decades
Since its inception at 530 Fourth Avenue, Mt. McKinley Bank has expanded alongside Fairbanks, adapting to the evolving landscape of the banking industry. “As the bank has changed, the community has changed with it,” Mongold stated. The bank transitioned to full-service banking in 2000, allowing it to provide commercial banking options to local businesses. Today, it boasts over 90 employees and five physical branches throughout the Interior.
Mongold, who has dedicated nearly 50 years to the institution, has witnessed remarkable changes in the banking sector. She recalled a time when ATMs were not in existence, highlighting the rapid shift towards 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 noted. Despite this shift, she added, “But people still like their cash,” indicating that traditional banking practices remain relevant.
Community Engagement and Personal Service
The welcoming atmosphere at Mt. McKinley Bank is evident, with customers frequently greeted by friendly tellers. According to Chief Operating Officer Kaye KingKade, the personalized service is a key factor in retaining loyal customers, many of whom visit the bank weekly.
The bank encourages its employees to engage actively with the community. Each year, Mt. McKinley Bank donates $300 to a non-profit organization of each employee’s choosing. Branch Manager Alli LeBon explained, “We believe it to be one step in getting us to become more engaged in the community and understand how important that impact is.”
This commitment to community involvement, along with a focus on evolving to meet the needs of customers and maintaining a strong in-person banking experience, defines the essence of Mt. McKinley Bank. “You need a bank to make your dreams come true,” LeBon concluded, encapsulating the institution’s enduring mission to support the residents of Fairbanks and the surrounding areas.
