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News Now

CU System
Denali Alaskan FCU sues builder
ANCHORAGE, Alaska (4/21/08)--Denali Alaskan FCU is suing a builder for $12 million in outstanding loan balances the builder owes the credit union. The delinquent loans constitute only about 4% of Denali’s loans. With penalties and late fees, the total amount that Lee Baker Jr. and his Discovery Construction business associates owe the $359 million asset, Anchorage-based credit union totals about $16 million for loans related to area building projects. Denali’s suit, filed in March, asks a judge to foreclose a number of Discovery Construction’s undeveloped or unfinished condo units. The credit union sustained $4.3 million in losses last year, Keith Fernandez, Denali’s assistant vice president of marketing, told News Now . “We are a well-collateralized credit union,” Fernandez said. “This doesn’t at all affect member accounts. We made a profit in the first quarter of 2008 and expect to earn profits for the rest of 2008. We’re continuing to grow and are opening three new branches this year. “In the 10 years that I’ve been here, this is the first time we’ve experienced a loss. We’re continuing to move ahead. We believe in our members and in Alaska,” he concluded.


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