Most say it's more a factor of following through on business plans that directed steady expansion rather than a reaction to openings in the financial sector following the market woes.

"We're just bullish on Alaska," Denali Alaskan Federal Credit Union spokesman Keith Fernandez said. "I think in great part the news of the recession and bad times are really more focused on the Lower 48 than Alaska. I don't see our economy as being as bad. You know, we're looking pretty good."

Denali Alaskan Federal Credit Union added six new branches, most within large-scale retail chains, in the last three years. Alaska USA rescued a troubled California credit union, while Credit Union 1 is reaching into long-unattended neighborhoods, like Anchorage's Mountain View, with a new branch slated to open in spring 2010.

Credit Union 1 President and CEO Leslie Ellis said Alaska's credit unions seem to be benefiting from the backlash against national banks spurred by the economic meltdown. Her institution increased membership 15 percent in the last year.

"People are looking for safety," she said. "They want to work with people they know and trust. Credit unions are owned by their members, and we're local. There's a trusted relationship."

She acknowledged that industry-wide, credit unions in "sand states" like California, Arizona and Nevada - those hardest hit by the mortgage crisis - are struggling.

"Credit unions aren't immune to tough economic times," she said. "Up here, it's a different story. Credit unions continue to thrive up here. Most Alaskans are members of credit unions."

According to the National Credit Union Administration, a federal independent regulator, Alaska credit unions are growing membership numbers at a faster rate than Lower 48 credit unions.

The state's Division of Banking and Securities shows that Alaska's credit unions both state and federally chartered held total assets of $5.5 billion as of December 2008, an increase of 9 percent over December 2007. State-chartered credit unions in Alaska held assets of $624.6 million at the end of 2008, a 15.5 percent increase over the previous year.

In Alaska, Fernandez said financial institutions have an opportunity to build their brands and collect new market share, where Lower 48 customers are generally more set on keeping all their assets in a single institution.

"But in Alaska, people have got savings and checking here, a car loan there, a mortgage another place," Fernandez said. "They're not afraid to get out and look for other opportunities. For us, we're trying to get out there and say, hey, give us an opportunity, too."

At least one Alaska credit union, Alaska USA, is broadening its reach into the Lower 48. Alaska USA acquired High Desert Federal Credit Union in Apple Valley, Calif., last summer, and in September acquired The Members Own Federal Credit Union in Victorville, Calif. Alaska USA also has branches in Washington state.

According to the credit union, the acquisition "complements Alaska USA's geographic diversification strategy and provides for further operational efficiencies."

While Alaska USA follows up on opportunities in markets in several states, others are scanning their home turf. At Denali, Fernandez described a planned growth program that looks outward to new terrain, and attributed steady expansion through the past several years to an "excellent working relationship" with several large-scale retailers - notable Safeway and Walmart - which are housing Denali branches insides their stores. The partnership has allowed Denali to expand its client base while keeping costs down.

"We are at a destination," Fernandez said. "People have to go shopping to get food for the family. If there are ways of cutting back on the amount of stops you have to make, that's an incredible help in the busy world we live in."

Denali Alaskan seized an opportunity in recent years to build a presence in Eagle River and to boost its one-branch Fairbanks operation into four. Fernandez said the credit union plans to open a Kenai Peninsula branch next year in conjunction with Walmart opening, and is developing plans to move into East Anchorage. Now, the credit union has 17 Alaska branches, nine of which are in stores, two in malls.

Despite strong physical growth, Fernandez said Denali is nearly ready to pause and evaluate where it's headed and what its offering.

"I don't see us adding another five to six branches in the next three years like we just did, but certainly we're going to keep our eyes out," he said. "We believe in Alaska; we believe in the economy. There are still great opportunities we have to showcase who we are and what we can offer."

The National Credit Union Administration tracks assets and members of federally backed credit unions.

Alaska's three biggest credit unions include Alaska USA, with assets of $3.9 billion and 357,369 members as of June 2009; Credit Union 1, with $661.8 million in assets and 56,239 members as of March 2009; and Denali Alaskan, with $488.9 million in assets and 58,790 members as of March 2009.

True North, based in Juneau, holds assets of $100.2 million and had 10,875 members as of March 2009. Tongass Credit Union of Ketchikan held $42.5 million in assets and 5,483 members as of September 2009, and Spirit of Alaska in Fairbanks held $103.4 million in assets and 10,515 members as of April 2009.