As of 2002, Alaska had 8 insured banks, with total assets amounting to $7.1 billion. There was also one state-chartered mutual savings bank (Mt. McKinley).
Alaska's state-chartered banks are under the regulatory authority of the Department of Community and Economic Development's Division of Banking, Securities, and Corporations; including Denali State Bank and Northrim Bank. As of 2003, approximately 18.72% of all bank assets in Alaska were held in state-chartered institutions. In addition to the state-chartered banks in 2003, there were four nationally chartered commercial banks, one federal chartered savings bank, and 13 federal credit unions. The nationally chartered banks are under the regulatory authority of the Office of the Comptroller of the Currency. National banks are regulated by the Office of Thrift Supervision; including Key Bank, First National Bank, and Wells Fargo Bank.
Lower interest rates in 2001/02 increased net interest margins (NIMs) (the difference between the lower rates offered to savers and the higher rates charged on loans) favorably when compared to national medians. Overall earnings performance for insured banks in Alaska increased. As of September 2002, about one-third of the assets held by insured banks headquartered in Alaska were in securities.