Alaska Commercial Fishing and Agriculture Bank
Financing Alaskan Owned Businesses Since 1980
About CFAB
The Alaska Commercial Fishing and Agriculture Bank- CFAB- is a private member owned Cooperative created to meet the financing needs of the resident owned, commercial fishing, agriculture, tourism, and resource industries of Alaska. With some minor exceptions you must be an Alaska resident to borrow from CFAB.
Created by legislation that was introduced in the late 1970’s, CFAB opened its doors in April of 1980. Originally funded with $32 million in seed money from the state of Alaska. After making the final payment to the state in 1998 CFAB is now 100% owned by its members!
While we have “bank” in our name, CFAB does not take deposits or have checking accounts. Its primary purpose is to provide financing to those industries mentioned above. Through the authority granted it in its governing statute, CFAB is the only private lender that can place a lien on an Alaska Limited Entry Permit.
We experienced some growing pains early on in our history, we learned from them, regrouped and refined our practices. Today CFAB is a financially sound financing alternative for its current and future members, thanks to the dedication and commitment of its board, management, staff and membership.
Our unique structure allows us the flexibility to treat our member/borrowers as individuals and to structure our loans to meet the specific needs of our borrowers. CFAB, a unique success story born out of Alaska’s oil wealth put into motion through the foresight of industry leaders and the Legislature in the 1980’s.
Staff
Robert Clark
Jake Hanson
Lela F. Klingert
Deborah Lovvorn
Kelly Sleeper
Steve Worley
Choua Xiong
Travis Frisk
Board of Directors
CFAB is governed by a board of eight Directors, a majority of which are elected from the members and two are appointed by the Governor of the State of Alaska. All Directors serve 3 years in staggered terms with at least one Director representing the agriculture industry. CFAB’s annual election is held in the fall. To speak with a Director, contact CFAB’s Offices.
Douglas Blumer
Anchorage, AlaskaChairman | Appointed
Term Expires: 2021
Doug Glenn
Palmer, AlaskaVice-Chairman | Elected Agriculture
Term Expires: 2022
Dustin Connor
Petersburg, AlaskaSecretary-Treasurer | Elected At-Large
Term Expires: 2023
Stosh Anderson
Kodiak, AlaskaElected At-Large
Term Expires: 2021
Paula Cullenberg
Anchorage, AlaskaElected At-Large
Term Expires: 2021
Adam Galindo
Anchorage, AlaskaDirector | Appointed
Term Expires: 2023
Jim Hubbard
Seward, AlaskaElected At-Large
Term Expires: 2022