Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Alloya/CenCorp Merger OK'd By CenCorp Members
WARRENVILLE, Ill., and SOUTHFIELD, Mich. (4/5/13)--Members of $1.4 billion Central Corporate CU  Thursday afternoon voted overwhelmingly to merge with $1.4 billion Alloya Corporate FCU. The vote was 190 to 8.

The merger received approval from the National Credit Union Administration on March 17. CenCorp and Alloya said the merger will take effect April 30. 

"This merger adds 300 members to Alloya's current membership, plus significant scale," noted Charles W. Furbee, Alloya's current CEO. "Alloya is well-positioned for continuing success."

"We are excited about the synergies that the merger brings," said William A. Walby, current CEO of CenCorp. Walby will become Alloya's CEO after the merger. "Members saw additional value in combining two strong credit union-owned organizations to deliver their financial and correspondent service needs into the future."

As the synergies are realized, the annual expenses of the combined corporate are expected to drop several million dollars, while products and features will be added. The increased scale will create additional opportunities, said the corporates. 

The combined corporate will conduct business in 10 core states, providing investment, financial, lending and correspondent services to more than 1,400 member-owner credit unions. Headquartered in Warrenville, Ill., Alloya also will conduct major operations from offices in Southfield, Mich., and Albany, N.Y.

For more information use the link.
Other Resources

Alloya Corporate FCU
RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
8 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
8 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
9 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
10 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
12 hours ago