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.
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