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News Now

CU System
Three separate mergers of credit unions completed
MADISON, Wis. (2/9/11)--Three mergers of credit unions have been completed, announced the credit unions involved this week. Alliant CU, Chicago, has completed its merger with Tempe, Ariz-based Continental FCU. The merger adds more than 23,000 employees, family members and retirees of Continental Airlines and U.S. Airways as new members of Alliant. Alliant CU is the sixth largest credit union in the U.S. with more than $7 billion in assets and nearly 280,000 members nationwide. Formerly known as United Airlines Employee CU, Alliant has 75 years’ experience serving the financial needs of people in the airline industry. The merger extends Alliant’s reach into three large metropolitan areas: Tempe, Houston, and Newark, N.J. Alliant also serves Chicago, Denver, Los Angeles, Oakland, San Francisco, San Mateo, Calif., and Washington D.C.--Dulles. In Wisconsin, Milwaukee-based A-B CU merged with Madison-based Heritage CU, effective Jan. 31 (Madison.com Feb. 8). A-B was established in 1932 as the Allen Bradley Employees CU to serve Allen Bradley Co. employees. It had $56 million in assets but had suffered losses the past two years. Heritage now has $210 million in assets and serves 26,000 members. It has two locations in Madison, plus branches in Milwaukee, Sauk City, Prairie du Sac, Chetek and Ladysmith. It also has branches in Rockford, Ill., and Galesburg, Ill. In Illinois, ABBCO Community CU, East Alton, has merged with Scott CU, Collinsville, as of Monday. Scott gains ABBCO's $2 million in assets and 600 members. ABBCO served employees of Smurfit-Stone and Simmons-Cooper Law Firm, plus residents living or working in Madison County and their families (St. Louis Business Journal Feb. 7). Scott CU, headed by President/CEO Frank Padak, is open to anyone who lives or works in a 17-county area, plus anyone active in or retired from the military. It has nearly $700 million in assets and more than 81,000 members. Scott CU has 15 area locations.


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