CenCorp Members Vote “Yes” To Merger with Alloya Corporate
WARRNVILLE, IL and SOUTHFIELD, MI (April 4, 2013) – The members of $1.4 billion Central Corporate Credit Union (CenCorp) voted overwhelmingly in favor of the proposed merger with $1.4 billion Alloya Corporate Federal Credit Union (Alloya). This follows the NCUA’s approval of the merger on March 14, 2013. The effective date of the merger is April 30, 2013.
“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,” stated William A. Walby, current CEO of CenCorp and slotted to be 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 fall by several million dollars, while adding products and features. The increased scale will create additional opportunities.
The combined Corporate will conduct business in ten core states, providing investment, financial, lending, and correspondent services to more than 1,400 member-owner credit unions. Headquartered in Warrenville, Illinois, Alloya will also conduct major operations from offices in Southfield, Michigan and Albany, New York. To learn more, visit www.alloyacorp.org.