The NCUA board has unanimously approved the charter application for Alloya Corporate Federal Credit Union, as well as its application for merger with Members United Bridge Corporate.
The announcement came in a statement on the Alloya website: "Our dream of creating a new corporate credit union to continue to provide members with the valuable services needed for success is nearly complete, with an expected first day of operation of October 24, 2011."
In that same statement, Alloya made a veiled pitch for new members from current Western Bridge users.
Western Bridge is moving toward dissolution. Alloya reached its capitalization goal of $70 million by Aug. 31.
Wrote Alloya: "Knowing that many credit unions are now faced with a decision that they may not have contemplated a short while ago, we want to make sure that Alloya is an alternative for them should they wish it. To that end, we have extended the time period of the initial capital offering until October 31, 2011. All credit unions (including current members) which capitalize by that date will receive the full benefits as described in the Private Placement Memorandum as if they had capitalized by August 31."
In the same statement, John Fiore – CEO of Motorola Employees Credit Union and chair of the Alloya chartering committee – indicated he would be stepping down from his role at Alloya, in keeping with NCUA prohibitions against conflicts of interest.
Fiore also serves as director of the Illinois Credit Union League and, by regulation, cannot also be a chair of a corporate. This was initially reported in Credit Union Times in June.
For its part, NCUA had not yet posted notification of the Thursday approval of the Alloya charter and merger application. However, in an e-mail, NCUA spokesperson David Small confirmed that the regulator had approved the Alloya charter.
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