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Alloya Issues First Financial Report

Alloya issued its financial statement and in it the corporate reported, "On a year-to-date basis, Alloya Corporate has recorded net income of $9.6 million."

By Robert McGarvey | Updated on February 16, 2012

Alloya, the large corporate credit union based in Warrenville, Ill., that rose from the failed MembersUnited, today issued its financial statement for the quarter that ended on Dec. 31 and in it the corporate reported, “On a year-to-date basis, Alloya Corporate has recorded net income of $9.6 million.”

The statement — signed by Todd Adams, CFO — claimed, “Alloya is executing on a financial plan to earn $3 million over the next 12 months to further bolster retained earnings.  When compared to the plan presented in the Private Placement Memorandum, retained earnings are 3.5 years ahead of the best case scenario targets. The retained earnings ratio of 1.2% easily exceeds the 0.45% required two years from now on Oct. 31, 2013 and is even ahead of the required 1.00% target required in 2016.”

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