Alloya would also keep its headquarters in Warrenville, Ill., where it presently is located. It is envisioned that it also would maintain offices in Albany, N.Y., where many Alloya staff presently are based, and also in Southfield, Mich., the suburban Detroit headquarters of CenCorp.

In a press statement, Walby said, “While very successful in its own right, the current and future operating environment for corporates has prompted CenCorp to consider alternatives, including merger, that would enhance member value and better serve its members. A merger with Alloya would create enhanced value for both memberships in the form of significantly increased scale, additional revenue growth, reduced operating costs, and additional financial strength.

Furbee, in the same statement, said, ““With the enactment of the amended corporate regulations in 2011, corporates have needed to orient their business plans to the new paradigm. This merger would result in a corporate credit union with core markets in 10 states. With a strong reputation for service through a local presence in the regions served, the combined corporate will be staffed by an experienced team that is dedicated to serving the needs of the membership first and foremost.”

Alloya was formed from the remains of the failed Members United corporate.