The NCUA on Thursday approved a request to merge the $1.37 billion Central Corporate CU into the $1.4 billion Alloya Corporate FCU.
Alloya CEO Chuck Furbee made the announcement in a letter to members posted on the Warrenville, Ill., corporate's website.
Regulator approval is just one step in the process; CenCorp members still have to vote to approve the deal.
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Should the Southfield, Mich.-based CenCorp's 330 members vote to approve the merger during a special meeting on April 4, Furbee said he anticipates the merger would occur by the end of April.
The consolidation would push the surviving Alloya's assets to nearly $3 billion, making it roughly the same size as the $2.7 billion Catalyst FCU of Plano, Texas. Only the $4.2 billion Corporate One FCU of Columbus, Ohio, would be larger.
CenCorp members would convert to Alloya systems later this year, Furbee told members in the letter. He also said Alloya members can learn more about the merger during the corporate's next scheduled transparency webinar on Thursday, March 28.
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