System United Corporate Federal Credit Union and Alloya Corporate Federal Credit Union announced their intent to merge Wednesday. If approved by SunCorp.'s 190 members and by the NCUA, the resulting corporate would be the nation's biggest by number of members.
"We will have about 25% of the nation's credit unions," said Alloya SVP Victor Vrigian, who put Alloya's present member count at around 1,500. Asset size as of March 31 was $2.9 billion.
"This is early in the game. Both parties have to do due diligence. The hope is for a definitive agreement in September," he said.
At that point, the $767 million Westminster, Colo. based SunCorp would begin seeking member approval. SunCorp CEO Tom Graham indicated a member vote is anticipated in "the February timeframe."
Warrenville, Ill.-based Alloya's prior big merger was with the $1.4 billion Central Corporate Credit Union, a deal that was consummated in April 2013.
"Our track record for the past 30 plus years exemplifies SunCorp's commitment to offer the very best in balance sheet and payment system solutions to our members. This merger with Alloya continues our commitment to offer the very best in cooperative financial products and services, SunCorp Chairman Greg Hill said in a press statement. Hill, pictured at left, is president/CEO of the $150 million Community Financial Credit Union in Broomfield, Colo.
Vrigian, in an interview, said that in the agreement to merge, Alloya committed to maintaining a key office presence SunCorp's Denver headquarters, and also to retain a significant number of staff.
"Representation from the Rocky Mountain region is important to Alloya's board and leadership, and we welcome the talent and experience from the SunCorp Board," Alloya Chairman Amy Sink said. Sink, pictured at left, is president/CEO of the $691 million Interra Credit Union in Goshen, Ind.
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