Members of System United Corporate Federal Credit Union based in Westminster, Colo., Thursday voted in favor of merging with Alloya Corporate Federal Credit Union, based in Warrenville, Ill.
The merger, first announced in July 2014, will become effective Feb. 28.
The combined corporate, which will retain the Alloya name, will provide investment, financial, lending and correspondent services to more than 1,600 natural person credit unions throughout the U.S., according to Alloya SVP Victor Vrigian.
The new corporate entity will serve 25% of the nation's credit unions, making it the largest U.S. corporate in terms of number of member institutions served, Vrigian said.
“It was a strategic combination that both boards had been thinking about for a while, and both boards independently identified the other corporate as a potential partner,” Vrigian said. “The merger will create more stable corporate going forward.”
Todd Adams, Alloya's current president/CEO, will take over leadership of the combined corporate. Brant Peterson and Mark Schieffer, current EVPs with SunCorp, will remain at SunCorp's Colorado office. Tom Graham, SunCorp's current president/CEO, will remain for an unspecified period of time during the transition, then depart the organization, according to the corporates.
Alloya will retain approximately half of SunCorp's employees, and SunCorp's 206 member credit unions will convert to Alloya's secure transaction portal, Premier View, in May.
Alloya's prior big merger was with the $1.4 billion Central Corporate Credit Union, based in Southfield, Mich. That merger was consummated in April 2013.
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