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News Now

CU System
Alliant CU Continental FCU to merge by January
CHICAGO (9/7/10)--Alliant CU in Chicago announced Thursday that it reached an agreement with Continental FCU of Tempe, Ariz., to merge operations following recent approvals from each institution’s board of directors. The combined entity will go forward under the Alliant CU name once the merger receives regulatory approval and the integration is complete, which is projected to be in January, Alliant said in a news release. Alliant CU President/CEO David W. Mooney will continue in his role. Alliant has more than $7 billion in assets and about 260,000 members nationwide. Its members include employees, family members and retirees of United Airlines and other select employee groups, as well as qualifying communities. Continental FCU’s main sponsors are Continental Airlines and US Airways. Continental FCU’s separately branded US Airways CU will also be included in the merger. Through the merger, Alliant will gain about 24,000 members and assets of $170 million. Alliant Chief Operations and Technology Officer Rudy Pereira will serve as interim CEO of Continental FCU, managing the day-to-day operations of Continental and its seven branch locations during the merger process. Thomas J. Martin, Continental president/CEO, will be retained in a consultant role to assist Pereira during the transition.


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