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CU System
Alloya Corporate announces approval of its charter application
WARRENVILLE, Ill. (9/26/11)--The National Credit Union Administration (NCUA) Board Thursday voted unanimously to approve the charter application of Alloya Corporate FCU and its application for merger with Members United Bridge Corporate, Alloya said in a Sept. 22 member letter posted on its website. “Today the NCUA board voted unanimously to approve the charter application for Alloya Corporate FCU, as well as its application for merger with Members United Bridge Corporate,” the letter said. “Our dream of creating a new corporate credit union to continue to provide members with the valuable services needed for success is nearly complete, with an expected first day of operation of Oct. 24, 2011.” Alloya extended the time period of its initial capital offering until Oct. 31. All credit unions (including current members) that capitalize by that date will receive the full benefits as described in the Private Placement Memorandum as if they had capitalized by Aug. 31. Alloya Corporate FCU exceeded the minimum capital subscriptions required to move forward on its charter plans. The corporate was required to generate a minimum of $70 million in contributed capital by the end of the business day Aug. 31. As of Aug. 30, it had raised $71 million (News Now Sept. 1.) Alloya’s first two board meetings will be held on Thursday and on Oct. 27 in Warrenville, Ill., and Albany, N.Y., respectively. The meetings will be organizational in nature, and will include among other topics the election of board officers, acceptance of the charter, adoption of bylaws, the appointment of corporate officers, establishing the date of the annual meeting and the election by the membership of the permanent board. Members United Bridge is the bridge corporate entity that assumed the existing business of the Warrenville, Ill.-based Members United Corporate FCU after it was placed into conservatorship by NCUA, which formed the bridge corporate in early October 2010 (News Now Sept. 1).


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