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News Now

CU System
Alloya Corporate exceeds capital requirement
WARRENVILLE, Ill. (9/1/11)--Alloya Corporate FCU has exceeded the minimum capital subscriptions required to move forward on its charter plans, according to a member advisory sent Tuesday by Charter Advisory Group Chairman John Fiore. The corporate was required to generate a minimum of $70 million in contributed capital by the end of the business day on Wednesday. As of Tuesday, it had raised $71 million and is expecting additional capital contributions, said Fiore, who is president/CEO of Motorola Employees CU, Schaumburg, Ill. "We currently have more than 1,000 subscribed members--67% of our Members United Bridge's membership with an active line of credit," said Fiore's notice to members. That "will make Alloya the largest corporate credit union in terms of credit union membership in the country," he added. Reaching the capitalization milestone means that the corporate will seek the National Credit Union Administration's (NCUA) approval for Alloya's charter and merger (with Members United Bridge) application. Credit unions that have not capitalized under the terms of the private placement memorandum (PPM) can still join under the PPM terms through October. 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. NCUA formed the bridge corporate in early October 2010.


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