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News Now

CU System
Alloya Corporate organizes selects officers
WARRENVILLE, Ill. (10/5/11)--The newly chartered Alloya Corporate FCU held its first organizational meeting Thursday and Friday and selected its first officers. Elected were:
* Chairman, Amy Sink, senior vice president and chief financial officer of Teachers CU, South Bend, Ind.; * Vice chairman: John Fiore, president/CEO of Motorola Employees CU, Schaumburg, Ill.; * Treasurer, Leanne McGuinness, The Summit FCU, Rochester, N.Y.; and * Secretary, Curt Cecala, CEO, TCT FCU, Ballston Spa, N.Y.
Sink was vice chairman and Fiore was chairman of the corporate's Charter Advisory Group. A federal interlock regulation prevents Fiore from serving chairman while he is currently a director on the board of the Illinois Credit Union League, Fiore told News Now. The group will act as the interim board as the Warrenville, Ill.-based corporate begins operating on Oct. 24 and transfers operations from the Members United Bridge FCU. The interim group will serve until open elections can be held next June, Fiore said. It will determine governance issues such as how many board members to elect, and it already is searching for a CEO, he added. The corporate, which has offices in Albany, N.Y. will conduct its second board meeting on Oct. 27 in Albany so it can interact face-to-face with employees there and congratulate them. "Both groups' livelihoods were at stake [before approval of the charter] but all our management, staff, board and credit unions are working together" to make the corporate succeed, he said. "We're waiting to see what will happen out West with Western Bridge Corporate and whether there may be an opportunity for us there, and if we'll play a role," he told News Now. Other members of the interim board include (this is a corrected list from an earlier version):
* Lynne Kothe, president/CEO, North Memorial FCU, Minn.; * Floyd Rummel III, president/CEO, Dakota Territory FCU, Deadwood, S.D.; and * David Suvall, president/CEO, Rhode Island CU, Providence, R.I.
Alloya Corporate received approval on Sept. 22 from the National Credit Union Administration to form a new charter and merge the Members United Bridge operations into the new corporate (News Now Sept. 26). Alloya extended the period of its initial capital offering until Oct. 31. It was required to generate a minimum of $70 million in contributed capital as of Aug. 31 and had raised $71 million by that date (News Now Sept. 1). Members United Bridge is the bridge corporate entity that assumed the existing business of the 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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