Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
SunCorp, Alloya to merge
WESTMINSTER, Colo. and WARRENVILLE, Ill. (8/1/14)--System United Corporate FCU (SunCorp), Westminster, Colo., has announced its intent to merge with Alloya Corporate FCU (Alloya), Warrenville, Ill.
 
SunCorp President/CEO Tom Graham said the announcement comes after "an extensive process of strategic planning and due diligence by the SunCorp board, aimed at finding the best means to deliver excellent cooperative financial services to SunCorp members. The board and management clearly saw Alloya as the best partner to help our members grow and succeed in today's competitive marketplace."
 
The merger still must be approved by the National Credit Union Administration (NCUA). Graham said he expects a member vote on the merger in February, shortly after expected regulatory approval. Prior to voting and the approval process, SunCorp plans to host multiple town hall meetings throughout the Rocky Mountain region.
 
"This merger with SunCorp clearly enhances the value that all of our members will receive," said Todd Adams Alloya president/CEO. "Combining both organizations strengthens Alloya and helps us to assure a continued, long-term cooperative value to all credit union members from coast to coast. Retaining many key staff of SunCorp also enhances our leadership and service delivery strengths, including member contact staff in all four U.S. continental time zones."
 
As part of the merger agreement, Alloya has committed to retaining SunCorp's office in Denver. It will also retain member-facing staff to further grow relationships with SunCorp's members in Colorado, Utah, Wyoming, Nebraska and California. Both boards have agreed to governance provisions for merger that include two board seats, and committee representation from former SunCorp board members.
 
The next step after the completion of due diligence would be the execution of a definitive merger agreement by both corporates and submission of an application for merger to the NCUA.


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago