As of April 30, the merger between the $1.4 billion Alloya Corporate FCU and the $1.4 billion Cencorp is complete.
The combined company will be based in Warrenville, Ill., and will have offices in Southfield, Mich., and Albany, N.Y. as well.
CenCorp members voted overwhelmingly in favor of the merger on April 4.
Under the terms of the merger agreement, the size of the board was expanded to 11 members with the addition of four former CenCorp board members.
Board members are:
Supervisory Committee members are:
With $2.8 billion in assets, Alloya conducts business in 10 core states, providing investment, financial, lending and correspondent services to more than 1,400 member-owner credit unions.
CenCorp CEO Bill Walby takes over as CEO of the merged company. Chuck Furbee, who was asked by the NCUA to come out of retirement to run Members United Bridge Corporate after the regulator took five corporates into conservatorship, will return to retirement after a transition period. Walby’s principal office will be in Warrenville.
Alloya was chartered in 2011 by the Members Advisory Council of Members United Bridge. Before the merger, it served more than 1,100 natural person credit unions with 165 employees.
Southfield-based Central Corporate CU was chartered in 1937 by the Michigan Credit Union League shortly after the league’s founding. Throughout its history, it passed back and forth between MCUL and independent control. It served 330 natural person credit unions with 50 employees.