SunCorp Members Vote to Merge with Alloya Corporate
Members of System United Corporate FCU (SunCorp) voted overwhelmingly in favor of the merging with Alloya Corporate FCU. The effective date of the merger is March 2.
The combined corporate will provide investment, financial, lending and correspondent services to more than 1,600 member credit unions throughout the United States. Alloya will retain approximately half of SunCorp’s employees. SunCorp members are expected to convert to Alloya’s secure transaction portal, Premier View, in May 2015. SunCorp was based in Westminster, Colorado.
“This merger adds 206 members to Alloya’s current membership, plus additional scale,” SunCorp President and CEO Tom Graham said. “SunCorp members gain continued access to an owned financial cooperative for wholesale services with increased scale, additional services and greater financial strength. Members will continue to receive great service from staff they know.”
“This partnership with SunCorp adds several strategic benefits for members. Beyond additional scale, revenue growth and enhanced value, this merger opens a doorway to western markets for Alloya,” Alloya President and CEO Todd Adams said. “By maintaining a local presence in Colorado, Alloya adds experienced and dedicated staff as well as member service access in all four U.S. continental time zones.”
NCUA approved the merger on Jan. 15.
Michigan members of the Alloya board include Cheryl DeBoer (secretary), CEO of Advia CU; Robin Frucci, CEO of LAFCU; Peter Gates, CEO of Michigan Schools and Government CU; and Patrick White, general manager of Flint Area School Employees CU. Bernard Williams, CEO of Wanigas CU, is on the supervisory committee.
Michigan’s CenCorp, or Central Corporate CU, merged into Alloya in April 2013.Go to main navigation