WARRENVILLE, Ill. – Members United Corporate FCU, one of three corporate failures seeking to revive itself, has received approval from the U.S. Patent and Trademark Office to begin anew as Alloya Corporate FCU.
John Fiore, president of Motorola Employees CU and chairman of the Members Advisory Committee, said the new name is aimed at connoting energy, stimulating discussion, and sounding and looking good.
The one-time $14 billion corporate said it will be converting to a new website under the Alloya moniker over the next few weeks.
The corporate recently obtained approval from NCUA for a new capital plan that would entail raising about $120 million. It expects to issue private placement documents to raise the new capital in the near future.
Members United was one of five corporate failures taken over by NCUA, along with U.S. Central FCU, WesCorp FCU, Southwest Corporate FCU and Constitution Corporate FCU. The reconstitution of a failed corporate, also being tried by WesCorp FCU, would be an unprecedented accomplishment in the credit union movement.
