ALEXANDRIA, Va. The NCUA Board voted in closed meeting this morning to approve the combination of Alloya Corporate FCU with Michigan’s CenCorp CU, with the latest corporate merger creating on of the nation's largest corporates with more than $3 billion in assets.
After completion of the corporate of the Alloya/CenCorp merger the four biggest corporates by asset size will be: Corporate One FCU with $3.7 billion; MidAtlantic Corporate FCU $3.3 billion; Alloya Corporate FCU $3 billion; and Catalyst Corporate FCU with $2.6 billion.
The new Alloya Corporate would serve almost 1,400 credit unions nationwide in a 10-state region from the Midwest to the East Coast and would continue under Alloya's name.
The merger must still be approved by CenCorp's members, who will vote April 4. Assuming a positive outcome, the merger would be completed by the end of April.
The combination is the latest in corporate consolidation, with seven mergers over the past 18 months whittling down the network from 45 corporates, to what would be just 14.
Alloya, which represents the former Members United Corporate FCU and Constitution Corporate FCU, and before that Empire (State) Corporate FCU, has about $2 billion in assets and serves 1,100 credit unions. CenCorp has $1.5 billion in assets and serves 300 credit unions.
Over the past 18 months mergers have reshaped the corporate landscape with Corporate One merging with Southeast Corporate; Southwest Corporate with Georgia Corporate; Mid-Atlantic Corporate with Virginia Corporate; Volunteer Corporate with West Virginia Corporate and Montana's Treasure State Corporate with Kansas Corporate.
