ALEXANDRIA, Va. – The NCUA Board is expected to vote next week on the re-emergence of Members United Corporate FCU, one of five corporate failures, as Alloya Corporate FCU.
The Board is expected to vote in closed meeting on the new charter for the one-time $14 billion corporate as a scaled-down entity with about $2 billion of assets serving 1,000 credit unions, about half as many as Members United served at its heyday.
Members United/Alloya will be the second of the five failures to re-emerge, with NCUA voting last month to approve the merger of Southwest Corporate FCU with Georgia Corporate FCU to create Catalyst Corporate FCU. The other three corporate failures, U.S. Central FCU, WesCorp FCU and Constitution Corporate FCU, are not expected to re-emerge and will be dissolved.
Separately, Systems United Corporate FCU, the Westminister, Colo., corporate known as SunCorp, announced today it has raised $60 million in new capital from its 176 credit union members that will facilitate its continuing on.
