WARRENVILLE, Ill. – Alloya Corporate FCU, the remnants of Members United Corporate FCU, a one-time $14-billion corporate, yesterday reported 2011 net income of $9.6 million on what is now just $1.7 billion of assets.
Alloya, the product of two failed credit unions, Members United and Constitution Corporate FCU, reported it had regulatory capital – comprised of retained earnings, perpetual contributed capital and non-perpetual contributed capital – of $93.7 million at year end, a 5.6% ratio. Both Members United and Constitution Corporate, a one-time $1.7-billion corporate, failed in 2010 and had all of their regulatory capital erased.
Alloya said its $1.7 billion balance sheet is smaller than might otherwise be expected from a corporate credit union with such a large member base, 1,100 credit unions, and volume metrics as a result of a new business plan that focuses less on investments than Members United.
