The $7.3 billion Alliant Credit Union, headquartered in Chicago,is merging with the troubled $157 million Continental FederalCredit Union, headquartered in Tempe.
|"This is a win-win situation for both the Alliant Credit Unionand Continental Federal Credit Union members," Alliant Credit UnionCEO David Mooney said in an announcement on the CU's Website.
|"This merger makes sense for a number of reasons. First, it issynergistic with our legacy sponsor United Airlines' merger withContinental Airlines. Second, we will realize increased economiesof scale which will reduce unit costs, strengthening Alliant's costadvantage and further enhancing our financial value proposition.And third, we will increase our presence and access for our membersin several other key large metropolitan areas where ContinentalFederal Credit Union operates."
|"Alliant has a proven track record of serving airline industryemployees with better than bank rates and 24/7 member serviceworldwide," said Thomas J. Martin, CEO of Continental FederalCredit Union. "Additionally, Alliant thoroughly understands theunique financial needs of airline employees. Speaking on behalf ofour Board of Directors and Executive Team, we firmly believe ourmembers will be well served by this merger."
|NCUA records show Continental as having just over $157 milliondollars in assets and a net worth ratio of 3.39% as of the end ofJune. The credit union had almost 4.3 million in negative incomefor the first six months of this year, according to NCUA.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
