WESTMINSTER, Colo. and WARRENVILLE, Ill. — Members of System United Corporate Federal Credit Union (SunCorp) voted "overwhelmingly" to approve a proposed merger with Alloya Corporate FCU, the two corporates said on Thursday.
Last month NCUA approved the application for SunCorp to merge into Alloya. With all approvals now in place, the effective date of the merger will be Feb. 28.
The combined corporate's name will be Alloya Corporate. It will serve more than 1,600 member CUs across the United States from five offices — including SunCorp's present headquarters in Westminster, Colo. — with member contact staff in all four U.S. continental time zones.
SunCorp members are expected to convert to Alloya's secure transaction portal, Premier View, in May.
The new Alloya said it will retain approximately half of SunCorp's employees.
SunCorp currently serves credit unions, CUSOs and credit union associations throughout the Western States.
Alloya provides services to approximately 1,500 member CUs in 10 core states and beyond, including investment, financial, lending and correspondent services.
"This merger adds 206 members to Alloya's current membership, plus additional scale," Tom Graham, president and CEO of SunCorp, said in a statement. "SunCorp members gain continued access to an owned financial cooperative for wholesale services with increased scale, additional services and greater financial strength. Members will continue to receive great service from staff they know."
"This partnership with SunCorp adds several strategic benefits for members. Beyond additional scale, revenue growth and enhanced value, this merger opens a doorway to western markets for Alloya," said Todd Adams, Alloya's president and CEO. "By maintaining a local presence in Colorado, Alloya adds experienced and dedicated staff as well as member service access in all four U.S. continental time zones."