Alliant Credit Union Flies Above Airline Merger Speculations
CHICAGO -- Rather than get caught up in speculative airline merger rumors, the $5 billion Alliant Credit Union--originally formed to serve United Airlines more than seventy years ago--is staying focused on its membership diversification goals.
United and Continental Airlines have both expressed interests in a possible merger. The Washington Post and New York Times reported this week that United and US Airways have also had merger talks.
Roughly 71,000 of its 212,000 members are active United employees, said David Mooney, president/CEO of Alliant. The fallout from the Sept. 11, 200l attacks on the airline industry weighed heavily in the decision to diversify the credit union's membership to start adding select employees groups in 2003 and undergo a name change in 2004.
"We continue to have a very strong relationship with United," Mooney emphasized. "By our take, however, we've had good success with diversifying and growing."
Since the changes, 44,000 members have joined Alliant and the credit union now serves more than 100 active select employee groups.
"Mergers and the likelihood of more mergers--it's hard to say how it will play out for credit unions," Mooney said. "I'm not saying they would be harmed but it certainly creates a certain amount of uncertainty."