Airline CUs Embrace World's Largest Merger
Alliant Credit Union and Continental Federal Credit Union said they see a merger between United Airlines and Continental Airlines as a prime opportunity to serve even more members.
The two carriers recently announced plans to merge to create a $29 billion airline. Together, Continental and United serve more than 144 million passengers annually to 370 destinations in 59 countries, according to the companies. The airlines expect the merger to be completed by the fourth quarter.
The $7.2 billion Alliant CU, which has served United for 75 years, is looking forward to the merger. Of its 250,000 members, 100,000 are active or former United employees. Roughly seven years ago, Alliant started diversifying and now serves 150 select employee groups, said David Mooney, president/CEO.
"We're hopeful that the merger will be approved. It's good for the airline industry and we look forward to serving an expanded membership," Mooney said.
Continental FCU Thomas Martin told members that the $164 million cooperative has been evaluating the impact of the merger on its 2010 strategic initiatives. The consolidation could be an opportunity for growth in the long run resulting in "even lower rates and better products." Continental FCU's charter allows it to serve the airline transportation industry.
"We are dedicated to our Continental Airlines members and that will not change when they become United Airlines employees," Martin said.