Alliant CU and Continental FCU Merge Into a Strategic Flight Plan
o The merger would mark Alliant's first with an airline-linked CU.
o Alliant said Continental FCU's losses were examined with due diligence.
Continental FCU President/CEO Thomas Martin reminded members of a promise he made in 2009 when he took the helm: "to make the financial success of this membership the No. 1 priority." Merging with Alliant will help realize that goal, he said in a message on the CU's website.
"Alliant understands the unique financial needs of airline employees, and they are dedicated to consistently providing superior financial value through high returns on deposits and low rates on loans with helpful, knowledgeable and memorable member service," Martin said.
"They have encountered some loan quality issues and some expense issues," not the best scenario to be in in the middle of a recession, Mooney said. "We were comfortable with their financial position, and they have been stabilized. We are very confident that financially, it will add to our performance through the combined situation."
The merger will mark the first time Alliant has linked up with an airline-FOM CU, Mooney said. In 2008, Alliant purchased the assets of the liquidated Kaiperm Federal Credit Union of Oakland, Calif. A few years ago, a small SEG-affiliated CU merged with Alliant.