Chicago's Alliant CU Completes Merger
The $7 billion Alliant Credit Union of Chicago last week completed the merger of the once-ailing $170 million Continental FCU of Tempe, Ariz.
The move comes as the CU's two large sponsors, United Airlines and Continental Airlines, complete a merger started last year.
Under the Continental FCU transaction, the 23,000 employees, family members, retirees of Continental Airlines and U.S. Airways become members of Alliant.
David Mooney, president/CEO of Alliant, reiterated the CU's message of last September that the merger "makes sense for a number of reasons, including synergy with our legacy sponsor, United Airlines' merger with Continental Airlines and the ability to reduce unit costs and effect economies of scale."
Last October, it was forecast the full integration of the two big carriers would take 12 to 18 months.
Under the CU merger, Alliant said it will expand its national footprint through five new service centers in three metropolitan areas where Continental FCU has been operating: Phoenix, Houston and Newark.
The new locations are in addition to existing Alliant service centers in Chicago, Denver, Los Angeles, Oakland, Calif., San Francisco, Washington and San Mateo, Calif.