The news out of Alloya – the new corporate seeking to emerge from Members United Bridge – is all good.
That’s the word from John Fiore, CEO of Motorola Employees Credit Union in Schaumberg, Ill., who also serves as chairman of the Alloya chartering group.
Said Fiore: “We are confident of success going forward. It is slow going but we are confident. As of August 10th, we are at $53 million in capital commitments. That puts us at 76% of our goal.”
Fiore added that another $6 million has been verbally committed by credit unions but the capital is in transit.
“The work isn’t over. But we believe we will reach our capital goal by August 31,” Fiore said.
Alloya had set a goal of $70 million.
“We have commitments from 721 credit unions and we are moving towards 750,” Fiore said.
Asked to comment on the reported impending failure of United Resources (nee Western Bridge) to reach its capitalization target, Fiore said that he did not know for a fact that was so but if indeed United Resources has failed, “that is sad, for many credit unions, for the industry, and for the people of Western Bridge.”
He indicated that Alloya stands prepared to help fill any service gap that would be triggered by a United Resources failure to capitalize.
“If we are needed, Alloya will be here,” said Fiore.