Eyes on Alloya: The Countdown to Survival - or Elimination
Just about every eye in the corporate credit union universe now is focused on Alloya, the new corporate attempting to rise out of the conserved remains of Members United Bridge.
Alloya, for its part, seems to be in a nail biter to close its funding gap.
As of Aug. 22, Alloya reported that it had $61 million in “current contributions.” Another $3 million, it said, had been approved by credit union boards, but Alloya did not yet have the cash in hand.
The formational corporate now puts its capital goal at $70 million. Initially, Alloya had indicated its goal as $100 million. But the business plan contained an option to capitalize at $70 million - offering reduced services with reduced staffing - and that is the route Alloya’s would-be founders have decided to take.
To put the capital raising progress in perspective, on Aug. 10, Alloya said it had raised $53 million, with another $6 million in transit. That means, it climbed from $59 million (all in) to $64 million (all in), in 12 days of August.
That leaves $6 million to raise by Aug. 31.
Asked to comment on Alloya’s outlook, John Fiore – CEO of Motorola Employees Credit Union in suburban Chicago and a key force in the attempt to capitalize Alloya – was not immediately available.