Fiore on Alloya: 'We Are On Track'
John Fiore knows the calendar, he certainly knows he has just a week for Alloya to reach its $70 million capital goal, but the CEO of Motorola Employees Credit Union and a prime mover in the effort to create the new Alloya corporate credit union out of the remains of Members United insists he is “very optimistic that we will reach the goal.”
As of Aug. 22, Alloya stood $6 million shy of its goal but, said Fiore, “there are literally hundreds of credit unions we expect to hear from in the next week.”
“I honestly would not be surprised if we reach $80 million,” Fiore added. “We will be well over $70 million.”
The deadline is Aug. 31.
“Many credit unions had told us they had board meetings scheduled for this week. We know we will be hearing from many in the next few days,” Fiore said.
He added that “we now have close to 1,000 credit unions that have committed capital to Alloya.”
He admitted that he was disappointed that “some larger credit unions have not supported us as we would have hoped.” But many credit unions, particularly small and mid-sized institutions, continue to see a corporate credit union as their best option, said Fiore.
Fiore added that Alloya’s charter application is scheduled to go before the NCUA on Sept. 22 and “I fully believe we will have the capital we need.”