Alloya Corporate Federal Credit Union – the entity hoping to rise out of Members United Bridge – announced in a website posting that it has succeeded in raising $71 million in capital commitments, just above the $70 million minimum it had set to go forward.
The Tuesday statement – signed by Motorola Employees Credit Union CEO John Fiore, who also serves as chairman of the Alloya Charter Advisory Group – indicated that “additional capital contributions are expected.”
Fiore also claimed Alloya has over 1,000 members, making it “the largest corporate credit union in terms of credit union membership in the country.”
Today was the deadline for reaching the $70 million mark. The present understanding is that Alloy’s paperwork will go in front of the NCUA for approval in September.