“We are delighted to have become a capitalized member of Alloya,” said Steve Renock, president/CEO of the Bakersfield, Calif.-based Kern Schools. “Alloya’s flexible capital requirement is based on our usage of their balance sheet and not on our own asset size. This flexibility was an important consideration.”
Matt Davidson, Kern Schools’ executive vice president who had been active with United Resources, a group that attempted to form a new corporate from the remains of Western Bridge FCU, told Credit Union Times the decision to go with Alloya wasn’t meant to be a statement against the Plano, Texas-based Catalyst FCU, which purchased the rights to Western Bridge.
It was a close decision, Davidson said, and Kern Schools “just thought that Alloya would be a better fit for our credit union.”
Kern Schools will be converting to Alloya’s item processing and check collection services, and will warehouse their images, including images currently housed at Western Bridge, through Alloya’s image retention services.
Conversions to Alloya’s products will begin immediately, with completion targeted for this summer. Staff training on Premier View, Alloya’s secure online account management system, will also begin shortly, the credit union said in its Monday announcement.
“We understand that these products are critical components of any credit union’s relationship with their members, and this is a big undertaking for a credit union of any size, let alone a credit union as large as Kern Schools FCU,” said Alloya Chief Operating Officer Kevin Brauer. “We have a lot of experience with product conversions, and are confident we will provide Kern Schools and its members with a smooth transition.”