The $1.4 billion Central Corporate Credit Union said Thursdayits members voted overwhelmingly in favor of the proposed mergerwith $1.4 billion Alloya Corporate Federal Credit Union.

CenCorp conducted a special meeting at its suburban Detroit headquarters Thursday toregister the votes of members that did not return ballots viamail.

The affirmative vote follows the NCUA's March 14 approval.

The effective date of the merger will be April 30.

“We are excited about the synergies that the merger brings,”said William A. Walby, CenCorp CEO. “Members saw additional valuein combining two strong credit union-owned organizations to delivertheir financial and correspondent service needs into thefuture.”

Walby will replace retiring Alloya CEO Charles W. Furbee to headthe merged corporate. The merger's effective date will be April30.

“This merger adds 300 members to Alloya's current membership,plus significant scale,” Furbee said.

In a joint release from both corporates, the two said thesynergies realized will reduce annual expenses of the combinedcorporate by several million dollars, while adding products andfeatures.

The combined corporate, which will retain the Alloya name, willconduct business in 10 core states, providing investment,financial, lending, and correspondent services to more than 1,400member-owner credit unions.

The 1,300-member Alloya said it will retain an office inSouthfield, Mich., and also maintains locations in Warrenville,Ill. and Albany, N.Y.