CEO Bill Walby has resigned from the $2.8 billion Alloya Corporate Federal Credit Union, the Warrenville, Ill.-based said Monday in a release.
Walby cited personal reasons for his departure from the 1,500-member corporate, which is effective Sept. 15.
“This was a difficult decision for me. The merger of Alloya and CenCorp operations is proceeding well, and we are beginning to see some of the anticipated benefits. Unfortunately, I also have some personal responsibilities that are difficult to address along with my responsibilities as Alloya CEO,” he said.
Walby, who was CEO of Central Corporate Credit Union, took over as CEO of Alloya on April 30 after Detroit-based CenCorp merged into Alloya.
Former Alloya President/CEO Chuck Furbee, who came out of retirement to run Members United Bridge Federal Credit Union upon conservatorship, returned to retirement.
“Alloya’s board has regretfully accepted Bill’s resignation,” said Chair Amy Sink.
“Second quarter financials released last week demonstrate that Alloya is on a sound footing. System and organizational integrations are on track, starting with the successful conversion of Michigan members to Premier View (Alloya’s secure Internet portal) on July 1,” Sink said in the release.
“We understand Bill’s decision, and wish him continued success,” said Sink, CFO of the $2.4 billion Teachers Credit Union in South Bend, Ind.
The board has begun a search for a new chief executive, the corporate said.
“We are seeking a CEO to build upon the strong financial base and business model in place today. Alloya is capitalized and supported by approximately 20% of credit unions nationally,” Sink said.
Todd Adams, Alloya senior vice president and president of the corporate’s CUSO, Balance Sheet Solutions LLC, was named interim CEO effective Sept. 16.