In step with the scenario of airline mergers, the $7 billion Alliant Credit Union of Chicago said this week it has now completed the takeover of the once-ailing $170 million Continental FCU of Tempe, Ariz.
Under the Continental FCU transaction, the 23,000 employees, family members and retirees of Continental Airlines and U.S. Airways become members of Alliant.
David Mooney, president/CEO of Alliant, reiterated the CU's message of last September that the merger "makes sense for a number of reasons including synergy with our legacy sponsor United Airlines' merger with Continental Airlines and the ability to reduce unit costs and effect economies of scale." The merger of the two big carriers, which began last year, is currently underway and will continue during 2011. Last October it was forecast the full integration of the merger would take 12-18 months.
Under the CU merger, Alliant said it will expand its national footprint through five new service centers in three metropolitan areas where Continental FCU has been operating, including Tempe/Phoenix, Houston and Newark.
The new locations are in addition to existing Alliant service centersin Chicago, Denver, Los Angeles, Oakland, San Francisco, Washington, D.C., and San Mateo.