The $1.4 billion Alloya Corporate FCU announced Wednesday that its merger with the $1.4 billion Central Corporate Credit Union was completed effective Tuesday.
Under the terms of the merger agreement, the Alloya board of directors was expanded to 11 members, and includes four members from Michigan who had been on CenCorp’s board.
They include Cheryl DeBoer, president/CEO of the $705 million First Community FCU of Parchment; Robin Frucci, CEO of the $550 million LAFCU of Lansing; Peter Gates, CEO of the $1.3 billion Michigan Schools and Government CU of Clinton Township; and Patrick White, general manager of the $370 million Flint Area School Employees CU of Flint.
Bernard Williams, CEO of the $277 million Wanigas CU of Saginaw, who had also been on the CenCorp board, will serve on Alloya’s supervisory committee.
Alloya, based in the Chicago suburb of Warrenville, Ill., now conducts business in 10 core states and counts more than 1,400 member credit unions.