Alliant Credit Union and Continental Federal Credit Union to Merge
September 02, 2010 | Alliant Credit Union
CHICAGO, IL (September 2, 2010)— Alliant Credit Union, based in Chicago, Illinois, announced today that it has reached an agreement with Continental Federal Credit Union of Tempe, Arizona to merge operations following recent approvals from each institution’s Board of Directors. The combined entity will go forward under the Alliant Credit Union banner once the merger receives regulatory approval and the integration is complete, which is projected to be in January 2011.
Alliant is America’s seventh largest credit union in asset size with over $7.0 billion in assets and over 260,000 members nationwide. Alliant’s members include employees, family members and retirees of United Airlines and other select employee groups and qualifying communities.
Continental Federal Credit Union’s main sponsors are Continental Airlines and US Airways. Continental Federal Credit Union’s separately branded US Airways Credit Union will also be included as part of the merger. Through the merger Alliant will gain approximately 24,000 members and assets of $170 million.
“This is a win-win situation for both the Alliant Credit Union and Continental Federal Credit Union members,” according to Alliant Credit Union President & CEO David W. Mooney. “This merger makes sense for a number of reasons. First, it is synergistic with our legacy sponsor United Airlines’ merger with Continental Airlines. Second, we will realize increased economies of scale which will reduce unit costs, strengthening Alliant’s cost advantage and further enhancing our financial value proposition. And third, we will increase our presence and access for our members in several other key large metropolitan areas where Continental Federal Credit Union operates.”
“Alliant has a proven track record of serving airline industry employees with better than bank rates and 24/7 member service worldwide,” said Thomas J. Martin, President and Chief Executive Officer of Continental Federal Credit Union. “Additionally, Alliant thoroughly understands the unique financial needs of airline employees. Speaking on behalf of our Board of Directors and Executive Team, we firmly believe our members will be well served by this merger.”
To facilitate the transition and merger, Alliant Chief Operations & Technology Officer, Rudy Pereira, will serve as interim CEO, managing the day-to-day operations of Continental Federal Credit Union and its seven branch locations during the merger process, with Mr. Martin being retained in a consultant role to assist Mr. Pereira during the transition.
© 2010 Alliant Credit Union. All Rights Reserved.