Alliant Credit Union Merges Continental Federal Credit Union
February 07, 2011 | Alliant Credit Union
CHICAGO, IL (February 3, 2011) - Alliant Credit Union, based in Chicago, Illinois, announced that it has completed its merger with Tempe, Arizona based Continental Federal Credit Union. The merger adds over 23,000 employees, family members and retirees of Continental Airlines and U.S. Airways as new members of Alliant.
Alliant is America's sixth largest credit union in asset size with over $7 billion in assets and nearly 280,000 members nationwide. Alliant's members include employees, family members and retirees of a variety of select employee groups and organizations around the country. Formerly known as United Airlines Employee Credit Union, Alliant has 75 years experience serving the financial needs of people in the airline industry. "This experience will help us make our many new members feel right at home with us", according to Alliant President & CEO David W. Mooney.
Mooney added, "This is a win-win situation for members of Alliant, along with Continental and U.S. Airways Credit Union members. The merger makes sense for a number of reasons. First, it is synergistic with our legacy sponsor United Airlines' merger with Continental Airlines. Second, we'll realize increased economies of scale that will reduce unit costs, thereby strengthening Alliant's cost advantage and further enhancing our financial value proposition. And third, our presence and access are now increased and enhanced for Alliant members via five new Service Centers in three large metropolitan areas where Continental Federal Credit Union has been operating, including Tempe, Houston and Newark."
The new locations are in addition to existing Alliant Service Centers in Chicago, Denver, Los Angeles, Oakland, San Francisco, San Mateo and Washington DC - Dulles.
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