“This transaction exemplifies the power of cooperation within the credit union system,” said Andrew Kohl, Alloya’s Chief Investment Officer. “By pooling resources and leveraging Alloya’s capital markets expertise, our member credit unions were able to access the securitization market in a way that would be difficult to achieve independently. Our goal is to provide a platform for ongoing access to markets using this initial transaction as the ‘template’ for future deals.”
“This securitization highlights the power of the cooperative network and what can happen when credit unions work together,” said Amy Sink, CEO of Interra Credit Union. “Interra is honored to be a part of this first-ever transaction and looks forward to participating with other credit unions on future deals.”
Sean Rathjen, CEO of Consumers Credit Union, echoed this sentiment. “The partnership with Alloya and two fellow credit unions is a great example of the collaboration and cooperation amongst credit unions. This is the first of many multi-entity auto loan securitizations which will provide another option for liquidity and credit risk mitigation,” Rathjen remarked. “I applaud Alloya for spearheading this project and look forward to more innovation with them. Wall Street will have a detailed review on the performance of credit union underwriting and will reward us over time with better market pricing. Many thanks to the Alloya team for providing the support and guidance in this transformative transaction.”
Dan Stoltz, CEO and President of Blaze Credit Union, also expressed excitement about his team’s involvement in the securitization. “Blaze is honored to partner with Alloya Corporate, Interra and Consumers to facilitate another liquidity avenue for credit unions nationwide. Our teams have collaborated extensively over the past nine months to deliver a triple win: a win for Blaze, our members and the credit union industry,” said Stoltz.
“Alloya’s Board of Directors is filled with visionaries, and they challenged management to open the doors to this alternative source of liquidity for the credit union network. It was not easy to accomplish this historic milestone, but these credit unions worked well together and cleared several hurdles to create a path for other credit unions to follow. Alloya’s mission is to support credit union success and simplify their back office lives – mission accomplished,” remarked Todd Adams, Alloya’s Chief Executive Officer.
About Alloya Corporate FCU
Alloya provides cooperative financial services to over 1,300 member credit unions and credit union entities nationally. Together, the member-owners of Alloya wield aggregated power to gain access to affordable, comprehensive products and services — including transactions, liquidity and investments — to give each credit union a strategic advantage in the marketplace. Headquartered in Naperville, Illinois, Alloya offers a dependable and competitive line of credit, secure and efficient product access and settlement, and unparalleled member service, which are available to all credit unions with or without a capital contribution. In addition to the support Alloya provides its membership, Alloya supports multiple credit union leagues and associations throughout the country and gives back to local communities nationwide by making a variety of charitable donations. Visit www.alloyacorp.org to learn more.
For more than 90 years, Interra Credit Union has been serving members — starting with just seven charter members and one small office back in 1932. From strong roots, great things grow. Interra’s deep roots in our communities have allowed us to expand, serving even more of our neighbors. Today, Interra Credit Union serves more than 90,000 members at 16 offices in North Central Indiana. The solid, stable and strong foundation built through the years continues today. For more information, visit www.interracu.com.
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