Naperville, Ill. – Today marks the settlement of Alloya’s first multi-issuer auto loan asset-backed securitization (ABS), fully funded after being well oversubscribed by investors. The securitization, backed by a diversified pool of auto loans originated by three of Alloya’s member credit unions, was structured to optimize investor appeal while maintaining strong credit quality. “We were very pleased with the strong support this issuance received from a wide variety of investors” said Andrew Kohl, Alloya’s Chief Investment Officer.
Alloya would like to express its gratitude to Blaze Credit Union (Minnesota), Consumers Credit Union (Illinois) and Interra Credit Union (Indiana) for their hard work and commitment to pioneering this groundbreaking accomplishment. Special thanks go to Justin Burleson, Senior Vice President and Chief Operating & Financial Officer, Craig Backstrom, Vice President, Consumer Lending Operations, and Joel Tauscher, Vice President, Accounting and Finance (Blaze Credit Union); Sean Bowers, Chief Financial Officer, and Vinay Duggirala, Vice President, Finance (Consumers Credit Union); and Jim Henning, Chief Financial Officer, and Heather Cripe, Assistant Vice President and Manager of Finance (Interra Credit Union). These individuals’ and their teams’ hard work and many extra hours of dedication were integral to the completion of the endeavor.
“Credit unions are cooperatives, and no transaction can reflect that better than this transaction” continued Kohl. “It took multiple months, strong coordination and countless interactions to be sure that we accomplished our goal of completing the first ever credit union multi-issuer auto loan securitization. It has proved the concept can work, and we look forward to many future issuances from multiple credit unions throughout the United States.”
Alloya continues to explore new avenues to support credit union success through securitization, loan participations and other capital markets strategies. Those interested in learning more can visit www.alloyacorp.org/capital-markets-simplified.
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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, investments and member solutions — 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.
About Blaze Credit Union
Blaze Credit Union is a full-service financial institution with Minnesota roots dating back to 1931. Blaze serves nearly 250,000 members, registers over $4.5 billion in assets and has 28 branch locations. Blaze is here to help members “Go for it” by providing financial guidance and encouragement along life’s journeys. Driven by Midwestern values like community, integrity and plain old hard work, Blaze is committed to providing smart financial products, great rates and top-tier service as it lives its mission of bettering lives. For more information, please visit www.blazecu.com.
About Consumers Credit Union
Founded in 1930 and headquartered in Lake Forest, IL, Consumers Credit Union (CCU) has $4 billion in assets and serves more than 250,000 members, making it one of the largest credit unions in the state. CCU believes that nobody needs banks on every corner, but everyone needs people who are in their corner. To learn more, visit www.myconsumers.org.
About Interra Credit Union
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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