Two Iowa credit unions are planning a merger that will create a financial cooperative with 18 branches and more than 80,000 members.
Dupaco Community Credit Union of Dubuque and Iowa Community Credit Union of Cedar Falls have approved an intent to merge agreement to combine the two organizations. The deal is subject to state and federal regulatory approval, as well as a vote by the members of Iowa Community Credit Union.
Assuming the merger is approved by regulators and the Iowa Community Credit Union membership, completion is expected in the first quarter of 2014.
Dupaco, chartered in 1948, has members in 28 counties throughout Eastern Iowa, northwest Illinois and southwest Wisconsin. It has offices in Cedar Rapids, Cedar Falls, Dubuque, Dyersville, Manchester, Platteville, Wis., and Galena, Ill., more than 70,000 members and assets of more than $1.1 billion.
Iowa Community, charted in 1950, has more than 10,000 members with assets of nearly $85 million. The credit union has offices in Cedar Rapids, Carroll, Cedar Falls and Waterloo.
Iowa Community Board Chairman Gene Brown said long-time Iowa Community President and CEO Mark Heth’s decision to retire prompted a lengthy and deliberate fact-finding analysis of the financial institutions.