DUBUQUE and CEDAR FALLS, Iowa—During a meeting held Monday evening in Waterloo, Iowa, members of Iowa Community Credit Union voted to merge with Dupaco Community Credit Union.
Once complete, the merger will offer expanded financial products, services and advice, as well as greater convenience, to all Dupaco and Iowa Community Credit Union members. Increased operational efficiencies will create a stronger financial cooperative for members of both organizations. The organization will continue as Dupaco Community Credit Union.
The combined institution will have 18 branches and more than 80,000 members, with locations serving the Dubuque, Cedar Rapids, Waterloo, Cedar Falls, Dyersville, Manchester and Carroll, Iowa communities, as well as Platteville, Wis., and Galena, Ill.
Following final regulatory approval, the intended merger is expected to be completed sometime during the first quarter of 2014.
Long-time Iowa Community Credit Union President/CEO Mark Heth’s decision to retire prompted a lengthy and deliberate fact-finding analysis of financial institutions, according to Iowa Community Board Chairman Gene Brown. Heth joined Iowa Community as CEO in 1986.
"The Iowa Community Board of Directors constantly looks for new ways to improve rates, expand services, enhance member convenience, and create new opportunities for the valued employees of Iowa Community," said Brown. "The board concluded that Iowa Community members and employees will benefit substantially, both in the short- and long-term, by partnering with Dupaco Community Credit Union."
"This partnership is a proactive step by two financially-sound institutions to capitalize on their strengths and position the new organization to move successfully into the future," said Dupaco Board Chairman Jeff Gonner. "We are very excited to partner with Iowa Community Credit Union, as it will provide great benefits to all members, employees and the communities we serve."
Gonner points out that as a member-owned, not-for-profit financial cooperatives, a credit union is owned and controlled by the members who its serves. In light of that structure, credit union merger decisions are based upon what is in the best interest of the members of each organization.
Iowa Community Credit Union members can access supplemental merger information related to member accounts—such as direct deposits, checks, ATM and credit cards—as it is updated and communicated via the Iowa Community Credit Union website, newsletter and branches, according to Dupaco President/CEO Joe Hearn.
"There are many moving parts in combining two member service organizations," he said. "Staff at both credit unions will continue to clarify and communicate details to members as operational specifics start to fall into place."
ABOUT IOWA COMMUNITY CREDIT UNION:
Iowa Community Credit Union was charted in 1950 and has full service offices in Cedar Falls, Waterloo, Cedar Rapids, and Carroll, Iowa. Membership totals more than 10,000 with assets of nearly $85 million. Visit Iowa Community Credit Union at www.iccu.org.