Daily Dupaco

Tuesday, April 01, 2014

Dupaco and Iowa Community CU Complete Merger

DUBUQUE, Iowa—Dupaco Community Credit Union officially welcomed members of Iowa Community Credit Union after the two financial cooperatives completed their merger today.

The merger first was announced in August of 2013.  In addition to state and federal regulatory approval, Iowa Community Credit Union members voted to approve the merger during a special membership meeting on Nov. 18.

The organization continues as Dupaco Community Credit Union.  All former Iowa Community offices will open as Dupaco Community branches on April 2.

The combined institution now operates 18 branches and serves more than 82,000 members from locations in Dubuque, Cedar Rapids, Waterloo, Cedar Falls, Dyersville, Manchester and Carroll, Iowa, as well as Platteville, Wis., and Galena, Ill.

Dupaco Community Credit Union President/CEO Joe Hearn said the merger offers expanded financial products, services and advice, as well as greater convenience, to all Dupaco and former Iowa Community Credit Union members.

“Increased operational efficiencies will create an even stronger financial cooperative for members of both organizations,” said Hearn.

Long-time Iowa Community Credit Union President/CEO Mark Heth’s decision to retire prompted the Iowa Community Credit Union Board of Directors to conduct a lengthy and deliberate fact-finding analysis of financial institutions.  Heth joined Iowa Community as CEO in 1986.

Iowa Community Credit Union was chartered in 1950 and served more than 10,000 members from six branches.  It had assets of more than $78 million.

Hearn said besides the retirement of Iowa Community Credit Union CEO Mark Heth and his wife, Iowa Community Credit Union Executive Vice President Rosanne Bowers, all Iowa Community Credit Union employees interested in remaining with the credit union will be retained.

“Because Iowa Community staff relationships with members are critical to the ongoing success of the credit union, we are excited that all remaining full time employees are joining team Dupaco,” said Hearn.

Dupaco Board Chairman Ron Mussehl praised Iowa Community Credit Union’s board and staff for nearly 65 years of capable service to the financial needs of their members.

“As a credit union director, I understand the increasing challenge to improve rates, expand services, enhance member convenience, and create new opportunities for valued employees,” said Mussehl. “In light of their CEO’s retirement, the Iowa Community board concluded that their members, employees, and communities will benefit substantially, both in the short- and long-term, by partnering with Dupaco Community Credit Union.”

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