Members of Chemical Credit Union in Clinton, Iowa, overwhelmingly voted to approve a proposed merger with DuTrac Community Credit Union, Dubuque, Iowa.
Having already received preliminary approval from both state and federal regulators, the merger is expected to become effective on May 31.
The combined entity — which will have $641-million assets and more than 43,000 members — will retain the name DuTrac Community Credit Union, with Andrew Hawkinson as its president and CEO.
DuTrac serves more than 42,000 members, and has $628 million in assets. Chemical, with $13 million in assets serves more than 1500 members.
The newly combined entity will have 13 branches throughout a 21-county region bordering the Mississippi River serving Iowa, Illinois and Wisconsin.
"This merger is an excellent opportunity to be able to bring members so much more from their credit union, with greater convenience through more points of contact and expanded service offerings such as real estate, trust, investment and insurance services. The larger organization will be able to leverage certain operational economies of scale that will benefit the membership," said M. Pat Albrecht, board chairman of Chemical, in a statement.
Harlan Pedretti, chairman for DuTrac, stated: "Ultimately the shared culture of focusing on the members' needs was the deciding factor in the merger taking place. We are excited to welcome all the Chemical employees into the DuTrac family. It's a 'win-win' for both organizations."
