Credit unions in southern Iowa to merge

Community 1st Credit Union in Ottumwa, Iowa, and HomeTown Credit Union in Shenandoah, Iowa, have struck a deal to merge.

Community, which has over $980 million of assets, announced that it will combine with the $3.1 million-asset HomeTown effective Mar. 7.

Community 1st "is always looking for opportunities to further expand its footprint,” Greg Hanshaw, president and CEO of Community 1st, told American Banker. “Shenandoah, Iowa, is a wonderful location and community for [Community 1st], as most of our retail branches are based in southern, rural Iowa.”

The combined credit union would serve more than 68,000 members across its network of 21 branches. In October, Community completed its merger with the $41 million-asset Nishna Valley Credit Union in Atlantic, Iowa.

“We have the right technology for today and tomorrow, which we believe will be an added convenience and tremendous benefit for HomeTown members…both memberships will enjoy the additional location with 21 branches serving 18 communities in Iowa,” Hanshaw said.