DUBUQUE, Iowa -- Dupaco Community CU will pick up four branches with a proposed merger of Iowa Community CU, an $85 million credit union in Cedar Falls.
The merger was prompted by the pending retirement of Mark Heth, president of Iowa Community since 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 Gene Brown, chairman of the Iowa Community board.
"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."Dupaco Community has 14 branches and more than $1.1 billion in assets and serves 28 counties throughout eastern Iowa, northwest Illinois and southwest Wisconsin.
Dupaco Community, chartered in 1948 to serve employees of the Dubuque Packing Company, has 14 branches and more than $1.1 billion in assets and serves 70,000 members in 28 counties throughout eastern Iowa, northwest Illinois and southwest Wisconsin.
Iowa Community is a healthy credit unionserving 10,000 members in 29 Iowa counties.
The merger is subject to state and federal regulatory approval, as well as a vote by the Iowa Community CU membership. The combination is expected to be completed sometime during the first quarter of 2014.
