CEDAR RAPIDS, Iowa – The closure of the Sealed Air Cryovac plant here this fall has forced the plant’s tiny credit union, Cryovac Employees CU, to merge into the much larger Dupaco Community CU, in nearby Dubuque.
At the close of business yesterday, the office of the $2.7 million credit union inside the Cryovac plant was closed and Cryovac members' accounts were converted to Dupaco accounts.
Cryovac CU was chartered in 1953 and has 638 members. The credit union had been marginally profitable, with net income of $27,473 for 2008 and $32,090 for 2007.
Dupaco Community has almost $550 million in assets and reported net income of $3.1 million for 2008.
Sealed Air announced late December it will close 58-year-old food packaging facility in October. The shutdown will idle 257 employees.
