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CU System
Iowa Merger Latest Of Consolidations
MADISON, Wis. (8/16/13)--A merger between Dupaco Community CU, with $1.067 billion in assets, in Dubuque, Iowa, and Iowa Community CU, with $80.9 million in assets, Cedar Rapids, Iowa, is among the latest credit union consolidations recently announced.

The organization will continue as Dupaco Community CU, the credit unions said. The combined institution will have 18 branches and more than 80,000 members.

The agreement is the first formal step in a process. After due diligence, the arrangement is subject to state and federal regulatory approval, and a vote by the Iowa Community CU membership. Pending all necessary approvals, the intended merger is expected to be completed sometime during the first quarter of 2014.
 
Other recently announced mergers include:
  • A partnership between Akron, Ohio's $17 million asset MedPro CU and Columbus-based Ohio HealthCare FCU, with $52 million in assets, became a reality on Aug. 1, beginning with a realignment of duties among management. The collaborative effort will allow both credit unions to serve healthcare employees throughout Ohio, with Ohio HealthCare focusing on the Central Ohio market and MedPro focusing on the Northeast Ohio market. Bill Butler, former president/CEO of Ohio HealthCare, will assume the title of president, overseeing the entire partnership. Becky Howell, former president/CEO of MedPro, will assume the title of CEO of the Northeast Ohio Market.
  • Christian Financial CU, with $288 million in assets, and ARC CU, with $14 million in assets, both of Roseville, Mich., announced that they will merge operations, effective Sept. 30, with Christian Financial retaining the credit union name, the Michigan Credit Union League said (Michigan Monitor Aug. 12). The merger will benefit ARC CU members, who will gain access to Christian Financial CU's locations, ATM services, extended hours, drive-thru locations and mobile banking.
  • Lutheran CU of America, with $28.5 million in assets, Brea, Calif., has merged into $254 million asset America's Christian CU, Glendora, Calif. It was the goal of the Lutheran CU board of directors and management team to partner with a financial institution that shares the same vision and has the desire to serve people of faith.
  • Great Lakes CU, North Chicago, Ill., will merge with Thornton Township High School CU, South Holland, Ill. Great Lakes CU will have assets of $643 million and serve more than 54,000 members.
  • Southern Illinois Area (SIA) CU, with $8 million in assets, Swansea, Ill., has merged into $186 million asset Arsenal CU, Arnold, Mo. South Illinois Area CU members gain access to Arsenal CU's five branches through the merger (St. Louis Business Journal July 19).
  • Members of $8 million asset Southwestern Telco FCU voted in favor of merging into $115 million Blue Eagle CU. Both credit unions are based in Roanoke, Va. The Southwestern Telco CU board said it was in the best interest of members to seek a merger partner who could offer the breadth of services demanded in the marketplace (Roanoke.com Aug. 2). The merger is scheduled to be completed Labor Day weekend.
  • Members of $2.8 million asset Cassia County Education Association CU, Burley, Idaho, voted to merge with the Pocatello, Idaho-based $134 million asset Idaho State University CU, effective Aug. 1 (Idaho State Journal July 31). The merger was made to offer Cassia County Education Association CU members a broader range of financial services.


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