DYERSVILLE and DUBUQUE, Iowa (12/1/11)--The membership of $16 million asset RACOM Community CU, Dyersville, Iowa, evening overwhelming voted Tuesday to approve a proposed merger between RACOM and $501 million asset DuTrac Community CU, Dubuque.
DuTrac Community CU will be the continuing credit union, with Andrew Hawkinson serving as president/CEO.
The newly combined organization, with $517 million in assets, will serve more than 42,000 members with 11 branches throughout a 14-county region bordering the Mississippi River and serving the tri-state region of Iowa, Illinois and Wisconsin.
The merger vote took place after preliminary approval from the Iowa Division of Credit Unions and the National Credit Union Administration.
The merger is to be completed by year end.
The RACOM name will remain on the Dyersville location for the next two years with signage incorporating the look and feel of the DuTrac logo along with the words "A division of DuTrac Community CU."