Marking its first merger since 2006, the $503 million DuTrac Community Credit Union of Dubuque, Iowa, said this week it signed a letter of intent to take over the nearby $12 million RACOM Community Credit Union of Dyersville.
Management of RACOM, which had been scouting for a partner since earlier this year, said a consolidation would help it offer a wider product menu.
“We can offer a range of products including mortgages, bill pay and much more that they were unable to provide,” said Jason Norton, DuTrac senior vice president of marketing and business development.
RACOM has one office and 2,300 members and penetration in four counties in northeast Iowa.
DuTrac’s field of membership currently encompasses 10 counties in a 14-county region bordering the Mississippi River serving the Tri-State region of Iowa, Illinois and Wisconsin. DuTrac has 39,000 members.
The merger is subject to completion of a due diligence process, regulatory approval and a vote by RACOM’s members.