Members of the $81 million Iowa Community Credit Union in Cedar Rapids voted to merge their cooperative with the $1.1 billion Dupaco Community Credit Union in Dubuque, Iowa.
Members voted Monday in Waterloo on the merger proposal, which was initially announced by the credit unions’ boards of directors in August.
Pending final regulatory approvals, the consolidation is expected to be completed during first quarter of 2014, Iowa Community CU said in a prepared statement.
Longtime Iowa Community Credit Union President/CEO Mark Heth's decision to retire prompted a lengthy fact-finding analysis of financial institutions to merge with, said Iowa Community CU Board Chair Gene Brown.
Heth joined Iowa Community as CEO in 1986. Prior to that, he served as a consultant for the Iowa Credit Union League in Des Moines.
Heth has said that he plans to retire after the merger is completed though he will be available for any support if needed.
Iowa Community CU was chartered in 1950 and serves more than 10,000 members.
The combined institution will serve more than 80,000 members and operate 18 branches in the Iowa communities of Dubuque, Cedar Rapids, Waterloo, Cedar Falls, Dyersville, Manchester and Carroll communities, as well as Platteville, Wis., and Galena, Ill.Bottom of Form