Expanding its eastern Iowa growth, the $161 million Ascentra Credit Union of Bettendorf, Iowa, said it is in the process of completing a merger with the $53 Members Choice Community CU of Clinton, Iowa. The merger will be finalized next March.
“We are both well capitalized credit unions, and this is a merger of convenience to members in both organizations,” said Paul Lensmeyer, president/CEO of Ascentra, the surviving CU, which will have a combined membership of 29,500 members.
Ascentra was formerly known as Alcoa Employees and Community CU.
The merger announcement was made following a Sept. 14 vote by Members Choice members and follows approval by the Iowa Credit Union Division. The combined CU will have eight locations and will provide Ascentra an expanded entry into the Clinton market and an ability to reach Alcoa employees.
—jrubenstein@cutimes.com