Citing common cultures and management philosophy, the $161 million Ascentra Credit Union of Bettendorf, Iowa, said this week it is now in the process of completing a merger of the $53 Members Choice Community CU of Clinton, Iowa to 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.
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The merger announcement was made this week in connection with a Sept. 14 vote by Members Choice members and approval by the Iowa Credit Union Division. The combined CU will have eight locations and provide Ascentra an expanded entry into the Clinton market and an ability to reach Alcoa employees.
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