The $505 million DuTrac Community Credit Union of Dubuque, Iowa, announced Wednesday its merger of the $12 million RACOM Community CU of neighboring Dyersville has received "overwhelming" member and regulatory approval.
The merger, effective Dec. 31, is being pursued to effect economies of scale and to broaden RACOM's product and service menu, the credit unions said in a statement.
"The merger will combine two financially strong, successful credit unions with shared northeast Iowa roots in the manufacturing industry," the statement said, adding "complementary operating philosophies and membership bases will only increase the value each brings to their members, communities and employees."
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