MADISON, Wis. (4/7/14)--Credit unions have a number of reasons behind deciding to merge: It can be as simple as wanting to provide more services to its members, or it can be prompted by changes at the senior management level.
In Iowa, $1.1 billion-asset Dupaco Community CU, Dubuque, and $78 million-asset Iowa Community CU, Cedar Falls, completed their merger, which was announced in August 2013. All former Iowa Community branches opened under the Dupaco name April 2. The decision to merge was prompted by the impending retirement of Mark Heth, who had been CEO of Iowa Community CU since 1986.
Last week, MidAmerican CU, a $219 million-asset credit union in Wichita, Kan., announced it would merge with Jayhawk FCU, $1.5 million in assets, Lawrence (The Wichita Eagle April 2). Jayhawk FCU's field of membership was limited to its sponsor group, the Lawrence Paper Co., and its subsidiaries Perry Manufacturing, Jayhawk Boxes or Brad Systems.
Matteawan FCU, Beacon, N.Y., merged with $3.8 billion-asset Hudson Valley FCU, Poughkeepsie, effective April 1. The $24 million-asset credit union has served Fishkill and Green Haven Correctional Facilities' offices, as well as other select employees groups.
Also in New York state, $5.6 million-asset Union Settlement FCU, New York, became a division of Lower East Side People's FCU April 1, according to a release. New York-based Lower East Side People's FCU, $36 million in assets, will continue to operate Union Settlement's branch.
In Ohio, River Valley CU, $226 million in assets, Miamisburg, is merging with FirstDay Financial FCU, an $83 million-asset credit union in Dayton. The merger means the 28,000 combined membership will have access to eight branch locations. Lee Spivey, president/CEO of FirstDay will serve as senior vice president of risk management, while River Valley CU's John Bowen will be president/CEO of the merged institution (Dayton Daily News April 2).
Community Driven CU, Ypsilanti, Mich., is asking its members to vote on a proposed merger April 23. The $58 million-asset credit union announced its intent to merge with Peoples Trust CU, a $183 million-asset credit union in Southfield, Mich.