EdCo Community CU to merge with ISU Community CU

<p>DES MOINES and AMES, Iowa – EdCo Community Credit Union, $30,2 million in assets, has agreed in principle to merge with ISU Community CU, $121.2 million in assets. The merger of EdCo Community into ISU Community will make the latter credit union the fourth largest in the state. Dr. M. Kim Sharp, president/CEO of ISU Community CU will remain in that position after the merger. Dennis Sharpe, currently president/CEO of EdCo Community CU, will be executive vice president of ISU Community CU when the merger is approved. ISU Community CU is in the process of completing a merger with ISEA CU, West Des Moines. ISEA CU has almost $12 million in assets. ISU is waiting for word from Superintendent of Credit Unions Jim Forney of the Iowa Credit Union Division that the merger is approved. Forney confirmed his office received “notification of intent” to merge letters from the boards of EdCo Community and ISU Community. That is the first of four steps the credit unions have to complete before the merger can be approved. The process typically takes 90 days. According to Forney, both CUs were first chartered as occupational CUs to serve educational groups. Since they each converted to community charters, they both serve the seven county area around Des Moines, so their fields-of-membership overlap.</p>