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John Deere CU In Iowa Merger To Hit $1 Billion

WATERLOO, Iowa - Two of Iowa's "Deere" credit unions become formally merged June 1 creating the state's first $1 billion CU. Under an agreement signed last October, the $900 million John Deere Community Credit Union is merging the $91 million Deere Community CU of Ankeny. "This combination is one that...

By Staff Writer | Updated on May 04, 2004

WATERLOO, Iowa – Two of Iowa’s “Deere” credit unions become formally merged June 1 creating the state’s first $1 billion CU. Under an agreement signed last October, the $900 million John Deere Community Credit Union is merging the $91 million Deere Community CU of Ankeny. “This combination is one that makes sense for both credit unions in being able to deliver to our members a much broader range of services through additional branches,” said Jean Trainor, president/CEO of JDCCU. Deere Community found it was unable to offer a full menu of electronic services economically and approached the Waterloo CU last July, said Trainor. “Through a combination of our two credit unions, we felt we could offer their members greater numbers of products and services more conveniently,” said Trainor. JDCCU has 14 branches mostly in northeast Iowa while Deere Community has two Ankeny branches located in central Iowa. JDCCU has 103,000 members while the Ankeny CU has 15,000 Trainor said there are no plans to add any of the other Deere-based CUs in the state or in neighboring Illinois. There is also a Deere Community Federated CU in Ottumwa.

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