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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The combined entity will retain the "RACOM name on the Dyersville location for the next two years with signage incorporating the look and feel of the DuTrac logo along with the words 'A division of DuTrac Community Credit Union.'"
DuTrac Community will have 11 branches across a 14-county region bordering the Mississippi River, serving the tri-state region of Iowa, Illinois and Wisconsin.
The 2,300-member RACOM serves four counties in northeast Iowa. DuTrac has 40,000 members in the tri-state market.
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