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."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
