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Earlier this month, members with the $43 million Midwest Community Credit Union in Sioux City, Iowa voted to merge with the $263 million Siouxland Federal Credit Union across the border in South Sioux City, Neb.
The merger, according to details from Siouxland, will become final on July 31 and the new credit union, under the Siouxland name, will serve more than 25,000 members in the corners of Iowa, Nebraska and South Dakota.
In a statement, Joel Steenhoven, president/CEO of Siouxland, said, "We are excited to move forward with this merger. Together, we will be able to provide Midwest Community Credit Union members with an expanded range of products and services, improved technology platforms and greater convenience to meet the evolving needs of members. Our shared commitment to member value, operational excellence and community impact will be the foundation for our success as we navigate this exciting new chapter."
According to merger details, Steenhoven will become the leader of the new credit union, and the president/CEO of Midwest Community, Paddy Friedrichsen, will stay on until retiring later in 2023.
The new credit union will have six branches and it's unclear if Midwest Community's one branch will remain open once the system integration is complete in September.
In recent years, Siouxland has gone through similar mergers with smaller credit unions. In 2020, the $57 million N.W. Iowa Credit Union in LeMars, Iowa merged with Siouxland.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
