Nebraska & Iowa CUs Plan Merger at the End of July
Siouxland FCU and Midwest Community CU will join together to cover the corners of three states.
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.