DUBUQUE, IA (September 29, 2014) -- Alliant Credit Union (Dubuque, IA) and Three I Credit Union (Burlington, IA) announced today that the two credit unions intend to merge. The Board of Directors from both credit unions have signed a letter of intent. The proposed merger has secured approvals from the NCUA and Iowa regulators. A special vote for Three I’s 1,800 members is scheduled for October 18, 2014, to complete the approval process.
The proposed merger would combine the two credit unions and would create a $104 million asset financial institution with 11,000 members. The combined entity will continued to be called Alliant Credit Union. The newly combined financial institution will have six branches in Iowa (three Dubuque; two Cedar Rapids; one Burlington).
Commenting on the strength and soundness of Alliant Credit Union, Barb Gerst, President & CEO of Three I Credit Union stated, “After extensive research and consideration, the Board of Directors at Three I Credit Union chose Alliant Credit Union with which to merge. We were looking for a credit union that would provide our members with great products and services. Merging with Alliant Credit Union will provide our members more financial opportunities and we are excited to be joining them.”
Mike Moroney, President & CEO of Alliant Credit Union commented, “This merger is a great opportunity for Alliant Credit Union and we are very pleased to have such a well know credit union join us. Not only will this create greater economies of scale, but our Southern Iowa members have asked for a location that allows greater access, and we feel this merger and the Three I Branch will deliver. Three I members will benefit greatly from the added products and services. This really is a win-win for all members.”
Following final approval, the merge is expected to be complete by January 1, 2015.
Alliant Credit Union serves current and retired employees of Alliant Energy Corporation, ITC Midwest, American Transmission Company (ATC), as well as those employed in the healthcare industry in Dubuque and Linn Counties; immediate family is also eligible for membership. Three I Credit Union serves those who work in specific industries in Des Moines, Henry, Lee or Louisa County, all in Iowa.
About Alliant Credit Union
Established in 1933, Alliant Credit Union, and its division Health Services Credit Union, is an award winning, full-service, financial institution, with offices located at 1200 Associates Drive, 1402 White Street and 250 Mercy Drive, all in Dubuque; and, 1305 1st Ave SE and 200 First St. in Cedar Rapids. For more information, visit www.alliantcu.com or call 563-585-3737 / 800-928-4328.
About Three I Credit Union
Established in 1963, Three I Credit Union has an office located at 3001 Sylvania Drive, Burlington, IA. Three I currently services 1,800 members with $8 million in assets. For more information, visit www.threeicreditunion.com.