The Directors of Camanche, IA,-based 1ST Gateway and Morrison, IL,-based MCFCU have approved a partnership after signing an “Intent to Merge” agreement to combine the two organizations. The Directors of both credit unions agree that their memberships will gain from this merger through expanded locations, enhanced product and service offerings, and cost savings.
The agreement needs regulatory approval and also requires the approval of the Morrison Community Federal Credit Union membership. If all goes according to plan, the formal merger is expected to be completed on Saturday, February 28, 2015.
The combined organization will continue as 1ST Gateway Credit Union and be headquartered in Camanche. The Morrison location of MCFCU will become a branch office. All staff from both organizations will remain intact.
1ST Gateway CEO, Pat Drennen, said, “There is strength in numbers, and this partnership builds on the strengths of both organizations that focus on looking out for the financial well-being of their members. In addition, it will provide the members of MCFCU with better rates on deposits and loans, as well as additional products and services, including an enhanced mobile banking product, a broader ATM network, and access to ‘member-friendly’ mortgage loans.”
Both credit unions have a history of giving back to their communities and they value their employees. These two areas were specifically addressed during merger conversations and their importance was stressed by both organizations. A shared commitment to community, access to affordable financial services, and a true intent to improve the lives of their members are cornerstones for both credit unions.
MCFCU Manager Michelle Renkes added, “Merging with 1ST Gateway provides our Morrison staff the best opportunity to offer enhanced financial services to our members, and [it] gives us the financial strength to be able to expand our long-term presence within the Morrison community. It’s a ‘win-win’ for all of us.”
Both 1ST Gateway and Morrison Community Federal have extremely strong reserves and positive growth curves, and both are financially healthy. This merger is a joint venture of two strong organizations, to find ways to better serve their memberships. Once completed, the combined organization will have nearly 10,000 members and assets near $110 million with five locations in eastern Iowa and western Illinois.