HIAWATHA, Iowa–Two Iowa credit unions have merged. The $124-million First Federal Credit Union and the $1.4-million Eaton Employees CU of Spencer said they have combined operations as both NCUA and the Iowa Division of Credit Unions have signed off on the deal.
“We are pleased to welcome Eaton Employees Credit Union members as part of our organization,” First Federal President and CEO Tom Chalstrom said in a statement. “First Federal Credit Union is one of the oldest credit unions in Iowa and our legacy of meeting the financial needs of our members will now extend to the members of Eaton Employees Credit Union. Our plans include relocating the credit union office to a new, accessible location. Additionally, with this merger, First Federal is able to provide its products and services to all residents in Clay, Dickinson and Buena Vista counties.”
Cathy McKibben, the one employee of EECU, which has just 298 members, has agreed to remain in a similar position with First Federal Credit Union. The combined CU will serve just under 10,000 members.