LE MARS, Iowa—Members of the $57-million N.W. Iowa Credit Union have voted down a proposed merger between the $205-million Siouxland Federal Credit Union, according to a post on N.W. Iowa’s website.
The CU stated its members voted to “remain independent rather than partner with Siouxland.” Election results were finalized July 1. Siouxland FCU is based in South Sioux City, Neb.
“Thank you to our many members who voted. Your participation tells us that you value N.W. Iowa Credit Union and our economical loan rates, market leading share rates, lower fees, and relationship service. 26% of N.W. Iowa Credit Union members voted in the election with 66% voting to remain independent,” the CU stated on its website. “We were flattered by Siouxland Federal's invitation to partner with N.W. Iowa Credit Union. While the N.W. Iowa board believed that Siouxland Federal was a good match for us and would have allowed us to provide more to our members, we respect the decision to continue as an independent member-owned credit union.”