Information about the proposed merger of Village Credit Union with Collins Community Credit Union.
Proposed Merger of Village Credit Union
All Village Credit Union members were mailed a letter with the following information on 11/05/2018, along with several supporting documents. If you did not receive your letter, please email firstname.lastname@example.org immediately.
Village Credit Union is proposing a merger with Collins Community Credit Union in which all assets and liabilities of Village Credit Union will be transferred to the Collins Community Credit Union and all members of Village Credit Union will become members of Collins Community Credit Union.
The Board of Directors of Village Credit Union has determined that for the purpose of member service and access to additional financial services, a merger with a credit union that has additional services and additional branch locations is in the best interest of the credit union membership. There is an economy of scale to be gained in being a larger credit union thereby providing members a greater return in the form of new services and better deposit and loan rates.
In order to accomplish the merger, it is necessary to obtain approval of the merger proposal by a majority of the voting credit union members in attendance at the meeting. Each member shall only be allowed to vote once. A special meeting of the members of this credit union has been called and will be held on Thursday, November 29, 2018 at 5:30 p.m. at Village Credit Union, 601 E. Court Avenue, Des Moines, Iowa 50309.
If the merger is approved, what will happen to the Village CU employees and Board of Directors? Collins Community Credit Union (Collins Community CU) will retain the employees and branch location of Village Credit Union after the merger with no immediate plans to close the branch. The Board of Collins Community CU will assume responsibility for the operations of the combined credit unions, but all members of Village Credit Union are encouraged to run for a seat on the Collins Community CU Board of Directors prior to the annual meeting in April 2019.
Is Village Credit Union merging because it is in trouble or financially unstable? Rest assured that your credit union is a strong, viable credit union! However, compliance and cyber security requirements have become overwhelming to a credit union of our size. We’re simply not in a position to offer the financial services our members desire while maintaining the level of compliance and security that is required to protect and serve you well.
Will we still have our office on East Court Avenue? Yes. At this time there are no plans to close the East Court Ave. branch.
If the merger is approved, will I as a Village member have a voice in matters relating to Collins Community CU? Yes! Like Village, Collins Community CU is a proud member-owned, not-for-profit credit union. They too have a volunteer Board of Directors, give their members a say in the operations of the credit union, and return their excess earnings to members in the form of more affordable products and services.
How long has Collins Community Credit Union been in operation? Collins Community CU was chartered in 1940.
Who can be a member of Collins Community Credit Union? Collins Community Credit Union membership is open to anyone living or working in the following Iowa counties: Benton, Black Hawk, Boone, Bremer, Buchanan, Butler, Cedar, Clinton, Clayton, Dallas, Delaware, Des Moines, Dubuque, Fayette, Grundy, Henry, Iowa, Jackson, Jasper, Jefferson, Jones, Johnson, Keokuk, Linn, Louisa, Madison, Mahaska, Marion, Marshall, Muscatine, Polk, Poweshiek, Scott, Story, Tama, Warren, Washington and Wapello. Businesses located in any of these counties are also eligible for membership.
What financial services does Collins Community Credit Union offer? Collins Community CU offers all the personal financial services you’ve enjoyed with Village Credit Union, and much more. They also have business services and electronic/online services that far surpass what we have been able to provide. You can learn more at www.collinscu.org, or call Collins Community CU at 1-800-475-1150.
Where does Collins Community Credit Union have branch locations? Collins Community CU has a large number of branch locations to serve you! Their main office is located at: 1150 42nd St NE, Cedar Rapids, IA. In addition, they have 6 Des Moines Metro locations:
5440 NW 86th St. in Johnston
210 Walnut St, Suite 469 in Des Moines
3425 Ingersoll Ave. in Des Moines
4343 Merle Hay Rd. in Des Moines
6260 Mills Civic Parkway in West Des Moines
1054 73rd Street in Clive (Home Loan Center)
There are 5 additional branch locations in Cedar Rapids, IA; 1 location in Dubuque, IA (with an additional Home Loan Center opening soon); 1 in North Liberty, IA; 1 in Marion, IA; 1 in Iowa City, IA; and 1 in Cedar Falls, IA.
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November 29, 2018 5:30 pmSpecial meeting of the membership: Merger Vote