Information about the proposed merger of Village Credit Union with Collins Community Credit Union.
Merger of Village Credit Union with Collins Community Credit Union
The merger of Village Credit Union with Collins Community Credit Union was unanimously approved by a vote of 42 members during a special meeting that was held at the credit union on Thursday, November 29th.
At the special meeting, members were given the opportunity to ask questions about the reasons for the merger and what changes to expect going forward. More information will be provided as it is available, so we encourage you to revisit this page often and sign-up to receive merger-related emails.
The best way to stay up-to-date on the merger is to visit this page AND sign-up to receive our merger-related emails!You can submit your merger-related questions using this form & we’ll answer them as quickly as possible. We may even post your question & our answer to the bottom of this page.
Why is Village Credit Union merging? The Board of Directors of Village Credit Union 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 was 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.
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.
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.
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.
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.
Will our checks and accounts be changed?( routing #, acct #,) I have payments automatically deducted.
Chances are these things probably will change or be altered in at least some way, but we’re not sure at this point. We will be working on all of these details with Collins Community CU over the next few months and will be sure to communicate everything we know as soon as we know it.