Cedar Rapids, Des Moines credit unions merging

Collins Community Credit Union, the state's fourth-largest credit union, is expanding into the Des Moines and Iowa City markets.

On May 25, members of the Federal Employees Credit Union of Iowa in Des Moines voted to merge with the Cedar Rapids credit union. The merger of the not-for-profit financial cooperatives will happen Tuesday.

Collins Community Credit Union will keep all existing FECU locations open, operating 13 locations in Marion, Cedar Rapids, North Liberty, Iowa City, Des Moines and a Home Loan Center in Cedar Falls.

FECU's Iowa City office is located inside the VA Medical Center. The credit union's main office is located in the federal building in downtown Des Moines and it has a branch on Post Street in Des Moines.

Collins Community Credit Union had assets of $773.7 million on March 31, according to the National Credit Union Association. FECU, founded in 1935 to serve federal employees in Iowa, had assets of $19.1 million.

'At Collins Community Credit Union, we have a very similar philosophy and culture as FECU,” said Rick Benhart, president and CEO of Collins Community Credit Union.

Collins Community Credit Union was formed in 1940 by 10 employees of Collins Radio Co., predecessor of Rockwell Collins in Cedar Rapids.

Veridian Credit Union in Waterloo is the largest Iowa credit union with assets of $2.5 billion on March 31, followed by University of Iowa Community Credit Union at $2.2 billion and Dupaco Community Credit Union of Dubuque with assets of $1.2 billion.