Eastern Iowa credit unions merging

CEDAR RAPIDS - Two Eastern Iowa credit unions plan to merge, creating a financial institution with assets of $104 million and 11,000 members.

Three I Credit Union of Burlington will merge with Alliant Credit Union of Dubuque, pending an Oct. 18 vote for Three I's 1,800 members. The boards of directors of both credit unions have signed a letter of intent and the proposed merger has secured approvals from the National Credit Union Administration and Iowa regulators.

Alliant Credit Union operates two offices in Cedar Rapids and an office in Dubuque. Three I has an office in Burlington.

The combined entity will be called Alliant Credit Union, which will continue to operate all existing offices. The merger is expected to be completed by Jan. 1, 2015.

Barb Gerst, president and CEO of Three I Credit Union, said the organization's board of directors conducted extensive research before choosing Alliant Credit Union as a merger partner.

'Merging with Alliant Credit Union will provide our members more financial opportunities and we are excited to be joining them,” he said.

Mike Moroney, president & CEO of Alliant Credit Union, said the merger will provide opportunity for his organization.

'Not only will this create greater economies of scale, but our southern Iowa members have asked for a location that allows greater access, and we feel this merger and the Three I Branch will deliver,” Moroney said. 'Three I members will benefit greatly from the added products and services.”

Alliant Credit Union serves current and retired employees of Alliant Energy Corp., ITC Midwest and American Transmission Co. as well as those employed in the health care industry in Dubuque and Linn counties.

Three I Credit Union serves those who work in specific industries in Des Moines, Henry, Lee and Louisa counties.