On behalf of the Board of Directors of NW Iowa Credit Union, I am pleased to share exciting news. We have received regulatory approval to pursue a merger with Siouxland Federal Credit Union (the Continuing Credit Union).
NW Iowa Credit Union and Siouxland Federal Credit Union are both located within the Sioux City, Iowa, South Sioux City, Nebraska, and Dakota Dunes, South Dakota area, well-capitalized organizations that share a common desire and commitment to provide exceptional service to members. Merging our two organizations will result in a merged credit union with approximately $245 million in assets and approximately 24,000 members. Unlike bank mergers that are designed to make money for stockholders, this merger is for you, our member. This merger will result in a wider variety of competitive services and products and conveniences, including:
- Convenience through five (5) additional locations throughout the Sioux City, Iowa, South Sioux City, Nebraska, and Dakota Dunes, South Dakota area and drive-up ATM locations available at all branch locations, and a 24-hour service phone center to serve you. The Continuing Credit Union will continue to serve Cherokee County, O’Brien County, Plymouth County, Sioux County,Union County, and Woodbury County. In addition, the Continuing Credit Union also serves Dakota and Dixon Counties, Nebraska. After the merger, all new members must meet Siouxland Federal Credit Union’s field of membership.
- Advanced products and services with competitive interest rates. The Continuing Credit Union offers several additional products including:
- Apple Pay® and Samsung Pay®
- Additional mortgage products
- Business lending
- VISA credit cards with low rates and high rewards
- Advanced online account opening and loan application and origination
- State-of-the-art online and mobile banking
- Indirect Auto Lending
- Debit card security
- NW Iowa Credit Union will continue to operate under its name, as a division of Siouxland Federal Credit Union, for up to two years after the proposed merger.
- The President/CEO of Siouxland Federal Credit Union, Joel Steenhoven, will be the President/CEO of the Continuing Credit Union after the proposed merger. NW Iowa Credit Union’s long-time President/CEO, Steve De Boer, will continue to work at the Le Mars facility for 6 to 12 months after the proposed merger to assist in the immediate post-merger transition. Thereafter, Mr. DeBoer will work as an advisor to the Continuing Credit Union’s President/CEO, Mr. Joel Steenhoven, until age 65 with no change in compensation.
- NW Iowa Credit Union employees who wish to continue employment will continue to employed by the Continuing Credit Union after the proposed merger, provided they remain in good standing as of the merger date.
- NW Iowa Credit Union will have continued volunteer representation after the merger as two (2)members of our current Board of Directors will have the opportunity to serve as Board Members of the Continuing Credit Union. In addition, the Continuing Credit Union is establishing a non-voting Advisory Board to the management team and five (5) members of our current Board of Directors will have the opportunity to serve as Advisory Board Members for at least 12 months following the merger date.
- The Continuing Credit Union is committed to its community and has agreed to dedicate resources to building engagement within the local Iowa community with an investment in a charitable account with at least 51% of earnings thereof for charitable purposes, subject to NCUA Rules and requirements of federal and state law as well as the safety and soundness of the combined credit union.
In addition, your accounts will continue to be federally insured through the National Credit Union Share Insurance Fund (NCUSIF).
Beyond these immediate benefits, the proposed merger combines two established entities that share similar values and commitment to personalized service and financial empowerment of its members. By combining these two organizations, the resulting Continuing Credit Union will be in a strong competitive position to offer members even greater value and will benefit members, the community, and its employees for the long term.
The Board of Directors of NW Iowa Credit Union and management support this merger. However, the final decision is up to you. Your vote to approve this merger is very important. The merger must have the approval of a majority of the members of the credit union who vote on the proposal. To be counted, your Ballot and Ballot Information Form must be received by the date and time for the voting method as set forth below.
Please complete the enclosed Ballot for Merger Proposal and Ballot Information Form and return them in the enclosed postage-prepaid envelope to CUBallot at P. O. Box 3156, Dublin, OH 43016-9842,or complete the Ballot and Ballot Information Form and hand deliver them in the enclosed envelope to the Credit Union branch, or vote electronically at https://nwicu.cuballot.com.
Mailed ballots and Ballot Information Forms must be postmarked by June 25, 2020, or hand-delivered to the Credit Union by the close of business on June 25, 2020.
Electronic ballots must be submitted no later than midnight, on June 25, 2020.
If you wish to submit comments about the merger to share with other members, you may submit them to the National Credit Union Administration (NCUA) at https://www.ncua.gov/support-services/credit-union-resources-expansion/resources/comments-proposed-credit-union-mergers or Office of Credit Union Resources and Expansion (CURE), NCUA, 1775 Duke Street, Alexandria, VA 22314. The NCUA will post comments received from members on its website, along with the member's name, subject to the limitations and requirements of its regulations.
We greatly appreciate your membership and thank you for your support.
Chairperson, Board of Directors