South Sioux City, NE – Siouxland Federal Credit Union and Midwest Community Credit Union are excited to announce their merger has received regulatory approval along with member approval by a majority vote of the Midwest Community Credit Union membership. The legal date of the merger for the two organizations is planned for July 31, 2023.
The newly merged organization will serve nearly 25,000 members with a branch network of 6 locations across the states of Iowa, Nebraska, and South Dakota. Combined, the organization will have assets of approximately $300 million.
The merger, which brings together two local credit unions in the region, will create a more diversified credit union with enhanced products, services, and resources for their members.
The approvals from members and the regulatory authorities mark a significant milestone in the merger process, following thorough due diligence and assessment of the combined entity’s financial stability, operational integrity, and compliance with regulatory requirements. This decision validates the strategic vision and collaborative efforts of both credit unions in seeking to provide increased value to Midwest Community Credit Union’s members.
The newly merged credit union will operate under the name “Siouxland Federal Credit Union” and will be headquartered in South Sioux City, NE. The combined entity is committed to delivering as seamlessly as possible a transition for Midwest Community members, ensuring minimal disruption to access as they work to fully integrate Midwest Community’s systems to Siouxland Federal Credit Union’s systems.
“We are excited to move forward with this merger,” said Joel Steenhoven, CEO of Siouxland Federal Credit Union. “Together, we will be able to provide Midwest Community Credit Union members with an expanded range of products and services, improved technology platforms, and greater convenience to meet the evolving needs of members. Our shared commitment to member value, operational excellence, and community impact will be the foundation for our success as we navigate this exciting new chapter.”
“Midwest Community Credit Union has always been committed to delivering exceptional member experiences and helping our members thrive,” added Paddy Friedrichsen, CEO of Midwest Community Credit Union. “This merger allows us to further strengthen that commitment by offering additional resources, a broader branch network, and increased lending capacity, ultimately benefiting our members and the communities we serve. We look forward to the opportunities ahead and are grateful for the trust and support of our members and employees throughout this process.”
Siouxland Federal’s Joel Steenhoven will be the President/CEO of the new organization and Midwest Community’s Paddy Friedrichsen will continue serving the organization until she retires in late 2023.
More information regarding the merger can be found on both Siouxland Federal’s www.siouxlandfederalcu.com and Midwest Community’s websites www.midwestcreditunion.com.
About Siouxland Federal Credit Union
Siouxland Federal was originally founded in 1967 as a Nebraska state-chartered credit union. In 1988, they received their federal charter and now serve over 20,000 members across counties in Iowa, Nebraska, and South Dakota. They have 6 branch locations – 4 locations in Sioux City, Iowa, 1 location in Nebraska, and 1 location in South Dakota.
They operate with shared values: respect, attention, accuracy, efficiency, appreciation, and education. They are a team of dedicated people helping people be financially successful.
About Midwest Community Credit Union
Midwest Community Credit Union has been a trusted financial institution since 1956 when it first began as I.P.S. Credit Union at the home of Bud Wall. During its beginnings, it moved to a basement and then a violin shop before a building was built and Midwest Community became its name. Through its comprehensive range of products and services, Midwest Community Credit Union has played a vital role in supporting the financial well-being of its members and communities.
