DES MOINES, Iowa – Iowa Corporate Central CU plans to make a partial distribution to its 140 members before year-end as part of a voluntary liquidation plan approved by the board of the $100-million corporate credit union.
A final payout will be made once the dissolution is completed, expected in the first quarter of 2012, and all creditors have been paid according to Sara Flynn, president of Iowa Corporate.
Iowa will be the second corporate to liquidate this year, following the June dissolution of North Dakota’s Midwest Corporate CU. More than 100 of the Iowa corporate’s members have contracted for correspondent services with the National Cooperative Bank to replace their corporate’s services.
The membership vote for Iowa Corporate is scheduled for Nov. 17. There is an absentee voting period of 20 days. The liquidation, if approved, will occur on Dec. 8 and operations will cease at that time.
