Iowa Corporate Central Credit Union and Mid-States Corporate FCU announced last week what they called a "financial partnership."
Under the partnership, Naperville, Ill.-based Mid-States will provide loan services, investment products, balance sheet and brokerage services to Iowa credit unions through the current Iowa Corporate staff. Iowa Corporate will maintain member relationships, correspondent services and settlement with its Iowa members. The organizations will continue to operate with their separate identities, office locations, staff, board and management, the corporates said.
"Iowa Corporate maintains a strong working relationship with its members," said Tom Kuehl, president and CEO of Iowa Corporate. "During the past couple of years as other corporates were merging, we were examining how we could enhance value in our product and service lines without losing control over what we do best-member service."
Mid-States CEO David Preter said the partnership will allow Iowa Corporate to leverage the Mid-States infrastructure and will lead to lower fees and higher rates for credit unions.
The corporates said they expect all 161 Iowa member credit unions will be operating under the new agreement by yearend.
