IOWA CITY, Iowa – University of Iowa CU yesterday said members of Best of Iowa Community CU voted Tuesday night to merge into it, creating a credit union with $950 million in assets.
University of Iowa Community, with $900 million in assets and a healthy $13 million net for 2009, will retain the smaller credit union’s 22 employees and two branches in Hiawatha and Vinton, giving the surviving credit union a total of 10 service centers.
Best of Iowa has $45 million in assets and 8.4% net worth and earned net income of $163,000 in 2009, even after a $235,000 charge for the corporate credit union bailout.
