Iowa

The Iowa-based credit union is one of seven groups competing for a $15,000 economic development award from the Federal Home Loan Bank of Des Moines.

The company said that Michael Segner had also succeeded Stephen Mourlam as its president.

The company will enter the Iowa cities of Des Moines and Dubuque as part of the $170 million acquisition.

In a win for bankers, a new state law is forcing major changes at two Iowa credit unions – and analysts say CUs in other states could face the same fate.

Banks are adjusting loan terms, making use of federal loan guarantees and working with farmers to find new markets, all in an effort to mitigate the damage from a likely drop in soybean exports.

Sponsoring so-called pitch competitions helps lenders gain Community Reinvestment Act credit and gather deposits.

Sioux Valley Community Credit Union and Coulee Dam FCU are set to convert to Fiserv's Portico platform.

Kathy Thorson, who is currently a market president at MetaBank, will oversee strategy for all of its four markets.

CEO Bruce Lee believes a multicharter model, which many other banks have scrapped, gives the Iowa company an edge in smaller markets.

The CEO of Iowa's largest credit union suspects a rider attached to a budget bill before the state's legislature was inserted to "placate bankers" after the recent failure of a move to tax CUs there.