Shared Branching Gains Four New Iowa Credit Unions
According to Credit Union Service Network, a shared branching network that facilitates shared branching access with CO-OP Shared Branching, the $98 million Cedar Falls Community Credit Union, the $68 million North Iowa Community Credit Union and the $23 million Sioux Valley Community Credit Union signed contracts as both issuers and acquirers. A fourth credit union, the $8 million Quaker Oats Credit Union in Cedar Rapids, Iowa, signed a contract as an issuer only.
Issuer credit unions enable their members to participate in shared branching in other credit union shared branch outlets. Acquiring credit unions allow at least one of their branches to become a shared branch outlet and accept transactions from other credit unions’ members.
The four newly-signed credit unions will provide seven new shared branching outlets serving Northern and Western Iowa, CUSN said. The network added that acquiring a branch in Cedar Falls was especially helpful, because the University of Northern Iowa draws students from out of town and outside the state.