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DES MOINES, Iowa – Iowa Corporate Central CU said it has started to convert credit unions to its partnership structure with Mid-States Corporate FCU. The two corporates announced a unique deal last year whereby Iowa Corporate Central CU’s credit union members will begin moving deposits to Mid-States and utilize Mid-States’ investment products. The idea was to give Iowa Corporate Central CU’s members access to the better rates Mid-States can provide. The deal also calls for Iowa Corporate Central CU’s members to continue to be served by that corporate’s reps. Those reps will work with Mid-States on behalf of their members. The unique partnership confused some in the network as it appeared to have the characteristics of a merger, yet no merger is taking place. Iowa Corporate Central CU CEO Tom Kuehl said things are working great so far. “We expect that all of our credit unions will be operating under the structure by March 31. So far, the credit unions that are participating in the new structure are seeing all the benefits we expected – better rates, more products and lower fees,” said Kuehl. The corporate also announced a $260,000 patronage dividend for its 161 member CUs for 2005.

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