Iowa credit unions cautiously congratulated themselves Thursday for handling the corporate dilemma by linking up with the National Cooperative Bank.
CU leaders applauded the planned correspondent tie-in with the Washington co-op bank along with likely dissolution of the $100 million Iowa Corporate Central CU, perhaps in early 2011, as an example of the industry's collaborative spirit during a tense period.
"We must remember that credit unions are cooperatives and, as such, belong to a broader group of like-minded individuals and like-mission organizations," declared Joe Hearn, chairman of the Iowa Credit Union League and party to the proposed NCB-Iowa Corporate deal.
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