Calling its move discouraging but necessary, the $1.4 billion University of Iowa Community Credit Union has undergone a pullback from its campus operations by closing two branches, ATMs and student ID services in a give-up to a local bank.
The shuttering of the campus facilities and subsequent takeover by the $2 billion Hills Bank of Iowa City has been on the drawing boards since last fall and follows a bidding procedure completed last year in which the university administration formally ended a five-year pact with UICCU.
The university subsequently solicited bids from banks and CUs with Hills emerging as the successful bidder for the two branches as well as ATMs and student ID cards previously managed by the Iowa City CU.
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