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The financial crisis that ripped through most of the country during the past four years had left  Iowa virtually unscathed. Earlier this summer, unemployment was relatively low, home prices were stable and farm incomes were on the rise. Iowa credit unions reported one of the nation’s highest return on average assets during first-quarter 2012, according to the NCUA’s Quarterly U.S. Map Review.

But now, with the worst drought since 1936 bearing down on the Hawkeye State, the first  quarter’s annualized 112 basis points worth of ROA could quickly evaporate.

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