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CU System
Iowa Corporate to work with NCB to design business model
DES MOINES, Iowa (10/29/10)--A tri-party declaration of intent to work cooperatively towards the design of a business model to meet the needs of Iowa credit unions for correspondent banking services has been signed by the National Cooperative Bank (NCB) FSB, a subsidiary of National Consumer Cooperative Bank, Iowa Corporate Central CU (ICCCU) and Affiliates Management Company, a wholly-owned subsidiary of the Iowa Credit Union League. “Although Iowa Corporate has the highest capital ratio of any corporate, due to our small size we felt it necessary to explore alternative ways of continuing to meet the needs of our members,” said Sara Flynn, CEO, ICCCU. “We are excited to work with NCB, an organization that holds many current relationships with the credit union industry and shares our mission and values of providing cooperative solutions.” The three parties to the agreement are currently working through operational details, according to a release from the Iowa Credit Union League. If they are successful in reaching a definitive agreement, they plan to review the proposal for service offerings with credit unions at a series of town hall meetings throughout Iowa when the work is finalized. “We feel strongly that our members will be offered a competitive alternative in terms of security, member service and cost,” Flynn said. “Our No. 1 priority is the continuity of service for our credit unions.” “NCB is pleased to be working with Iowa Corporate and Iowa credit unions," said Steve Brookner, president/CEO of NCB, FSB. “In furthering its mission of serving cooperatives nationwide, NCB looks forward to achieving our mutual objectives through this collaborative effort.”


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