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Iowa CUs thriving despite economy says report
WATERLOO, Iowa (11/29/10)--Despite the recent economic downturn, Iowa credit unions have thrived, according to an Iowa Department of Commerce annual report published by the state’s Division of Credit Unions. Combined total assets of Iowa credit unions have grown by nearly 18% from 2008 through 2009 to $8.04 billion, the report said (Waterloo Courier Nov. 22). Credit unions collected more capital and put additional capital into circulation. The number of net loans also rose, the report indicated. Credit unions’ conservative economic policies helped them weather the economic downturn, Jim Niederhauser, director of credit union growth for the Iowa Credit Union League, told the newspaper. “I think it is that conservative approach that has allowed us to expand,” he added. Even with the recent growth, Iowa credit unions constitute less than 10% of all insured investments in the state, Niederhauser said. “Iowa credit unions have a 9.2% market share,” he said. “Our charge is to increase that.” The article also mentioned that Veridian CU in Waterloo, the state’s largest credit union by assets, grew its assets by $250 million to $1.22 billion in 2009. To read the article, use the link.
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