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Iowa league decides not to buy bank
DES MOINES, Iowa (11/30/09)-The Iowa Credit Union League (ICUL) has decided to withdraw its application to purchase CreditCard National Bank of Tucson, Ariz. “Since filing the applications, we have learned that in response to the current economic environment, regulatory requirements would be imposed upon our business model which would not allow us to effectively serve our members,” said Iowa league President/CEO Patrick Jury. “Therefore, we have decided to withdraw our applications and explore other resolutions to our member needs. Iowa Corporate will continue to operate as usual throughout this timeframe,” Jury said. “Our commitment at ICUL and Iowa Corporate has been to partner with Iowa credit unions to bring this process to a positive resolution for the benefit of our members,” he added. The league filed an application in September after an extensive due diligence process. ICUL and Iowa Corporate Central CU aimed to meet the future needs of members and to find a suitable alternative for Iowa credit unions as Iowa Corporate evaluates its future direction, Jury said.


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