Iowa Credit Union to Buy Branches, Loans, and Deposits from First American Bank

GreenState Credit Union (North Liberty, IA) announced on June 25 that it will purchase seven First American Bank (Fort Dodge, IA) branch locations in central Iowa.

The acquisition, which includes the bank's Des Moines metro and Fort Dodge locations, includes approximately $200 million in loans and $500 million in deposits.

GreenState Credit Union was formerly known as University of Iowa Community Credit Union.

GreenState CU is the largest Iowa credit union with almost $5.4 billion in assets.

The transaction is subject to regulatory approval and is expected to close in the fourth quarter.

Earlier this year, First American Bank announced that it was selling its three branches and assets in Florida to MIDFLORIDA Credit Union (Lakeland, FL).

Read the press release.