First Federal Credit Union Completes Acquisition of Bank Branch in Urbana, IA
April 8, 2022
Hiawatha, IA – First Federal Credit Union announced today the completion of its acquisition of the Urbana, IA branch office of Northeast Security Bank (NSB). In connection with the branch acquisition, First Federal assumed approximately $19.0 million in deposits.
C. Thomas Chalstrom, CEO of First Federal Credit Union stated, “This acquisition is only the second-ever transaction in the state of Iowa where a credit union has purchased a bank branch. We appreciate the efforts of NSB to find a partner that is committed to Urbana and all Benton County communities, and we look forward to the opportunities this transaction will provide all members of First Federal Credit Union. We are delighted to welcome these new members and employees to First Federal”.
Mike Pickering, Chairman of First Federal added, “We look forward to being part of the Urbana and Benton County community. This is an ideal location for our members and is part of First Federal’s continued commitment and approach to building relationships while providing outstanding service and convenience to our members where, when, and how they use our products and services.”
According to Chalstrom, all employees at the Urbana office were retained and the credit union has already integrated its products and services which will minimize any changes Urbana customers experience. Deposits that were previously insured by the FDIC are now federally insured by the National Credit Union Association (NCUA).
About First Federal Credit Union
First Federal Credit Union is a nearly 12,000 member–strong credit union with offices in Cedar Rapids, Hiawatha, Marion, Urbana and Spencer, IA. Originally chartered in 1926, First Federal Credit Union is the second-oldest credit union in the state of Iowa. First Federal provides membership to anyone who lives, works, or worships in Linn, Benton, Clay, Dickinson, and Buena Vista counties in Iowa. For more information call 319.743.7806 or visit www.firstfedcu.com. First Federal Credit Union’s deposits are federally insured by the National Credit Union Association up to the full extent permitted by law.