Corda Credit Union to open new location in North Liberty

Corda Credit Union, formerly known as Linn Area Credit Union, is opening a new location in the city of North Liberty. This will be its first location outside of Linn County, where it currently operates branches in Cedar Rapids and Marion. “We couldn't be more thrilled with the location. We feel like it's a perfect spot for our new branch,” Corda president and CEO Paula O’Rourke said. “We're really excited to be a community partner with North Liberty in bringing financial services, as well as community impacts that (are) impactful for all.”

The 5,046 square foot financial institution will be located on Hayes Lane within the Solomon’s Landing development, and Solum Lang Architects is working on the design of the building, Ms. O’Rourke said.

Previous name created confusion

The financial institution was founded in 1935, when 11 Cedar Rapids teachers each contributed $5 of their own money to form a credit union, where the funds deposited by teachers would be lent out to their co-workers. At the time, it was called the Cedar Rapids Teachers’ Credit Union, but has undergone several name changes since then. Since 1982, it has been known as Linn Area Credit Union. The name changed once again in May to Corda Credit Union, a strategic shift that reflected the financial institution's campaign to expand its reach. Officials said the previous name was “geographically limiting” and created “confusion over membership eligibility.” “Corda” is the Latin word for “hearts,” according to officials, and the new name reflects a commitment to the financial institution’s members and communities. The credit union’s charter encompasses anyone living in a defined 22-county region in Eastern Iowa. That region includes Benton, Black Hawk, Bremer, Buchanan, Cedar, Clayton, Clinton, Delaware, Dubuque, Fayette, Iowa, Jackson, Johnson, Jones, Keokuk, Linn, Louisa, Muscatine, Poweshiek, Scott, Tama and Washington counties. “We have a really strong desire to grow in membership, and to grow and serve other communities, and North Liberty felt like the most natural step to be close to home, yet branching out and being able to serve members to be able to come to our other branches,” Ms. O’Rourke said. “The other piece of that is, that North Liberty is such a growing and thriving community in the state of Iowa and we see a definite market segmentation there that would fit with our brands,” she added. The new location will add approximately 10 news jobs, Ms. O’Rourke said, and Cedar Rapids contractor Graham Construction will begin the groundbreaking in a couple of months. “Our schedule is that we'll be in by September of next year, if not before,” she said.