Originally chartered in 1938, GreenState Credit Union (“GreenState”, “GCU”, or “the credit union”) is a member owned state-chartered credit union headquartered in North Liberty, Iowa, and is the 20th largest credit union with $10.7 billion in total assets. GCU serves over 450,000 members with 33 locations in IA, IL as well members in SD, WI, NE, and the surrounding regions. GreenState purchased two banks in Illinois in 2021 and 2022 and one in Iowa in 2020, totaling $1.5 billion in assets.
GCU’s granular loan portfolio reflects the significant consumer base it serves. Loan concentrations include residential mortgages accounting for 38% of total loans and autos (new/used) at 23% (5%/9%); GreenState has one of the largest exposures to CRE in the CU space at 29% and holds various unsecured loans at 10% as of 3Q24.
Key Credit Considerations
The rating downgrade is primarily related to the continued deterioration in credit quality including…
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