Linn Area Credit Union

What Linn Area Credit Union does

Linn Area Credit Union, doing business as Corda Credit Union, is an Iowa-based not-for-profit financial cooperative founded in 1935 by 11 teachers who each contributed five dollars. In 2025 the institution rebranded from Linn Area Credit Union to Corda Credit Union to mark its 90th anniversary, broadening its identity from a Linn County credit union to a statewide Iowa cooperative while preserving its member-owned, not-for-profit charter and NCUA federal insurance.

The cooperative delivers a full-service retail and commercial banking platform: personal checking, savings, youth accounts, CDs, IRAs, credit cards, mortgages, auto loans, RV loans, personal loans, and debt consolidation on the consumer side, plus business checking, savings, HSAs, money market, business credit cards, small business loans, and commercial loans on the SMB side. Distribution combines physical branches and ATMs across Iowa with web-based online banking and native iOS and Android mobile applications. Differentiated programs include ClassAct (educator mortgage closing-cost credits) and the Corda Teacher Store community initiative.

Revenue is generated through the interest-rate spread between loan products (auto loans as low as 4.99% APR, home equity 6.75%-9.50% APR) and deposit products (Youth Savings up to 6.00% APY, Empower Checking 5.00% APY, CDs up to 3.85% APY), supplemented by membership and service fees. GTM is community-led: physical branches, content marketing via the company blog, community sponsorships (Habitat for Humanity, Greater Iowa City Inc.), and vertical-specific programs targeting Iowa educators and youth rather than digital-performance acquisition.

Name

Linn Area Credit Union

Legal name

Corda Credit Union

Website

https://linnareacu.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

51–100 employees

Short description

Corda Credit Union (formerly Linn Area Credit Union) is an Iowa-based not-for-profit, member-owned financial cooperative founded in 1935 that provides personal and business banking, lending, and digital services to community members statewide.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130), Credit Card Issuing (522210)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Multi-Loan / Multi-Creditor Consolidation Loans (FSAKAIAD)

Keywords

• Retail banking services
• Consumer lending
• Commercial banking
• Mortgage lending
• Credit union services

Headquarters

HQ city

Cedar Rapids

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Revenue model

1. Interest Income from Loans: The primary revenue stream for the credit union comes from interest earned on loans including auto loans, home loans, personal loans, RV loans, credit cards, and commercial loans. Rates vary by product type with auto loans as low as 4.99% APR and home equity loans ranging from 6.75% to 9.50% APR.
2. Deposit Taking and Interest Spread: As a not-for-profit financial cooperative, revenue is generated through the spread between interest paid on deposits (savings, checking, CDs, IRAs) and interest earned on loans. Featured rates include Youth Savings at 6.00% APY, Empower Checking at 5.00% APY, and CDs at 3.85% APY.
3. Membership Fees and Service Charges: Fee-based income from various account services, overdraft protection, and other banking services as disclosed in the fees page.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Linn Area Credit Union (operating as Corda Credit Union) is a not-for-profit, member-owned financial cooperative offering personal and business banking products. Core offerings include checking and savings accounts, CDs, IRAs, credit cards, mortgage and home equity loans, auto loans, RV loans, personal loans, debt consolidation, youth accounts, and small business and commercial loans. The credit union differentiates through local in-person lending decisions, competitive deposit and loan rates, and community-rooted programs such as ClassAct for educators.

Product overview

Corda Credit Union is a not-for-profit financial cooperative offering a comprehensive suite of banking and lending products. The portfolio includes personal banking services (checking, savings, CDs, IRAs, credit cards, home loans, auto loans, RV loans, personal loans, debt consolidation, and youth accounts), business banking services (checking, savings, HSA, money market, credit cards, small business loans, and commercial loans), and digital banking through online and mobile platforms. Special programs include ClassAct for educators and the Corda Teacher Store community initiative. The credit union emphasizes local lending with competitive rates including Emergency Savings at 6.00% APY and Empower Checking at 5.00% APY.

Differentiator

Problem solved

Functional benefit

Brands

• Corda Teacher Store: A store that provides resources for teachers, formerly known as The Teacher Store.
• ClassAct

Products and services

• Personal Checking Accounts Personal checking accounts including Empower Checking offering 5.00% APY, designed for individual members' everyday banking needs.
• Savings Accounts Savings accounts for personal members, including Youth Savings offering rates as high as 6.00% APY.
• Emergency Savings Account Dedicated emergency savings account earning 6.00% APY on balances up to $2,500 to help members handle unplanned expenses.
• Certificates of Deposit and IRAs Term Certificates of Deposit with rates up to 3.85% APY, plus Individual Retirement Accounts for long-term retirement savings.
• Youth Accounts Savings accounts designed for young members with competitive youth savings rates for early financial education.
• Personal Credit Cards Personal credit card products for individual members' everyday spending and borrowing needs.
• Home Loans Mortgage loans, refinancing options, and home equity products underwritten by local lenders serving Iowa members.
• Auto Loans New and used vehicle financing with rates as low as 4.99% APR for personal members.
• RV Loans Recreational vehicle financing options for personal members purchasing RVs.
• Personal Loans Unsecured personal loans for various member financial needs such as major purchases or life events.
• Debt Consolidation Loan products designed to consolidate existing member debt into a single financing arrangement.
• Business Checking Accounts Commercial checking accounts designed for Iowa small and medium-sized businesses' operational banking.
• Business Savings Account Savings accounts for business deposit balances.
• Business Health Savings Account HSA accounts for business employees enrolled in high-deductible health insurance plans.
• Business Money Market Accounts Money market accounts for business liquidity management and short-term treasury needs.
• Small Business Loans Financing products tailored to the credit and cash flow needs of small businesses.
• Commercial Loans Commercial lending products for larger business financing requirements.
• Online and Mobile Banking Digital banking platform available via web and native iOS/Android apps for account access, payments, transfers, and financial management.
• ClassAct Educator Program Exclusive membership program for Iowa educators offering perks including $1,000 off closing costs on qualifying mortgages.
• Corda Teacher Store Community initiative (formerly The Teacher Store) providing resources for teachers in the credit union's service area.

Quantifiable outcome

• Emergency Savings account earns 6.00% APY on balances up to $2,500
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Bank of America: National bank with Iowa retail presence competing for consumer checking, savings, mortgages, and credit cards — broad incumbent with deeper product set and digital scale.
• Wells Fargo: Large national bank with a significant Iowa retail branch presence; competes with Corda for consumer deposits, mortgages, auto loans, and small business banking as a broad portfolio incumbent.
• U.S. Bank: Major U.S. commercial bank with a strong Iowa retail and commercial banking footprint; competes with Corda across consumer lending, deposits, and small business banking.

Emerging players

• Chime: National digital-first neobank targeting fee-free checking and savings customers; competes with Corda for the same retail deposit base, particularly younger members Corda cultivates through youth accounts.
• SoFi: Digital-first banking and lending platform offering checking, savings, credit cards, and personal/home loans; competes with Corda on personal loans, deposits, and member acquisition without geographic limits.

Direct peers

• University of Iowa Community Credit Union (UICCU): Iowa City-headquartered community credit union serving Iowa with consumer and business banking, mortgages, and digital channels — directly overlapping Linn Area / Corda's primary service region.
• Ascentra Credit Union: Iowa/Illinois Quad Cities-area community credit union offering checking, savings, lending, and business banking with a member-owned cooperative structure directly comparable to Corda.
• Veridian Credit Union: Iowa-based community credit union headquartered in Waterloo/Cedar Falls, offering a comparable full suite of consumer and business banking products to Iowa members with similar cooperative economics.
• Dupaco Community Credit Union: Iowa-headquartered (Dubuque) cooperative credit union serving members across Iowa, Illinois, and Wisconsin with full-service consumer and business banking — comparable not-for-profit model and Iowa footprint.

Regional players

• Alliant Credit Union: Large U.S. credit union serving members nationwide with a digital-first model and full consumer/business product set; comparable cooperative structure and serves members outside Iowa, competing for digitally engaged members.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/linnareacu
• Facebookfacebook.com/linnareacu
• LinkedInlinkedin.com/company/linn-area-credit-union

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Linn Area Credit Union