Corda Credit Union

What Corda Credit Union does

Corda Credit Union is a not-for-profit, member-owned financial cooperative headquartered at 3015 Blairs Ferry Road NE in Cedar Rapids, Iowa. Founded in 1935 by 11 Cedar Rapids teachers (each contributing $5), the institution operated as Cedar Rapids Teachers' Credit Union before being renamed Linn Area Credit Union in 1982 and, most recently, Corda Credit Union in May 2024. It serves approximately 26,000 members across a 22-county Eastern Iowa field of membership through five branches (three in Cedar Rapids, one in Marion, and one in North Liberty opened September 2025) with roughly 51-100 employees and approximately $700 million in total assets.

The credit union operates a full-service retail and small-business banking platform spanning personal and business checking/savings accounts, certificates of deposit, IRAs, three Visa credit card tiers plus business variants, and a lending suite covering home loans, auto loans (as low as 4.99% APR), RV loans, personal loans, debt consolidation, and small business/commercial loans. Distribution is omnichannel: physical branches with Interactive Teller Machines, an iOS/Android mobile app (mobile deposit, Card Manager fraud controls, MoneyMap budgeting), online banking, ATMs, and phone banking. The institution also distributes third-party insurance and warranty products through partnerships with TruStage (life, AD&D, auto & home) and Route 66 Warranty (extended auto warranty), generating commission income. Education-focused programs include ClassAct (mortgage closing-cost discounts for teachers) and the affiliated Corda Teacher Store nonprofit (founded 2009), which supplies free classroom materials to 600+ K-12 educators annually.

Revenue is generated primarily through net interest income on the loan portfolio, supplemented by account and transaction fees (overdraft, ATM, wire, monthly maintenance on Rewards Checking at $6.50/month and Business Driver Checking at $10/month), investment income on member deposits and reserves, and commission/royalty income from insurance and warranty partnerships. Go-to-market is community-led: marketing relies on local events (Member Appreciation Day, school supply drives), partnerships (Cedar Rapids Kernels, Murray Elite), content marketing via blog and social channels, and earned media (Forbes 2024 ranking as 4th best Iowa credit union). A 10-year exclusive naming rights partnership with Murray Elite for the Corda Sports Center (a $14M, 50,000 sq ft North Liberty facility expected to draw 600,000+ visitors in 2026) signals a deliberate brand/community ecosystem investment tied to the Johnson County expansion.

Name

Corda Credit Union

Legal name

Corda Credit Union

Website

https://cordacu.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

51–100 employees

Short description

Corda Credit Union is a not-for-profit, member-owned Iowa financial cooperative serving approximately 26,000 members across 22 Eastern Iowa counties via five branches and digital banking, offering checking, savings, credit cards, consumer and business loans, and insurance partnerships.

Ownership category

akta.pro rank

Product category

Credit Union Services

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending products
• Small business banking
• Community credit union
• Digital banking platform

Headquarters

HQ city

Cedar Rapids

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income from Lending: Corda Credit Union generates primary revenue through interest collected on loans including auto loans, home loans, personal loans, business loans, and credit cards. Interest rates vary by product type and member creditworthiness.
2. Fee Income: Various account and transaction fees including monthly maintenance fees, ATM fees, wire transfer fees, overdraft fees, and other service charges as outlined in the fee schedule.
3. Investment Income: Income generated from investing member deposits and reserves in securities and other financial instruments.
4. Insurance Partnerships: Revenue from TruStage insurance products (life, AD&D, auto & home insurance) offered to members through partnership with CMFG Life Insurance Company.
5. Extended Warranty Products: Commission income from Route 66 Warranty extended auto warranty and mechanical breakdown insurance products offered to members.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Corda Credit Union is a not-for-profit, member-owned financial cooperative that provides retail and small-business banking, consumer and commercial lending, and insurance products to approximately 26,000 members across 22 Eastern Iowa counties. Its core offerings include personal and business checking and savings accounts, certificates of deposit, IRAs, Visa credit cards, mortgages, auto/RV/personal loans, small-business and commercial loans, and partner-distributed insurance products.

Product overview

Corda Credit Union offers a comprehensive suite of financial products and services through a unified banking platform. The core offerings include personal and business checking/savings accounts, credit cards (Visa Platinum, Platinum Rewards, Platinum Plus, and Business variants), and lending products (home loans, auto loans, RV loans, personal loans, and commercial/small business loans). Digital banking is provided through Online & Mobile Banking with Card Manager, Digital Wallets (Apple Pay, Google Pay, Samsung Pay), and MoneyMap financial education tools. Insurance products include TruStage AD&D, Life, and Auto & Home Insurance, plus Debt Protection, GAP, Depreciation Protection, and Extended Warranty through Route 66 Warranty. Youth products (Youth Savings, Youth Checking) and the Emergency Savings account provide specialized savings options. The nonprofit Corda Teacher Store and educator program ClassAct extend community impact beyond traditional banking.

Differentiator

Problem solved

Functional benefit

Brands

• Corda Teacher Store: A nonprofit organization created by Corda Credit Union that provides free classroom supplies to local K-12 educators, honoring the credit union's educator roots.

Products and services

• Rewards Checking
• Empower Checking
• Savings Accounts
• Youth Savings and Youth Checking Accounts
• Emergency Savings Account
• Certificates of Deposit (CDs)
• Individual Retirement Accounts (IRAs)
• Visa Platinum Credit Card
• Visa Platinum Rewards Credit Card
• Visa Platinum Plus Credit Card
• Visa Business Platinum Credit Card
• Visa Business Platinum Rewards Credit Card
• Home Loans
• Auto Loans
• RV Loans
• Personal Loans
• Debt Consolidation
• Small Business Loans
• Commercial Loans
• Business Checking Accounts
• Online and Mobile Banking
• TruStage Insurance Products
• Extended Warranty Insurance
• Corda Teacher Store

Quantifiable outcome

• Member saves $500 per month through debt consolidation
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

14 partnerships are on record, tiered flagship, core and minor.

• Murray EliteflagshipStrategic or Co-development Partner · 25 June 202510-year exclusive naming rights partnership for the Corda Sports Center in North Liberty. Murray Elite is a sports and development organization founded by Kenyon Murray. Corda Credit Union and Murray Elite share values of community investment and development. The $14 million, 50,000 square foot facility is expected to welcome 600,000+ guests in 2026.
• Streamline ArchitectscoreImplementation/ SI/ Consulting Partner · 25 June 2025Architecture firm responsible for designing the Corda Sports Center. The firm designed the $14 million, 50,000 square foot facility in North Liberty.
• Build to SuitcoreImplementation/ SI/ Consulting PartnerConstruction partner selected by Murray Elite for the Corda Sports Center project. Same team behind the TBK Bank Sports Complex in Bettendorf.
• Sportsman SolutionscoreGTM or Marketing PartnerNational leader in sports venue development and revenue generation. Guides sponsorship and partnership strategy for the Corda Sports Center, bringing additional funding and mission-aligned partners to the project.
• Elite FitnesscoreStrategic or Co-development PartnerWill operate the 24-hour fitness center within the Corda Sports Center complex in North Liberty.
• Ability Physical TherapycoreStrategic or Co-development PartnerWill lead the physical therapy clinic within the Corda Sports Center complex.
• Solum Lang Architects, LLCcoreImplementation/ SI/ Consulting PartnerArchitecture firm that designed the North Liberty branch at 1265 Hayes Lane. The 5,046 square-foot branch features a modern open floor plan.
• Chains InterruptedminorStrategic or Co-development PartnerPartnered with Corda Credit Union to host a free youth safety seminar on helping kids and teens stay safe online. The educational seminar addressed risks facing young people and how traffickers and online predators exploit technology.
• TruStage (CMFG Life Insurance Company)coreChannel Partner/ Reseller/ DistributorInsurance partnership offering TruStage life insurance, accidental death & dismemberment (AD&D) insurance, and auto & home insurance to Corda Credit Union members. Members receive $2,000 of no-cost AD&D coverage. Products underwritten by CMFG Life Insurance Company and MEMBERS Life Insurance Company.
• Route 66 WarrantycoreChannel Partner/ Reseller/ DistributorExtended auto warranty and mechanical breakdown insurance partnership. Corda offers Route 66 Warranty products to members as cost-effective vehicle protection alternatives to auto retailer offerings.
• Cedar Rapids KernelsminorGTM or Marketing PartnerMinor league baseball team partnership for Member Appreciation Day events and school supply drives benefiting the Corda Teacher Store.
• Iowa Credit Union FoundationminorOthersAdministers the Warren A. Morrow Memorial Scholarship program. Corda Credit Union members have received multiple scholarships totaling $46,000 in 2025 across 24 recipients.
• North Liberty City GovernmentminorStrategic or Co-development PartnerCity government partnership for North Liberty branch development and community expansion.
• Lion Development GroupminorStrategic or Co-development PartnerDevelopment partner for North Liberty branch location in Solomon's Landing development.

Scale indicators10 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• GreenState Credit Union: Largest Iowa credit union, also headquartered in North Liberty - the same market Corda just entered. Offers an essentially identical product set at ~13x the scale (~$9B assets vs Corda's $700M), making it the dominant local competitor and the primary share-of-wallet risk for Corda.
• Dupaco Community Credit Union: Dubuque-based Iowa community credit union serving Eastern Iowa with the same member-owned cooperative model, full personal/business banking suite, and strong community focus. Direct competitor for members in overlapping Iowa counties.
• Veridian Credit Union: Waterloo-based Iowa community credit union with a multi-county Iowa footprint and similar deposit, lending, and digital banking product mix. Direct competitor for consumer and small business members across overlapping Eastern Iowa geographies.
• BCU (Baxter Credit Union): Illinois-based credit union originally founded for Baxter International employees, now diversified across employer and educator affinity groups. Comparable member-acquisition model and full-service banking product mix to Corda.
• University of Iowa Community Credit Union (UICCU): Iowa City-based Iowa community credit union with a comparable full-service personal and business banking model. Competes directly in the Iowa City/Coralville/North Liberty corridor where Corda is actively expanding.
• SchoolsFirst Federal Credit Union: Largest US credit union serving school employees and their families, headquartered in California. Highly comparable to Corda in mission, vertical focus on educators, and product strategy, though operating at materially larger scale (~$30B+ assets).
• Aspire Credit Union: Iowa-based community credit union offering a similar deposit, lending, and digital banking product mix. Competes in overlapping Iowa markets for similar consumer and small business members.

Emerging players

• Alliant Credit Union: Chicago-based digital-first national credit union offering full-service banking at low cost. Represents the digital-born competitive threat to community credit unions like Corda, with a materially different cost structure and national acquisition model.

Broad incumbents

• Wells Fargo: Large national bank with a meaningful Iowa retail branch and lending presence. Represents the broad-incumbent competitive pressure on community credit unions, offering broader product set, larger digital scale, and national brand that Corda cannot match.

Regional players

• Hills Bank and Trust Company: Iowa-based community bank operating across Eastern Iowa. Comparable community-focused banking model with a similar deposit and lending mix, serving overlapping Iowa consumer and small business markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CordaCU
• YouTubeyoutube.com/@cordacu
• Facebookfacebook.com/CordaCU
• LinkedInlinkedin.com/company/corda-credit-union
• Instagraminstagram.com/cordacreditunion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Corda Credit Union