Credit: TheaDesign/Adobe Stock;
An Iowa business publication has reported that commercial buildings in Iowa City will go to auction to help repay GreenState Credit Union for $28 million in defaulted loans.
Corridor Business Journal covers the Cedar Rapids and Iowa City area, which includes GreenState’s headquarters in North Liberty. It reported April 17 that an Iowa District Court judge allowed the properties to go to auction.
Recommended For You
GreenState Credit Union ($10.6 billion in assets, 451,126 members) filed a lawsuit Feb. 4 against developer Marc Moen and his associates to recoup loans to several “high-profile downtown Iowa City developments,” which the Corridor Business Journal said included a 15-story hotel complex that is Iowa City's tallest building.
NCUA records drawn from Callahan’s Peer Suite showed GreenState held $130.2 million in loans backed by “Non-Owner Occupied, Non-Farm, Non-Residential Property” that were at least 60 days delinquent as of Dec. 31, including $65.2 million at least 360 days late.
GreenState’s delinquency rate for non-owner-occupied commercial loans was 9.32% on Dec. 31, 2024, up from 5.14% at the end of 2023.
GreenState’s 60-day-plus delinquency rate for all commercial real estate was 4.69% Dec. 31, up from 2.23% a year earlier. The commercial real estate delinquency rate for all credit unions was 0.77% Dec. 31, up from 0.49% a year earlier and 0.19% two years earlier.
In the fourth quarter, GreenState charged off two non-owner-occupied commercial loans. The net charge off was $1.57 million, or an annualized net charge-off rate of 0.23%.
GreenState held $2.9 billion in commercial real estate loans on Dec. 31, the second-largest portfolio among credit unions. Multi-family loans fell 2.6% to $1 billion, while other commercial real estate rose 1% to $2 billion.
GreenState earned $20.9 million (0.19% ROA) in 2024, an improvement from its $62.6 million loss (-0.55% ROA) a year earlier.
Contact Jim DuPlessis at [email protected].
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
