GreenState Credit Union in North Liberty, Iowa, has cut about 5% of its workforce.
The $10.7 billion-asset credit union eliminated 42 positions, citing lower loan demand. Most of the cuts came in GreenState’s mortgage lending and commercial banking operations.
“This action was necessary due to the market corrections currently taking place that have a direct impact on GreenState’s operations,” Jim Kelly, the credit union’s chief marketing officer, wrote in an email to The Gazette.
“The employees impacted by this move have been given a severance package, as well as extended insurance coverage,” Kelly added.
GreenState recently scrapped plans to buy Premier Bank in Omaha, Neb., after the state regulator in Nebraska blocked the deal. Kelly told The Gazette that the layoffs were unrelated to the called-off acquisition.