GreenState Credit Union, the rebranded University of Iowa Community Credit Union, plans to acquire seven branches of First American Bank, the institutions announced Tuesday. 

The acquisition includes two Des Moines branches of First American as well as its Clive, Urbandale and Waukee branches, and its two Fort Dodge branches. “We are excited about the opportunity to enhance the financial well-being of Iowans throughout the Des Moines and Fort Dodge communities, while at the same time providing greater convenience for our existing members living in those areas,” GreenState President and CEO Jeff Disterhoft said in a news release.

The transaction is expected to close in the fourth quarter, pending approval by the Iowa Division of Banking and the National Credit Union Administration. The credit union, which currently has about $5.5 billion in assets and 200,000 members, said it 
expects to add 10,000 new members with the purchase. 

The Iowa Bankers Association released a statement blasting the proposed transaction. “Iowans have just been handed another tax bill as a large tax-exempt credit union in Iowa has announced its purchase of a tax-paying bank,” wrote John Sorensen, president and CEO of the Iowa Bankers Association. 

First American Bank, which is based in Fort Dodge, in 2017 sold its Jewell, Roland and Webster City branches to Availa Bank, and in March announced plans to sell its Ames, Ankeny and Sioux City branches to Availa as well. Last month, First American sold its assets in Florida to MidFlorida Credit Union, including branches in Cape Coral and Naples, as well as a loan production office in Boca Raton.