CBJ's Largest Privately Held Companies 2018

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UICCU 5 JEFF DISTERHOFT PRESIDENT & CEO University of Iowa Community Credit Union continued its climb up the Corridor Business Journal’s Largest Privately Held Companies list this year, breaking the top five and setting a new bar for the state’s banking industry. The North Liberty-based credit union ranked No. 5 on this year’s list, with $216.3 million in revenue and 435 employees in 2017. That’s a revenue increase of 46 percent over 2015’s numbers, when it ranked No. 7, and 95 percent over 2013, when it ranked No. 9. For President and CEO Jeff Disterhoft, the organization’s growth has been both a constant and a challenge over the past few decades. “We’ve been averaging about 20 percent a year for 20 years, so in that regard our growth has been comparable the last couple years to what we enjoyed 10 years ago, or maybe even 20 years ago,” Mr. Disterhoft said. “But I’m not naïve enough to not realize that 20 percent growth today is a little different than 20 percent growth 20 years ago.” UICCU has faced its share of growing pains, Mr. Disterhoft offered, and is working hard to “get folks in the right seats on the bus,” but it has also grown into a lending and retail banking giant. It reported $4.67 billion in assets and $3.53 billion in deposits at the end of last year, making it the largest financial institution chartered in Iowa. It is also the largest purchase mortgage lender, and often the largest auto lender in the state. The credit union has found an organic formula for success in competitive rates and a methodical branch expansion plan that has added one or two new branches each year. That has taken UICCU’s black-and-gold brand into Black Hawk County, the Quad Cities and the central Iowa region – a move that “has gone really well for us,” Mr. Disterhoft said. Its newest branch opened in Waukee this April and an office in nearby Ankeny is planned for the fall. Another piece of the formula is UICCU’s focus on “capturing its own business” through its five-year old UICCU Insurance division. Policy sales are up 40 percent year over year, Mr. Disterhoft said, and offer a promising avenue for future growth. “We have really gone back to basics, and trying to capture the insurance on our home loans, our own car loans,” he said. “Once we get that part figured out, maybe we can go out marketing to the rest of the world, but right now we’re just trying to make sure we’re taking care of our own business, and we’re doing a better job of that finally.” UICCU’s success hasn’t come without a price, however. The credit union is the frequent target of attacks by the state’s banking industry, which charges that its nonprofit status allows it to undercut the competition and grow more aggressively. A $1.2 billion tax cut reform bill passed by the Iowa Senate in late February included a measure that would impose new taxes on credit unions and lower them on banks, although a separate bill backed by Gov. Kim Reynolds and the Iowa House does not include the provision. Mr. Disterhoft expressed confidence in the legislative process, noting that the House and the Governor’s Office have been “very supportive of credit unions,” and reiterated his industry’s position that its tax status saves Iowans money. A final agreement on a tax reform bill had not yet been reached as of this deadline. Culturally, UIC- CU continues to lead in the Corridor, with the company recently transitioning to an unlimited PTO model, where employees are allowed to take THE TEAM EXECUTIVE TEAM Jeff Disterhoft, President & CEO Todd Fanning, SVP & CFO Jim Kelly, SVP Marketing Sue Freeman, SVP HR Dick Noble, SVP Operations Steve Quigley, SVP Retail Services Amy Henderson, SVP Mortgage Scott Wilson, SVP Commercial BOARD OF DIRECTORS Karin Franklin, Chair Sarah Fisher Gardial, Vice Chair Dean Borg Laurel Day Fred Mims Mark Rolinger Lynsey Engels Tom Lepic Marc Moen Dave Wright Andre Perry SUPPORT TEAM Raddon Financial Group RSM US LLP TMG Financial Services Wilary Winn LLC as much time off as they need. Mr. Disterhoft acknowledged some anxiety about the policy change before it was instituted at the start of this year, but said it has ultimately been a positive step for the institution. “It’s going great. I think there was some trepidation by folks at the tail end of last year that nobody was going to show up for work on Jan. 1, but we’re coming up on the end of the first quarter, and lo and behold, our world works just fine.” - Adam Moore 14 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018
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CBJ's Largest Privately Held Companies 2018

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