Ascentra Credit Union has a long history of collaborating with communities and organizations to help spur economic development in the region. In Davenport, we have helped rejuvenate and blossom long-blighted areas in ways that haven’t been seen in decades. Recently, we’ve invested in our Davenport West 3rd Street office by expanding and remodeling the building— an investment in the west end of the city as well. In 2015, a larger investment was made when we constructed a needed branch on the prominent corner of Brady and Locust Streets thanks to the collaborative efforts of the Hilltop Campus Village and the City of Davenport.
Today, that same central area in Davenport is seeing a new investment from Community Business Lenders, the member business lending Credit Union Service Organization (CUSO) for Iowa credit unions, including Ascentra. This project will convert the current Davenport Schools Administration building located at 1606 Brady Street to a multi-family residential building, adding 38 much needed affordable housing units to Davenport. This adaptive reuse project along with the Naval Station and Gold Coast projects in Davenport reflect the strength of the credit union movement to affect favorable changes in our community by working together.
As cooperatives, credit unions abide by a principle of cooperative collaboration and these are great examples of how we adhere to that.
In a similar fashion, we are collaborating closely with the City of Bettendorf as we move forward on constructing our new home office. Born in the basement of Alcoa, now known as Arconic, Ascentra has a rich history in the downtown Bettendorf area. We felt it was important that our new home office pay homage to our roots and humble beginnings. It will proudly feature aluminum elements fabricated by Kawneer, the building products division of Arconic.
Another positive impact from our project will be a partnership in housing the newly formed Downtown Bettendorf Organization (DBO), which will provide resources and promote the downtown area businesses. Our members’ equity invested into our new home office is also helping impact further economic development in downtown Bettendorf, and is helping spur added growth in the area. Lastly, the additional property tax revenue generated from our project will benefit local schools and the government for years to come, and we applaud our elected officials for fully appreciating and understanding the positive economic impact credit unions create for all Iowans.
Not all financial institutions share this financial stability. Over the past three decades, large national banks have evaporated the Iowa community banking landscape. Communities large and small have been negatively affected by a large bank buying out its local community banks. Having seen many of these locations downsize into branches or worse yet closure, moves good paying jobs and local property tax revenue out of Iowa. While these actions benefit sellout bank owners and stockholders, they’re bad for our local communities. Credit unions have shown time and time again their commitment to Iowa communities by reinvesting infrastructure and creating an environment for our young college graduates to stay home by growing jobs.
As a member owner of Ascentra Credit Union you already understand the benefits and value of credit union membership. We stand ready to meet all of your financial needs while investing directly back in the communities we serve by listening, caring, and doing what’s right.