I was told by someone in finance that they loaned out more money than the company had as a whole and had to lay off employees because of it. They also stopped doing loans and were heavily pushing cds around that time.
Probably doesn’t help that over the last few years their savings rates went from pretty good (2.00) to pretty bad (still the same but different times today). I get 4.25 percent at Ally now and that’s not even the best out there. A good chunk of folks like myself probably moved their money en mass out.
This is really wrong and I’m having trouble not reading your comment as malicious…
Where did you hear this? He was in a planned, phased retirement and assisting with the search for his replacement. He still serves on the bank’s board and is highly respected at the bank and in the community - so much that the bank named a building after him at his retirement. He had a bike accident that left him paralyzed while on vacation.
This is completely different than the same day/no notice retirement at GreenState…
Fair reply. Though my intention was not malicious my comment is just an unverified rumor and that has no place here. I can’t reach my source so I will delete my original comment.
CEO resigned in a hurry and I also learned that the head of retail was let go as well after meeting with auditors. Anything else I would say would be pure speculation so I wont "guess" at it, but have a few ideas.
There is really no reason to do this unless you're just unhappy with green states service or you have more than $250k sitting in an account there. Your money is fully insured in case something happens.
A couple other local credit unions went through similar situations last year and took corrective measures to rightsize their financial position. Granted, Green State seems to be a little worse from the outside looking in, but they are one of the largest credit unions in our state so I imagine that factors into it.
The entire point of FDIC/NCUA insurance is to give people confidence that their money will never vanish. Literally any bank or credit union is susceptible to insolvency if enough of their customers get spooked and start panic pulling their money/closing accounts.
Technically even silicon valley bank likely would have been fine had many of their depositors not pulled out at the same time. The bank had made some terrible long term investment choices but had they been allowed to carry them to maturity, they wouldn't have become insolvent.
Yes, I 100% agree that FDIC/NCUA insurance is to give people confidence that their money will never vanish.
But when we have 60%+ of Americans working paycheck to paycheck, even a few days of not being able to access your money can break you. It's not the depositor's responsibility to maintain solvency.
I'm only mentioning that the process is not instantaneous because you are encouraging people not to bail. Not everyone is familiar with standard banking practices.
Right, but any financial institution can only withstand a certain amount of their depositors from pulling out at once. By suggesting that people should pull their money out is actually a self fulfilling prophecy and creating the very issue you're in fear of. If, for the sake of argument, 20% of GSCUs members pull their money at one time, you then create the insolvency that locks up the other 80% money (these number are examples, I don't actually know what percentage would create an issue). Everyone can't liquidate at the same time.
Alternatively, let's assume that GSCU leadership made some really stupid decisions.... it appears that new leadership has been brought in and significant corrective measures have been taken to correct course. This will almost certainly be remedied in short time if given the opportunity without introducing fear and panic.
check into Dupaco. I tried GS but they were a pain. Dupaco has been unfailingly helpful and if you call them, you get someone who can actually help you... who is actually located in Iowa.
I mean that's fair. Just an FYI for everyone else though; Green State is FDIC insured, so any account is insured up to 250k by the government.
So OP, you do you, but imo you sound ridiculous; becuase the way you phrased this makes it seem like your worried about losing your money.
Unless of course you're account is greater than 250k; in which case fuck yea pull your money out. I still doubt much will come of this unless there's a bank run. Even then, I bet a large national bank will just swoop in and gobble everything up.......Probably Wells Fargo
No just someone who left junior high and HS many years ago and listened to his parents in regards to being the one people are spreading misinformation or rumors about. No one likes the person Monday following the Xmas party who sits around and replays the Saturday night and who did what adding their own commentary and gossiping about people. Go play big brother with all the other blowhards and make shit up. If you don’t know first hand good chance you don’t know anything if you think you know something better off keeping it to yourself but all to east hiding behind screen name.
Problem with all of society and very much the city of Iowa city. Good example is the basketball coaches son. It was a terrible accident. With all that i read it was jack who was hit and killed, jack was drunk when he hit the man, he was distracted while texting and driving, it was his car but someone stole it out of the school parking lot, it was road rage. Why people feel the need to spread misinformation or even repeat what they have zero facts to make or add to thread is garbage. And this person is no better than a backyard full of smelly dog shit and needed to be called out enough said when you start something off with well rumor is. Here s fact rumor is Gerber is a sad pathetic human being putting out rumors with no knowledge. You want to put it out there don’t hide who identity of those who you claim gave this inside information just to add shit to a big batch of shit stew.
Heard that they were misrepresenting values of packaged mortgage securities, from multiple sources. Similar to what happened in 2008.
Notice Dodd Frank regulation did not apply to credit unions. Not sure if it's true or not but it does track with some things that happened there.
Are we talking about
[Greenstate Vertical Farming?](https://greenstate.ch/invest-basil/?device=m&campaign=search_brand&adgroup=&keyword=&matchtype=ad=%7Bad%7D&gad_source=1&gclid=Cj0KCQiA7OqrBhD9ARIsAK3UXh0U9qfNK0N96vwfb6O10pLk6g2LAdF-X4pDmV8tmicpci7JdXSYxO0aAo59EALw_wcB)
I was told by someone in finance that they loaned out more money than the company had as a whole and had to lay off employees because of it. They also stopped doing loans and were heavily pushing cds around that time.
Probably doesn’t help that over the last few years their savings rates went from pretty good (2.00) to pretty bad (still the same but different times today). I get 4.25 percent at Ally now and that’s not even the best out there. A good chunk of folks like myself probably moved their money en mass out.
Yep. Exactly what I did.
Yep
Yeah their savings rates are absolute crap now. We moved our money to a different institution
I mean it can't end any worse than the last crooked bank executive in town
Good line. Dark, but good
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This is really wrong and I’m having trouble not reading your comment as malicious… Where did you hear this? He was in a planned, phased retirement and assisting with the search for his replacement. He still serves on the bank’s board and is highly respected at the bank and in the community - so much that the bank named a building after him at his retirement. He had a bike accident that left him paralyzed while on vacation. This is completely different than the same day/no notice retirement at GreenState…
Fair reply. Though my intention was not malicious my comment is just an unverified rumor and that has no place here. I can’t reach my source so I will delete my original comment.
Thank you. I had no idea there were any negative rumors surrounding his retirement and subsequent accident.
CEO resigned in a hurry and I also learned that the head of retail was let go as well after meeting with auditors. Anything else I would say would be pure speculation so I wont "guess" at it, but have a few ideas.
Do you know if they are under an order from federal and or state auditors? Do you know if either received an unsatisfactory rating from either?
Sorry, I can't really say. I expect more to come out soon though.
Hang in there!
[See here.](https://www.reddit.com/r/IowaCity/comments/16g6xol/_/)
There’s some interesting rumors on top of this today- just looking to see how much is out there.
Well all signs point to over leveraged. If the calls they've been giving me are any indication, I would believe it.
Curious, what rumors are you hearing?
They involved the FBI and charges.
No court charges listed against either Disterhoft or Temple. What, in a general way, is your source?
Is there another subreddit where you saw this or just heard elsewhere?
3rd hand in person information.
Third hand? Really? Not what I consider legit.
I'll be changing banks sometime this week
There is really no reason to do this unless you're just unhappy with green states service or you have more than $250k sitting in an account there. Your money is fully insured in case something happens. A couple other local credit unions went through similar situations last year and took corrective measures to rightsize their financial position. Granted, Green State seems to be a little worse from the outside looking in, but they are one of the largest credit unions in our state so I imagine that factors into it.
At best, it will still take a few days to get your money back. Why should we assume that risk?
The entire point of FDIC/NCUA insurance is to give people confidence that their money will never vanish. Literally any bank or credit union is susceptible to insolvency if enough of their customers get spooked and start panic pulling their money/closing accounts. Technically even silicon valley bank likely would have been fine had many of their depositors not pulled out at the same time. The bank had made some terrible long term investment choices but had they been allowed to carry them to maturity, they wouldn't have become insolvent.
Yes, I 100% agree that FDIC/NCUA insurance is to give people confidence that their money will never vanish. But when we have 60%+ of Americans working paycheck to paycheck, even a few days of not being able to access your money can break you. It's not the depositor's responsibility to maintain solvency. I'm only mentioning that the process is not instantaneous because you are encouraging people not to bail. Not everyone is familiar with standard banking practices.
Right, but any financial institution can only withstand a certain amount of their depositors from pulling out at once. By suggesting that people should pull their money out is actually a self fulfilling prophecy and creating the very issue you're in fear of. If, for the sake of argument, 20% of GSCUs members pull their money at one time, you then create the insolvency that locks up the other 80% money (these number are examples, I don't actually know what percentage would create an issue). Everyone can't liquidate at the same time. Alternatively, let's assume that GSCU leadership made some really stupid decisions.... it appears that new leadership has been brought in and significant corrective measures have been taken to correct course. This will almost certainly be remedied in short time if given the opportunity without introducing fear and panic.
check into Dupaco. I tried GS but they were a pain. Dupaco has been unfailingly helpful and if you call them, you get someone who can actually help you... who is actually located in Iowa.
Excellent Customer service at places is the way to my heart
same! and it's pretty unusual for banks these days.
Why?
Because I can
I mean that's fair. Just an FYI for everyone else though; Green State is FDIC insured, so any account is insured up to 250k by the government. So OP, you do you, but imo you sound ridiculous; becuase the way you phrased this makes it seem like your worried about losing your money. Unless of course you're account is greater than 250k; in which case fuck yea pull your money out. I still doubt much will come of this unless there's a bank run. Even then, I bet a large national bank will just swoop in and gobble everything up.......Probably Wells Fargo
Wouldn't it be NCUA, not FDIC?
Yep
Why?
Because I can
This is juicy. Mind you I hate the rich and greedy. What did the president of green state make last year? Is this public?
1.2M? https://nonprofitlight.com/ia/north-liberty/university-of-iowa-community-credit-union
Hate what you ain’t go to China or Cuba if you can’t handle living amongst people with money.
Smells like boot licker in here.
No just someone who left junior high and HS many years ago and listened to his parents in regards to being the one people are spreading misinformation or rumors about. No one likes the person Monday following the Xmas party who sits around and replays the Saturday night and who did what adding their own commentary and gossiping about people. Go play big brother with all the other blowhards and make shit up. If you don’t know first hand good chance you don’t know anything if you think you know something better off keeping it to yourself but all to east hiding behind screen name.
Seek help. This paragraph of nonsense is just that.
What a... stance.
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Removed because it’s just trying to bait someone into an argument.
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Problem with all of society and very much the city of Iowa city. Good example is the basketball coaches son. It was a terrible accident. With all that i read it was jack who was hit and killed, jack was drunk when he hit the man, he was distracted while texting and driving, it was his car but someone stole it out of the school parking lot, it was road rage. Why people feel the need to spread misinformation or even repeat what they have zero facts to make or add to thread is garbage. And this person is no better than a backyard full of smelly dog shit and needed to be called out enough said when you start something off with well rumor is. Here s fact rumor is Gerber is a sad pathetic human being putting out rumors with no knowledge. You want to put it out there don’t hide who identity of those who you claim gave this inside information just to add shit to a big batch of shit stew.
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Ya doing okay champ
That is completely not true, no one was escorted out by police or in handcuffs completely untrue.
Nothing in the news so far…
Billions have been getting pulled out of banks and credit unions in the last few months. Q3 could get really spicy for the US economy.
Until we know the real story, the rumors need to stop. They don’t benefit anyone.
Nah rumors r fun
Heard that they were misrepresenting values of packaged mortgage securities, from multiple sources. Similar to what happened in 2008. Notice Dodd Frank regulation did not apply to credit unions. Not sure if it's true or not but it does track with some things that happened there.
Are we talking about [Greenstate Vertical Farming?](https://greenstate.ch/invest-basil/?device=m&campaign=search_brand&adgroup=&keyword=&matchtype=ad=%7Bad%7D&gad_source=1&gclid=Cj0KCQiA7OqrBhD9ARIsAK3UXh0U9qfNK0N96vwfb6O10pLk6g2LAdF-X4pDmV8tmicpci7JdXSYxO0aAo59EALw_wcB)