Business briefs: Iowa credit union acquires EP bank; Boba tea shop at EP mall rebrands

Iowa credit union acquires Eden Prairie bank

American Investors Bank and Mortgage (AIBM), based in Eden Prairie, has been acquired by Waterloo, Iowa-based Veridian Credit Union (Veridian). The purchase received unanimous approval from the board of directors at both organizations and obtained all required regulatory approval, allowing it to become final on Aug. 22.

Veridian retained all 14 remaining AIBM employees. After eight years as AIBM’s President, Tom Fleck accepted the position of Veridian’s Twin Cities regional manager. Veridian’s Carina Vandenakker will report to Fleck as branch manager for the Eden Prairie branch, the sole office previously operated by AIBM. Vandenakker has worked at Veridian for 16 years, including 11 years as a branch manager.

American Investors Bank and Mortgage was chartered in 2004 in Edina. The bank reported approximately $113 million in assets as of September 30, 2022. Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by 327,000 members. The acquisition marks Veridian’s entry into the state of Minnesota. “We’re excited to welcome the employees and clients of AIBM to Veridian and eager to become a part of the Eden Prairie community,” said Veridian president and CEO Renee Christoffer. 

EP Center tea shop has new name

Chatime, a boba tea retailer in Eden Prairie Center, has been rebranded as Niko Niko Boba. Husband and wife business partners Jonathan Chong and Yenni Chan left the Chatime franchise model; the Eden Prairie Center location and their 10 other previous Chatime franchises are now independent and locally owned under the Niko Niko Boba brand name.

Jonathan Chong, who is originally from Malaysia, introduced Taiwanese bubble tea to Minnesota in 2012.

Yenni Chan, who is originally from Indonesia, stated, “The vast majority of our recipes are created internally by our team; we pride ourselves on inventive flavor combinations.” Niko Niko Boba (niko niko means “smile” in Japanese) sources its products from Taiwan and brews from loose-leaf teas daily.