IOWA CITY — The University of Iowa Community Credit Union will close its on-campus offices over the next couple of months as a five-year agreement with the University of Iowa expires.

The state’s second-largest credit union notified its members by mail this week that its office in the Iowa Memorial Union will close Dec. 23 and a branch in UI Hospitals and Clinics will close Jan. 27. UICCU will continue to operate four office locations in Iowa City and Coralville, as well as locations in North Liberty, Cedar Rapids, Hiawatha, Vinton, and Grinnell.

UICCU said the university has developed a separate contract for campus ATMs and the credit union has submitted a response. It is unsure which campus ATMs will remain available or who will own them.

UICCU said the university decided to exercise a competitive bid process at the end of its original five-year contract, which expires Dec. 31.  The contract had the option of extensions, which the UI chose not to exercise.

“After careful review of the new proposed guidelines, UICCU determined that it would not participate in the bid process,” UICCI said in its letter to members. “The new contractual guidelines established by the university simply did not make financial sense for the 90,000 member-owners that we serve.”

The credit union said employees of the UI campus branches will be offered career opportunities at other UICCU office locations.