Iowa’s seasonally adjusted unemployment rate for August increased to 4.6 percent from 4.3 percent in July, the highest level since February 2005. Unemployment in August 2007 was 3.8 percent of the work force. The national unemployment rate is 6.1 percent. The number of Iowa residents estimated as unemployed increased to 76,800 in August, compared with 72,300 in July and 63,100 in August 2007. Overall employment for August was slightly more than 1.6 million.

West Bank, a wholly owned subsidiary of West Bancorporation, Inc., said in a filing Thursday with the U.S. Securities and Exchange Commission that it will record an other-than-temporary impairment and take a non-cash charge to earnings in the third quarter for an investment in a senior unsecured note issued by Lehman Bros. Holdings Inc. The note is included in West Bank’s securities available for sale at a cost of approximately $2 million. It is currently trading at 18 cents on the dollar. The after-tax impact on earnings is estimated to be approximately $1 million.

GeoLearning Inc. announced that it has been awarded a five-year, $11.6 million contract to provide training on the National Flood Insurance Program for the U.S. Federal Emergency Management Agency. The training program will target 20,000 insurance agents, lenders and claims adjusters.

A.M. Best Co. on Thursday affirmed the financial strength and credit ratings of Aviva USA’s life insurance subsidiaries, and noted that the outlook for all ratings is stable. On the same day, Best revised its overall outlook for the U.S. insurance industry to negative from stable because of the recent calamity at large financial institutions.

Des Moines Area Community College (DMACC) graduates will have an easier transition into Buena Vista University under an agreement between the schools. Buena Vista’s bachelor of applied studies degree is available to DMACC students and graduates of other community colleges and accredited institutions. The degree program is available through Buena Vista’s Storm Lake campus and its Professional & Online Studies program, which has 14 locations in the state.

Gene Gessow has been named director of the Iowa Department of Human Services. The appointment must be approved by the Iowa Senate. However, Gov. Chet Culver said in a news release that Gessow, who has been the state Medicaid director since 2003, would take the new position immediately.

The Association of Zoos & Aquariums announced that Blank Park Zoo has been re-accredited. Blank Park Zoo is the only accredited zoo in Iowa. The association’s accrediting commission determined Blank Park Zoo met standards in animal care, veterinary programs, conservation, education and safety. Accredited zoos and aquariums are reviewed every five years.

Vantus Bank, a wholly owned subsidiary of First Federal Bankshares Inc. of Sioux City, will sell its Grinnell branch to Cedar Falls-based Lincoln Savings Bank, the companies announced. Pending regulatory approval, the deal is expected to close in December. Vantus has seven locations in Central Iowa, including four in Greater Des Moines.

EMC Insurance Group Inc. has received ASCnet technology awards for leadership and innovation and ease of doing business. The award for leadership and innovation is the highest achievement recognized by the trade association.

CIT Group Inc. has obtained a new five-year, $500 million secured facility from Wells Fargo & Co. to fund middle-market term and revolving loans, Dow Jones Newswires reported. CIT said the facility is subject to customary closing conditions, and Wells Fargo will approve all loans. CIT shares plummeted 30 percent to $8 on Monday amid the turmoil caused by the failure of Lehman Bros. Holding Inc. and other crises in the financial sector. The stock has fallen 80 percent in the past year but is still well above its 52-week low of $5.80 set in July. Shares are trading above $10 this morning.