Greenwood Credit Union

What Greenwood Credit Union does

Greenwood Credit Union is a state-chartered, federally insured member-owned credit union founded in 1948 and headquartered at 2669 Post Road in Warwick, Rhode Island. The institution serves individual consumers and small businesses across all 50 states through a combination of digital banking channels and a single physical branch supported by the CO-OP shared branching network. Its member base spans retail consumers seeking core checking, savings, and lending products; local business customers in industries such as nonprofits, education, and healthcare; and adjacent personas including young adults (NextGen accounts aged 13-25), first-time homebuyers, and frontline workers (teachers, firefighters, law enforcement, medical professionals, nurses, EMTs, and military).

The product portfolio covers the full retail and small-business banking stack: deposit products (Share Savings, Money Market, Term Certificates/CDs, IRAs, checking accounts), consumer lending (mortgages, home equity loans/HELOCs, vehicle loans including motorcycles, RVs, and boats, credit cards, personal, pet, pathway, and student loans), business banking (business checking, commercial real estate loans, SBA loans, term loans, lines of credit, merchant services via Clover), and wealth management through the GCU Wealth Advisors subsidiary in partnership with Osaic Institutions. The technology stack is delivered via web-based online banking and native iOS/Android mobile applications, with integrated features including CardHub card controls, Trends budgeting and account aggregation, Credit Sense credit monitoring with a score simulator, Zelle P2P payments, mobile check deposit, customizable alert notifications, and eBill bill pay. Member authentication and shared-branch identity verification are handled through partnerships with Velera (IDCheck) and Early Warning Services (Zelle).

Greenwood operates as a not-for-profit cooperative under federal NCUA insurance with no membership restrictions beyond a $5 share savings deposit. Revenue is generated primarily through net interest income on the loan portfolio (mortgages, home equity, vehicle, personal, and credit card balances), supplemented by transaction-based fees on services such as safe deposit boxes ($35-$125/year), money orders ($3), bank checks ($5), wire transfers, and credit card interchange, plus merchant services residual income through the Clover/East Commerce Solutions partnership and referral income from TruStage (insurance) and Osaic Institutions (wealth). Pricing is structured around low-fee deposit accounts (free Greenwood Checking, $7/month Interest Checking waived at $1,000 balance), tiered CD rates up to 4.25% APY, and competitive loan rates with specialized programs such as first-time homebuyer discounts (0.25% rate discount, $500 closing-cost credit, 3% down) and frontline worker mortgage incentives.

Name

Greenwood Credit Union

Legal name

Greenwood Credit Union

Website

https://greenwoodcu.org

Company type

Private

Founded year

1948

Operating status

Operating

Headcount range

51–100 employees

Short description

Greenwood Credit Union is a member-owned, state-chartered, federally insured credit union founded in 1948 in Warwick, RI, providing deposit, lending, mortgage, business banking, and wealth management services to individuals and small businesses nationwide via digital channels and the CO-OP shared branch network.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Mortgage lending
• Business banking
• Credit union services

Headquarters

HQ city

Warwick

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Primary revenue stream from interest rate spreads on loans (mortgages, home equity, vehicle loans, personal loans, credit cards) versus savings and certificate accounts
2. Fee Income: Various service fees including money orders ($3), bank checks ($5), safe deposit boxes ($35-$125 annually), wire transfers, and late payment fees
3. Credit Card Interchange: Revenue from credit card transaction interchange fees on Premier VISA and Premier Secured VISA credit cards
4. Merchant Services: Electronic credit card processing services, POS systems, gift/loyalty card programs for business members
5. Insurance/Wealth Referral Revenue: Partnership with TruStage for insurance discounts and Osaic Institutions for wealth management services generate referral income

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels6 records

Core offering

Greenwood Credit Union is a state-chartered, federally insured not-for-profit cooperative that provides retail banking, consumer lending and small-business financial services. Its core offering includes deposit accounts (savings, checking, money market, CDs, IRAs), consumer loans (mortgage, home equity, vehicle, personal, credit card) and business banking (checking, money market, commercial real estate, SBA loans, lines of credit, merchant services). Members access the credit union through a Warwick, RI branch, iOS/Android mobile app, online banking, the CO-OP shared branch and ATM networks, and wealth management services delivered via the GCU Wealth Advisors subsidiary partnered with Osaic Institutions.

Product overview

Greenwood Credit Union operates as a state-chartered, federally insured credit union offering a comprehensive suite of financial products and services. The core product portfolio includes deposit accounts (Share Savings, Money Market, Term Certificates/CDs, IRAs) and checking accounts (Greenwood Checking and Greenwood Interest Checking), alongside lending products (Mortgages, Home Equity Loans/HELOCs, Vehicle Loans, Personal Loans, Credit Cards, Business Loans). Digital banking services are delivered through Online Banking and Mobile Banking App platforms with integrated features including CardHub (card management), Trends (budgeting/financial goals), Credit Sense (credit monitoring), Alert Notifications, Bill Pay, Mobile Deposit, and Zelle P2P payments. Business banking encompasses Business Checking, Business Money Market, Commercial Real Estate Loans, SBA Loans, Merchant Services (Clover POS), Payroll Processing, and Gift/Loyalty Programs. Wealth management is offered through GCU Wealth Advisors partnership with Osaic Institutions. The NextGen Account serves as a digital-first sub-brand for members aged 13-25.

Differentiator

Problem solved

Functional benefit

Brands

• GCU Wealth Advisors: Wealth management and financial advisory services including retirement planning, investments, insurance planning, and college savings programs
• NextGen Account

Products and services

• Share Savings Accounts Foundational deposit account requiring a $5 minimum deposit to open and $25 minimum balance to earn interest, with free online and telephone banking, direct deposit, quarterly statements, no maintenance fees, and nationwide ATM access. Open to anyone joining the credit union.
• Money Market Accounts Tiered interest-bearing account requiring $2,500 minimum balance, with interest paid monthly and free online/mobile/telephone banking and direct deposit.
• Term Certificates (CDs) Certificate of Deposit accounts with terms from 3 months to 5 years, $1,000 minimum opening balance, daily interest compounding and rates locked for the chosen term; federally insured by NCUA.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement accounts including Traditional IRA, Roth IRA, SEP IRA for small businesses and Coverdell Educational IRA, available as savings or CD accounts from 3 months to 5 years.
• Greenwood Checking Free consumer checking account with no monthly fee, no minimum balance, free VISA debit card, free online and mobile banking, free bill payment, and first box of checks free.
• Greenwood Interest Checking Interest-bearing consumer checking account paying interest on balances of $1,000 or more, with a $7 monthly fee waived when a $1,000 daily minimum balance is maintained.
• NextGen Account Digital-first checking account designed for members aged 13-25, featuring mobile-only access, no fees, no minimums, free debit card and integrated financial tools including Trends budgeting, Alert Notifications, Credit Sense and Zelle.
• Mortgages Home mortgage loans including fixed-rate and adjustable-rate options for purchase and refinance, with first-time homebuyer program offering 0.25% rate discount, 3% down payment and $500 closing cost credit.
• Home Equity Loans and HELOC Fixed-rate home equity loans for terms up to 15 years, plus High-Loan-To-Value (HLTV) options up to 100% of home value. Revolving HELOC with no fees, no closing costs, no annual maintenance fee, 5.74% introductory APR fixed for 12 months, then variable (Prime minus 0.50%).
• No-Fee First Lien Mortgage No-fee mortgage refinance with no closing costs, terms 5 to 15 years for primary residences as first lien only.
• Premier VISA Credit Card Low-variable interest rate VISA credit card with no annual fee, 25-day grace period, balance transfer capability (3% or $5 minimum), and benefits including travel accident insurance, warranty manager, purchase security, travel emergency assistance and auto rental collision damage waiver.
• Vehicle Loans Auto loans for new and used vehicles including pre-approval, low rates, flexible terms and optional warranty coverage up to 125,001 miles; includes specialized motorcycle, RV and boat variants.
• Personal Loans Unsecured personal loans for vacations, holidays, debt consolidation, pet expenses and general purposes, with 12-month repayment options and rates lower than most credit cards.
• Student Loans Private student loan financing through the RISLA partnership, available to Rhode Island residents attending college anywhere and to students attending Rhode Island colleges.
• Business Checking Business checking account with no monthly fees and personalized Greenwood service for local businesses and organizations.
• Business Money Market Business savings account earning interest with $2,500 minimum for optimal rates, complementing the business checking product.
• Commercial Real Estate Loans Flexible financing for purchasing, refinancing or expanding business property through local underwriting at the credit union.
• Business Term Loans Lump-sum funding with fixed payments for major business investments, underwritten by the local team.
• Business Lines of Credit On-demand revolving credit for managing cash flow and business opportunities.
• SBA Loans Government-backed small business loans with competitive rates and flexible terms, originated through the credit union's local underwriting team.
• Merchant Services Electronic credit card processing accepting VISA, MasterCard, AMEX, debit cards and government/corporate cards, delivered through East Commerce Solutions on the Clover platform, with POS, gift/loyalty, payroll and eCommerce add-ons available.
• Payroll Processing Full-service business payroll including check services, direct deposit, debit card payroll delivery, tax filing and payroll reports.
• Gift and Loyalty Card Programs Customized gift card and loyalty/rewards card program administration for businesses, integrated with the Clover POS environment.
• GCU Wealth Advisors Wealth management services delivered through Osaic Institutions including retirement planning, 401(k) rollovers, investments, college savings and insurance planning.

Quantifiable outcome

• Share savings account requires only $5 minimum deposit to join and open account
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability7 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and secondary.

• CO-OP Shared Branch NetworkcoreChannel Partner/ Reseller/ DistributorPartnership with CO-OP Credit Union Financial Network provides members access to over 5,000 shared credit union branch locations nationwide for deposits, withdrawals, loan payments, and other transactions at no charge
• CO-OP ATM NetworkcoreTechnology or IntegrationSurcharge-free ATM access at 30,000+ locations nationwide including 7-Eleven, Costco, Rite-Aid, and Dunkin Donuts stores, providing extensive fee-free cash access network
• Early Warning Services (Zelle)coreTechnology or IntegrationIntegration of Zelle P2P payment service enabling instant money transfers between members and other Zelle users at participating banks and credit unions
• Rhode Island Student Loan Authority (RISLA)coreStrategic or Co-development PartnerPartnership providing private student loan financing for Rhode Island residents attending college anywhere and students from anywhere attending Rhode Island colleges, bridging the gap between federal loans and actual college costs
• TruStage InsurancesecondaryGTM or Marketing PartnerInsurance discount program providing members access to discounted insurance products through TruStage's trusted partner network
• Osaic InstitutionscoreGTM or Marketing PartnerWealth management services partnership offering retirement planning, investments, insurance, and college savings through GCU Wealth Advisors division, with Stephen Volpe as dedicated advisor registered through Osaic Institutions, Inc.
• Clover (Fiserv)coreTechnology or IntegrationBusiness merchant services including POS systems, gift and loyalty card programs, and eCommerce solutions for Greenwood business members
• East Commerce SolutionssecondaryTechnology or IntegrationAdditional merchant and business services platform providing payment processing capabilities for business members
• TrustagesecondaryGTM or Marketing PartnerMarketing partner for insurance products displayed through banner advertisements on the Greenwood website

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Navigant Credit Union: Rhode Island-based community credit union serving individuals and businesses across southern New England with a comparable mix of deposit, lending, and digital banking products. Directly competes with Greenwood in the RI market for retail members and SMB banking relationships.
• Westerly Community Credit Union: Rhode Island community credit union offering similar deposit, loan, and digital banking products to consumers and small businesses in the same regional footprint. Directly comparable on charter, scale, and product mix.
• Credit Union of Rhode Island: Statewide Rhode Island credit union with consumer and business banking, mortgages, and digital services. Direct head-to-head competitor for Greenwood in the RI retail and SMB market.
• Members First Credit Union of Rhode Island: RI community credit union providing checking, savings, lending, and digital banking to consumer and small business members. Comparable operating model, charter type, and geographic footprint.
• South County Credit Union: Community credit union headquartered in Rhode Island offering consumer deposits, mortgages, vehicle loans, and small business banking. Comparable in scale, charter type, and geographic focus to Greenwood.

Broad incumbents

• Connexus Credit Union:
• Alliant Credit Union: Large digital-first US credit union with nationwide membership, advanced online/mobile platform, and a full deposit and lending suite. Represents the scaled digital-cooperative model Greenwood competes against for cross-state members.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/greenwoodcu
• YouTubegreenwoodcu.org/leaving-to-youtube
• Facebookfacebook.com/GreenwoodCU
• LinkedInlinkedin.com/company/greenwood-credit-union
• Instagramgreenwoodcu.org/leaving-to-instagram

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenwood Credit Union