Powernet Credit Union
Powernet Credit Union is a member-owned, NCUA-insured credit cooperative founded in 1961 that serves Florida Building & Construction Trade local union members statewide through checking, savings, lending, and retirement products delivered via three branches and digital banking.
- Company typePrivate
- Founded1961
- HeadquartersTampa, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Powernet Credit Union does
Powernet Credit Union is a federally chartered, NCUA-insured, member-owned credit cooperative founded in 1961 and headquartered in Tampa, Florida. It serves members of Florida Building & Construction Trade local unions statewide, with eligible membership extending to members' family members. The institution operates three physical offices across Tampa, Jacksonville, and Miami, supplemented by access to the CO-OP Shared Branch network and MasterCard/Cirrus ATM locations.
The product portfolio spans core retail banking: fee-free checking accounts, share/savings accounts, share certificates, and Traditional and Roth IRAs, alongside a lending suite that includes new and used auto loans (3.49%-5.99% APR), mortgages, home equity lines of credit, construction loans, personal loans, and MasterCard credit cards. Deposit and lending products are delivered through a tiered savings structure (including the High Voltage Savings account paying up to 1.50% APY at $50,000+) and through competitive share certificate rates up to 3.60% APY. Digital servicing is delivered via the It'sMe247 online and mobile banking platform, PowerLine audio-response telephone banking, PowerPay bill payment, and member-engagement features such as EarlyPay, CourtesyPay, and Round Up. Financial planning services are offered through an alliance with Money Concepts International Financial Planning Network.
Revenue mechanics are typical of a credit union: net interest income from loan originations (auto, mortgage, HELOC, credit card) is the primary revenue driver, with secondary income from share certificate and savings account funding costs, fee income on ancillary products (GAP coverage, mechanical breakdown coverage, overdraft), and interchange on debit and credit cards. Go-to-market is direct-to-consumer via union partnerships, the institutional website, Facebook, and email newsletters, with loan applications accepted online and no waiting period for new members.
Powernet Credit Union firmographics
Firmographics- Name
- Powernet Credit Union
- Legal name
- PowerNet Credit Union
- Website
- https://powernetcu.org
- Company type
- Private
- Founded year
- 1961
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Powernet Credit Union is a member-owned, NCUA-insured credit cooperative founded in 1961 that serves Florida Building & Construction Trade local union members statewide through checking, savings, lending, and retirement products delivered via three branches and digital banking.
- Ownership category
- akta.pro rank
Powernet Credit Union industry classification
Industry- Product category
- Retail Banking
- NAICS
- Credit Unions (522130)
- akta.pro primary industry
- Employer/Occupational Credit Unions (FSABAEAB)
Keywords
Where Powernet Credit Union is headquartered
LocationHeadquarters
- HQ city
- Tampa
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Powernet Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Share/Savings Account Fees: Members maintain share (savings) accounts with a $5 minimum balance requirement. The credit union pays dividends on deposits.
- Loan Interest Income: Primary revenue source from auto loans, mortgages, home equity lines of credit, personal loans, credit cards, and other lending products. Interest rates range from 3.49% APR for new autos to 11.25% for farm equipment.
- Share Certificate Products: Certificate of deposit accounts from 6-month to 60-month terms with competitive APY rates, generating fee income.
- Traditional and Roth IRA Accounts: IRA accounts with tax-advantaged savings and certificate investment options
- MasterCard Credit Cards: Credit card services with fixed rate APR, annual fee waiver for spending $2,000+ per year, and cash advance capabilities
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Checking/Draft Account |
| Subscription | Monthly | Share/Savings Account |
| Subscription | Monthly | New Auto Loans |
| Subscription | Monthly | Used Auto Loans |
| Subscription | Annual | Share Certificates |
| Subscription | Monthly | High Voltage Savings |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels4 records
Powernet Credit Union product offering
Product offeringCore offering
PowerNet Credit Union is a not-for-profit, member-owned financial cooperative that provides retail banking and consumer lending products—including no-fee checking and savings accounts, share certificates, IRAs, auto loans, mortgages, home equity lines of credit, construction loans, and MasterCard credit cards—to Florida Building & Construction Trade union members and their families through branch, online, mobile, and shared-branch channels.
Product overview
PowerNet Credit Union operates as a single, unified financial services institution offering a comprehensive portfolio of banking and lending products designed primarily for building and construction trade union members in Florida. The core offerings include checking and savings accounts, a variety of loan products (auto, mortgage, home equity, personal, and credit cards), and retirement accounts. Digital banking is delivered through the It'sMe247 platform for online and mobile access. Supplementary services include financial planning through Money Concepts, car-buying assistance, and various account protection products like overdraft coverage and vehicle protection plans. The credit union differentiates through fee-free checking, competitive loan rates, and services tailored to union members.
Differentiator
Problem solved
Functional benefit
Products and services
- Checking & Savings Accounts No-monthly-fee checking accounts with unlimited check writing, debit card, overdraft protection, and free internet home banking with bill pay, alongside $5-minimum share/savings accounts paying dividends. Targeted at Florida Building & Construction Trade union members and their families.
- Mortgages & Home Equity Loans Fixed or adjustable-rate mortgages and home equity lines of credit for primary residences, second homes, or investment properties, with low closing costs and no service or underwriting fees. Available to eligible union members and their families.
- New & Used Auto Loans Vehicle financing with competitive rates for new and used cars, including auto refinance options, with new car terms up to 72 months and used car terms of 24 to 60 months. Available to eligible union members and their families.
- Traditional & Roth IRAs Individual retirement accounts (Traditional and Roth) invested in savings accounts and certificates of deposit from 6 to 60 months, with tax-preferred treatment and IRA insurance coverage up to $500,000 per member.
- PowerNet It'sMe247 Mobile & Online Banking Full-service online and mobile banking platform enabling 24/7 account access, bill payment, and account management via internet browser or mobile device, available to credit union members.
- MasterCard Credit Cards Fixed-rate MasterCard credit cards with a 25-day grace period, no annual fee for cardholders who charge $2,000 or more annually, and cash advance availability at ATMs.
- Share Certificates Certificate of deposit accounts with terms from 6 to 60 months and competitive APY rates, available for both regular share accounts and IRA accounts, with a $500 minimum opening balance.
- Construction Loans Fixed-rate construction mortgages for home building with up to 12 months for construction completion, automatically converting to a permanent mortgage upon completion of construction.
- Home Equity Line of Credit (HELOC) Revolving home equity line of credit for various purposes including home improvement, medical expenses, debt consolidation, and vehicle purchases.
- Financial Planning Financial planning services offered to members through the credit union's alliance with Money Concepts International Financial Planning Network, providing staff expertise and resources for wealth management and planning.
- Car Buying 101 Free advisory service providing members with low-rate auto loan pre-approvals and Auto Advisor guidance to navigate dealership purchases and avoid high-pressure sales tactics.
- Mechanical Breakdown Coverage Extended warranty product protecting members against costly vehicle mechanical repairs, typically offered in conjunction with auto loans.
- Guaranteed Asset Protection (GAP) GAP protection product that pays the difference between the insurance payout and the outstanding loan balance if a financed vehicle is totaled or stolen.
Quantifiable outcome
- Auto loan rates as low as 3.49% APR
- +2 more outcomes
Companies that use Powernet Credit Union
Customer profileSegments2 records
Ideal customer profiles2 records
Powernet Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Powernet Credit Union partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Money Concepts International Financial Planning NetworkcorePowerNet formed an alliance with Money Concepts International Financial Planning Network to provide staff expertise and resources for offering expanded financial planning services to members. The partnership enhances the credit union's ability to offer comprehensive wealth management and planning services.
Scale indicators2 records
Recent moves6 records
Expansion highlights6 records
Powernet Credit Union competitors and assessment
Company assessmentDirect peers
- Grow Financial Federal Credit Union: Tampa-headquartered Florida credit union with statewide membership offering similar deposit, lending, and digital banking products. Directly comparable in geographic focus (Florida), member segment (broad community), and product mix to Powernet.
- Achieva Credit Union: Tampa Bay-area Florida credit union with similar size, branch footprint, and community-based membership serving the west coast of Florida. Comparable product offering across deposits, mortgages, and consumer lending.
- MidFlorida Credit Union: Florida-based community credit union with statewide membership offering similar deposit, mortgage, and consumer loan products. Comparable Florida geographic focus and product mix to Powernet.
- Fairwinds Credit Union: Orlando-headquartered Florida credit union with statewide membership and similar community-based charter. Overlaps with Powernet on core banking and lending products targeted at Florida consumers.
- First Florida Credit Union: Florida-based credit union serving members statewide with comparable deposit, lending, and digital banking products. Similar scale and geographic focus to Powernet.
- BCU (Baxter Credit Union): Occupational/employer-based credit union serving select employer groups across multiple states. Most directly comparable to Powernet's occupational charter model based on Florida Building & Construction Trade union membership.
- First Tech Federal Credit Union: Employer/affinity-based federal credit union serving technology employees and their families. Comparable to Powernet in occupational/affinity charter model with deep employer-group integration and similar product mix.
Broad incumbents
- Suncoast Credit Union: One of the largest credit unions in Florida with statewide branch network and a broad community charter. Overlaps with Powernet on geographic focus and core banking/lending products but operates at materially greater scale.
- VyStar Credit Union: Jacksonville-based large Florida credit union with extensive branch network across the state. Directly competes for Florida membership with similar deposit and loan products but operates at much larger scale and broader community charter.
Others
- Corporate One Federal Credit Union: Corporate/central credit union that already serves as an intermediary institution for Powernet's wire transfer processing. Functions in the credit union ecosystem as a wholesale/corporate peer providing correspondent banking services to member credit unions like Powernet.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Powernet Credit Union social profiles
Digital presencePowernet Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Powernet Credit Union leadership team
Management profileNumber of profiles
Powernet Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Powernet Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Powernet Credit Union
What does Powernet Credit Union do?
PowerNet Credit Union is a not-for-profit, member-owned financial cooperative that provides retail banking and consumer lending products—including no-fee checking and savings accounts, share certificates, IRAs, auto loans, mortgages, home equity lines of credit, construction loans, and MasterCard credit cards—to Florida Building & Construction Trade union members and their families through branch, online, mobile, and shared-branch channels.
Is Powernet Credit Union a public or private company?
Powernet Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Powernet Credit Union founded?
Powernet Credit Union was founded in 1961. It employs 11 to 50 people.
Where is Powernet Credit Union based?
Powernet Credit Union is headquartered in Tampa, United States, in the North America region.
How does Powernet Credit Union make money?
Five revenue lines are on record. Share/Savings Account Fees are the primary driver. The others are loan Interest Income, share Certificate Products, traditional and Roth IRA Accounts and masterCard Credit Cards.
Who are Powernet Credit Union's main competitors?
Direct peers on record are Grow Financial Federal Credit Union, Achieva Credit Union, MidFlorida Credit Union, Fairwinds Credit Union, First Florida Credit Union, BCU (Baxter Credit Union) and First Tech Federal Credit Union. Broad incumbents are Suncoast Credit Union and VyStar Credit Union. Corporate One Federal Credit Union is listed as an others.
Does Powernet Credit Union have an API?
No public API is recorded for Powernet Credit Union.
What industry is Powernet Credit Union in?
Powernet Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAB, Employer/Occupational Credit Unions. Its NAICS code is 522130.