What Ascentra Credit Union does

Ascentra Credit Union is a federally chartered, member-owned not-for-profit financial cooperative headquartered in Bettendorf, Iowa. Founded in 1950 as the Alcoa Employees Credit Union, the institution now serves more than 40,000 members across 21 counties in Eastern Iowa and Western Illinois, managing more than $556 million in assets and operating nine physical branches. Its product set spans consumer and small-business banking: checking and savings accounts (including FreeBee, Be The Light, and CURewards variants), traditional and home-equity mortgages, vehicle, personal, and student loans, Visa credit and debit cards, the CashNOW short-term loan product, certificates and IRAs, retirement and investment services, trust services, 529 college savings plans, and business accounts, loans, merchant services, and the Visa Business Card.

The technology stack combines the Ascentra Anywhere digital banking platform with the Ascentra CU Mobile iOS/Android applications, integrating mobile deposit, person-to-person transfers, bill pay, and external account aggregation. Member-facing integrations include SavvyMoney credit monitoring and GreenPath financial wellness; back-office identity verification uses Co-op Verify. Distribution is augmented by the CO-OP Shared Branch network, which provides access to over 5,700 locations nationwide, and by free Making Cents financial coaching available to both members and non-members in English and Spanish.

Revenue is generated primarily through net interest income on the loan portfolio (mortgages, vehicle, consumer, business, and credit card), supplemented by transaction-based service fees (ATM, overdraft at $29.50, wire transfers $15–$46.25, safe deposit boxes), credit-card interchange, merchant services, and managed retirement/investment and trust services. Because Ascentra is a cooperative, surplus is returned to members via lower loan rates, higher deposit rates, and reduced fees rather than distributed as profit. Growth channels are community-led and event-driven, anchored by the Ascentra Foundation, a 75th-anniversary '10 Days of Giving' campaign donating $75,000 across ten nonprofits, and a new Rock Island branch expansion announced for 2026.

Name

Ascentra Credit Union

Legal name

Ascentra Credit Union

Website

https://ascentra.org

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

101–250 employees

Short description

Ascentra Credit Union is a federally chartered, member-owned not-for-profit cooperative serving more than 40,000 members across 21 counties in Eastern Iowa and Western Illinois with consumer and small-business banking, lending, and investment products distributed through nine branches, a digital platform, and a nationwide shared-branching network.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Prime Unsecured Personal Loans (Installment) (FSAKAAAA), Subprime / Credit-Building Credit Cards (FSAKABAJ)

Keywords

• Retail banking services
• Consumer lending products
• Mortgage loan services
• Credit union services
• Business banking solutions

Headquarters

HQ city

Bettendorf

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income on Loans: As a credit union, Ascentra generates primary revenue from interest earned on loans including mortgages, vehicle loans, personal loans, credit cards, and business loans. As a not-for-profit cooperative, profits are returned to members through lower rates on loans, lower fees, and higher rates on savings.
2. Service Fees and Charges: Various service fees including ATM fees (non-Ascentra ATMs), overdraft fees ($29.50 NSF/overdraft), courtesy pay ($29.50), wire transfer fees ($15-$46.25), safe deposit boxes ($20-$80 annually), account research ($30/hour), and other banking service charges.
3. Credit Card Income: Revenue from credit card transactions including interest charges and interchange fees.
4. Business Services: Merchant services for business members, business checking accounts, and business loan products.
5. Investment and Retirement Services: Ascentra Retirement & Investment Services and Trust Services providing investment products and financial planning services to members.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

Ascentra Credit Union is a not-for-profit, member-owned financial cooperative that provides retail banking, consumer lending, mortgage, and small business financial services to individuals and businesses across Eastern Iowa and Western Illinois. The credit union offers checking and savings accounts, mortgages, vehicle loans, credit cards, personal loans, student loans, and small business banking products, delivered through nine branches, the Ascentra Anywhere digital banking platform, the Ascentra CU Mobile app, and the CO-OP Shared Branch network.

Product overview

Ascentra Credit Union is a not-for-profit financial institution serving over 40,000 members with more than $556 million in assets across 9 branches in Eastern Iowa and Western Illinois. The organization operates as a single unified credit union platform offering consumer and business banking products. Consumer offerings include checking and savings accounts through Ascentra Anywhere digital banking, traditional and home equity mortgages, vehicle loans, credit cards, personal loans, student loans, and CashNOW short-term loans. Investment products include retirement services, trust services, and certificates/IRAs, plus 529 college savings plans for Iowa and Illinois. Business services encompass business accounts, business loans, merchant services, and Visa Business Cards. The organization differentiates through free Making Cents Financial Coaching available to members and non-members, the CO-OP Shared Branching network with 5,700+ locations, and community programs including the Ascentra Foundation, scholarships, and the Mortgage Resource Hub with first-time home buyer grants.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Personal checking account products including FreeBee Checking (eligibility-based), Be The Light Checking ($5/month fee), and CURewards checking with rewards points. Most checking accounts have no monthly maintenance fee. Designed for individual consumer members for everyday banking transactions.
• Savings Accounts Savings products including Membership Share Savings starting at 0.05% APY, Club Savings (with $5 early withdrawal fee), and IRA savings. Provides members with deposit accumulation options for short- and long-term goals.
• Ascentra Anywhere Digital Banking Online and mobile banking platform with full account management, transfers, bill pay, mobile check deposit, external transfers, person-to-person payments, loan applications, and integrated budgeting tools. Available to consumer and business members.
• Traditional Mortgages Fixed-rate mortgage products including the 10 & Done 10-year fixed rate at 6% APR, with mortgage experts available for guidance. Loans are locally decided and serviced, and the credit union does not use loan level price adjustments on fixed-rate mortgages.
• Home Equity Loans and HELOCs Home equity loans and home equity lines of credit (HELOCs) allowing members to consolidate debt or access home equity for improvements and major purchases.
• Vehicle Loans Auto loans for new and used vehicles starting at 4.74% APR, with financing also available for boats, RVs, motorcycles, and recreational vehicles.
• Credit Cards Visa credit cards with no annual fee, no balance transfer fee, and a 6-month 2.99% intro balance transfer offer. Highest standard APR is 17.88%, positioning the product as an alternative to predatory credit products.
• Personal Loans Unsecured personal loans for various member needs including debt consolidation.
• Student Loans Education financing products for members and their families pursuing higher education.
• CashNOW Loans Short-term loans up to $2,000 with no credit check and approval within minutes via the Ascentra app. Loan reports to credit bureaus to help members build credit. Requires 90-day membership and 60-day deposit history.
• Ascentra Retirement and Investment Services Investment and retirement planning services including 529 college savings plans for Iowa and Illinois residents, individual retirement accounts, and certificates. Provides members with long-term financial planning offerings through a dedicated subsidiary service line.
• Trust Services Professional trust services for estate planning and asset management provided to members.
• Certificates and IRAs Certificate accounts and Individual Retirement Accounts with competitive rates for member long-term savings and retirement planning.
• 529 College Savings Plans Tax-advantaged education savings plans including Iowa's ISave 529 and Illinois' Bright Start and College Savings plans, providing state income tax deductions for Iowa and Illinois residents saving for higher education costs.
• Business Accounts Business checking and savings accounts designed for small businesses and commercial members in the local service area.
• Business Loans Commercial lending products including term loans and lines of credit for business growth, operations, and working capital needs of small business members.
• Merchant Services Payment processing and merchant services enabling business members to accept card payments from customers.
• Visa Business Card Business credit card with travel benefits including emergency assistance, auto rental collision damage waiver, purchase security, and extended warranty protection.
• CO-OP Shared Branching Access to over 5,700 shared branch locations nationwide through the CO-OP Shared Branch network, allowing members to conduct deposits, withdrawals, transfers, and loan payments at any participating credit union.
• Making Cents Financial Coaching Free financial coaching program available to members and non-members, providing personalized financial planning, budget guidance, credit score improvement, and debt reduction support. Available in Spanish at all nine branches.
• Payment Center Online payment portal for making loan payments using funds from another financial institution, with a $10 convenience fee per transaction.

Quantifiable outcome

• Members save money through lower rates—Ascentra's highest credit card rate is 17.88% APR compared to rent-to-own stores charging 43-468% APR
• +2 more outcomes

Named customers2 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

Integration8 records

AI capability2 records

Feature4 records

Partnerships

15 partnerships are on record, tiered minor and core.

• Quad City Back the Blue FlightminorOthers · 23 April 2026Ascentra donated $20,000 to support the inaugural Quad City Back the Blue Flight program, which honors local law enforcement officers by providing an all-expenses-paid trip to Washington D.C. to visit the National Police Officers Memorial Wall.
• CO-OP Shared Branch NetworkcoreTechnology or IntegrationAscentra participates in the CO-OP Shared Branch network, providing members access to over 5,700 credit union branch locations nationwide. This partnership allows Ascentra members to conduct deposits, withdrawals, transfers, and loan payments at any participating credit union across the country, making it ideal for travelers, snowbirds, and those with family out-of-state.
• The Gray Matters CollectiveminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign in August 2025.
• Hand in HandminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• Victory Center Rescue MissionminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• Martin Luther King Jr. CenterminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• Project NOWminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• MCSA (Muscatine Center for Social Action)minorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• LULAC #10 (League of United Latin American Citizens)minorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• CASI (Center for Active Seniors)minorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• USW Local #105 (United Steel Workers)minorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• Habitat for Humanity Quad CitiesminorOthersOne of 10 nonprofit organizations receiving $7,500 donation as part of Ascentra's 75th anniversary '10 Days of Giving' campaign.
• Greenpath Financial WellnessminorOthersGreenpath Financial Wellness is referenced as a financial tool available through Ascentra's Financial Fitness Tools section, providing additional financial wellness resources to members.
• First Community TrustminorOthersFirst Community Trust is listed as an event partner for educational events hosted by Ascentra.
• Ascentra Retirement and Investment ServicesminorOthersAscentra Retirement and Investment Services is listed as an event partner for educational events hosted by Ascentra.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• GreenState Credit Union: Iowa's largest credit union, headquartered in North Liberty, serving members statewide and beyond. Closely comparable to Ascentra as a community-chartered Iowa credit union offering consumer deposits, mortgages, and business banking, though at materially larger scale.
• Veridian Credit Union: Iowa-based community credit union headquartered in Waterloo with branch presence across the state. Directly comparable to Ascentra in cooperative structure, consumer and mortgage product mix, and community-engagement model.
• Dupaco Community Credit Union: Dubuque-headquartered community credit union serving members across Iowa, Illinois, and Wisconsin. Closely comparable member-owned cooperative model and product suite (checking, mortgages, business banking) in the same Upper-Midwest region.
• IH Mississippi Valley Credit Union: Community credit union serving the Quad Cities region with a similar field-of-membership and member-owned cooperative structure. Overlaps directly with Ascentra in geography, member base, and core product offerings.
• Great River Federal Credit Union: Iowa-based community credit union serving southeast Iowa and west-central Illinois. Comparable member-owned model and consumer/mortgage product set, with similar asset size and branch footprint to Ascentra.

Broad incumbents

• U.S. Bank: National bank with material deposit, mortgage, and small-business presence across Iowa and Illinois. Competes with Ascentra for consumer and small-business relationships in the same Quad Cities market, but at vastly larger scale and with a broader product portfolio.
• Wells Fargo: Large national bank with established branch presence in Iowa and Illinois. Overlaps with Ascentra in consumer deposits, mortgages, and small-business banking, but serves a much broader geographic and customer footprint.
• Heartland Financial USA (HTLF): Dubuque, Iowa-based regional bank holding company operating community banks across the Midwest. Comparable regional community-banking orientation to Ascentra, with overlapping consumer, mortgage, and business banking products.
• Great Western Bank: Midwest-focused regional bank with significant Iowa and Nebraska branch presence, now part of First Interstate. Overlaps with Ascentra in community-banking relationships, mortgages, and small-business services in the same regional footprint.

Emerging players

• Alliant Credit Union: Large online-focused credit union with nationwide membership and competitive deposit rates. Represents the digital-first model that increasingly competes with traditional branch-based credit unions like Ascentra for rate-sensitive deposit and consumer lending relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ascentra
• Xx.com/ascentra
• Instagraminstagram.com/ascentracu
• LinkedInlinkedin.com/company/ascentra-credit-union
• YouTubeyoutube.com/@ascentracu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Ascentra Credit Union