PARDA Federal Credit Union

What PARDA Federal Credit Union does

PARDA Federal Credit Union is a federally chartered, member-owned cooperative credit union founded in 1937 by employees of Parke-Davis pharmaceutical company in Detroit and now headquartered in Auburn Hills, Michigan. It operates as a full-service consumer and small-business financial institution serving more than 15,000 members from over 300 Select Employee Group employer partnerships, with eligibility extended nationwide via the American Consumer Council channel. The credit union holds more than $245 million in assets, runs seven branch locations across Michigan, South Carolina, and Illinois, and distributes products through a hybrid physical-digital model that includes online and mobile banking (biometric login, mobile deposit, bill pay), the CO-OP shared branching network, and third-party loan origination portals (MeridianLink, LoanSPQ).

The core technology stack centers on a digital banking platform (now.parda.com) paired with a native iOS and Android mobile app, supplemented by integrations with Chimney (My Home Tracker for property valuation and equity insight), Unifimoney (robo-advisory, self-directed equities, and cryptocurrency), and FICO-based credit score presentation (My Credit). Product breadth spans deposit products (checking, savings, youth, business, IRA, CDs), consumer and secured lending (auto, personal, home equity, HELOC, credit builder, mortgages, RV, credit cards, student loans), a Buy Now Pay Later offering, and an add-on protection and wellness layer (GAP Plus, Mechanical Repair Coverage, Debt Protection, Skip-A-Pay).

The revenue model is anchored by net interest income on the loan-to-deposit spread (auto loans from 4.49% APR, fixed-rate home equity from 6.75% APR, HELOC intro 4.99% APR, credit card 0% promotional for 21 months) and diversified with transaction-based fees (overdraft, wires, stop payments, check orders) plus an increasingly structured affiliate referral stream from TruStage insurance, LPL Financial investment services, Unifimoney investing, Trust & Will estate planning, GreenPath financial wellness, and Banzai financial education. GTM is primarily direct-to-consumer, leveraging SEG employer partnerships for acquisition, the ACC pathway for non-employer eligibility, a member referral program ($50 per referral up to $600/year), and organic social channels (Instagram, Facebook, LinkedIn).

Name

PARDA Federal Credit Union

Legal name

Parda Federal Credit Union

Website

https://parda.com

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

101–250 employees

Short description

PARDA Federal Credit Union is a federally chartered, member-owned cooperative founded in 1937 that provides consumer and small-business banking, lending, and digital financial services to more than 15,000 members across Michigan, South Carolina, and Illinois via 300+ employer Select Employee Groups.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

Keywords

• Retail banking services
• Consumer lending
• Credit union deposits
• Home equity loans
• Financial wellness programs

Headquarters

HQ city

Auburn Hills

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: As a credit union, Parda generates primary revenue through the spread between interest earned on loans (auto loans, mortgages, home equity, personal loans, credit cards) and interest paid on deposits (checking, savings, CDs, IRAs). Interest rates on loan products include auto loans as low as 4.49% APR, fixed rate home equity loans as low as 6.75% APR, and HELOC intro rates as low as 4.99% APR for 6 months.
2. Fee-Based Services: Revenue generated from various fee-based services including wire transfers, stop payments, overdraft fees, check ordering, and other account service charges. Fee schedules are published on the website.
3. Insurance and Protection Products: Referral fees from TruStage insurance products (auto, home, life insurance), GAP Plus coverage, Mechanical Repair Coverage, and Debt Protection offered alongside lending products.
4. Investment Services Referrals: Referral fees from LPL Financial Advisors for investment and retirement planning services provided to members.
5. Unifimoney Investment Platform: Partnership with Unifimoney providing digital investing services including robo advisory, self-directed stocks & ETFs, and cryptocurrency. Parda earns referral fees for connecting members to the platform.
6. Trust & Will Estate Planning: Partnership with Trust & Will offering online estate planning. Members receive 20% discount on Will-Based ($159.20) or Trust-Based ($399.20) estate plans. Parda earns referral/affiliate fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

PARDA Federal Credit Union is a federally chartered, member-owned cooperative financial institution offering a full range of deposit products (checking, savings, youth, business, IRA, certificates) and consumer lending products (auto loans, personal loans, home equity loans/HELOCs, mortgages, RV loans, credit cards, student loans, credit builder loans). Members access accounts via 7 physical branches, a digital banking portal, and a mobile app, complemented by financial wellness, insurance, estate planning, and investment referral services through partner integrations.

Product overview

PARDA Federal Credit Union operates as a full-service financial institution offering a comprehensive suite of banking products organized around three core service areas. The Bank section encompasses deposit products including Checking, Savings, Youth, Business, and IRA Accounts as well as Certificates. The Borrow section features a full range of lending products including Auto Loans (starting at 4.49% APR with 90-day deferred payment), Personal Loans, Home Equity Loans and HELOCs (fixed rate from 6.75% APR, HELOC intro rate 4.99%), Credit Builder Loans, Mortgages (offering 5% down with no PMI), Recreational Vehicle Loans, Credit Cards (0% for 21 months), and Student Loans. The Plan section provides financial wellness services including Investment Services, Scholarships, Auto & Home and Life Insurance (through TruStage), Trust & Will estate planning (through Trust & Will partnership), and Financial Wellness (through GreenPath) and Financial Education (through Banzai). Digital banking capabilities include online and mobile banking with features like My Credit for credit score monitoring, My Home Tracker for home equity tracking, Unifimoney for digital investing, and mobile wallet integration with Apple Pay, Google Pay, and Samsung Pay. Additional services include eStatements, Buy Now Pay Later, Skip-A-Pay, and a Member Referral Program.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts Personal checking accounts with debit cards, direct deposit, and online bill pay features for individual consumer members.
• Savings Accounts Personal savings accounts including share savings and money market accounts for deposits and interest growth.
• Youth Accounts Savings and checking accounts designed for young members, with educational resources about money management.
• Business Accounts Checking and savings accounts for business banking needs including business debit cards and merchant services.
• IRA Accounts Individual Retirement Accounts including Traditional and Roth IRA options for retirement savings.
• Certificates (CDs) Certificate of Deposit accounts with fixed terms and competitive rates for savings growth.
• Auto Loans Vehicle financing for new and used automobiles with rates as low as 4.49% APR and 90-day deferred first payment options.
• Personal Loans Unsecured personal loans for debt consolidation, major purchases, and emergencies.
• Home Equity Loans Fixed rate home equity loans as low as 6.75% APR and Home Equity Lines of Credit (HELOC) with intro rates as low as 4.99% APR for 6 months.
• Credit Builder Loans Loans designed to help members establish or rebuild credit history through structured payments.
• Mortgages Mortgage lending through mfm.parda.com offering conventional mortgages with options including 5% down and no PMI.
• Recreational Vehicle Loans Financing for RVs, boats, and other recreational vehicles with competitive rates.
• Credit Cards Visa credit cards including 0% interest promotional rate for 21 months on balance transfers and purchases.
• Student Loans Education financing options and student loan refinancing through partnerships with guidance resources.
• Digital Banking (Online & Mobile) Full-featured online and mobile banking platform with biometric login, mobile check deposit, bill pay, transfers, and ATM locator.
• Trust & Will Estate Planning Online estate planning service through Trust & Will partnership, offering Will-Based ($159.20) and Trust-Based ($399.20) plans with 20% member discount.
• TruStage Insurance Products Auto, home, and life insurance products offered through TruStage partnership with potential member discounts.
• Investment Services Referral program connecting members with LPL Financial Advisors through Parda Financial Partners for financial planning, retirement planning, and investment guidance.
• Unifimoney Digital Investing Digital investing platform integrated into online and mobile banking offering robo advisory, self-directed stocks & ETFs, and cryptocurrency access.
• GreenPath Financial Wellness Financial counseling and education services including debt management, credit review, student loan counseling, and housing services.

Quantifiable outcome

• Auto loans as low as 4.49% APR
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Trust & WillcoreGTM or Marketing PartnerParda partnered with Trust & Will to provide members with 20% off estate planning services. Trust & Will is an online estate planning platform offering Will-Based ($159.20) and Trust-Based ($399.20) plans. Members save 20% and get first shipment of documents free. Trust & Will provides attorney-drafted, state-specific documents with expert support available.
• GreenPath Financial WellnesscoreStrategic or Co-development PartnerParda partnered with GreenPath Financial Wellness, a non-profit financial education organization since 1961, to provide members with free financial education tools, debt management services, one-on-one financial counseling, credit report reviews, student loan counseling, housing services, and foreclosure prevention. Services available in English and Spanish with interpreter services in 150+ languages.
• TruStage (CMFG Life Insurance Company)coreGTM or Marketing PartnerParda offers TruStage insurance products including Auto Insurance, Property Insurance, and Life Insurance Policies. TruStage has served over 20 million credit union members for 80+ years. Members may qualify for discounts and savings. Michigan members have access to local TruStage representative Sam Thomas at Comparion Insurance.
• LPL Financial AdvisorsminorGTM or Marketing PartnerParda Financial Partners Investment Division developed a referral program connecting members with LPL Registered Financial Planners for no-cost consultation on financial planning, retirement planning (including 401(k) options), insurance analysis, and college funding.
• UnifimoneycoreTechnology or IntegrationParda partnered with Unifimoney to provide members digital investing access through online and mobile banking. Services include Robo Advisory for hands-off investing, Self-Directed Stocks & ETFs, and Cryptocurrency trading. Banking services provided by First Fidelity Bank, Member FDIC; brokerage by Apex Clearing & Custody, Inc., Member FINRA/SIPC.
• BanzaiminorGTM or Marketing PartnerParda partnered with Banzai to provide online financial education tools including calculators, articles, coaches, and simulation courses for all ages. Resources include budget sheets, loan calculators, retirement planning tools, and interactive games for kids and teens. Access through parda.banzai.org.
• Select Employee Groups (300+ employers)coreChannel Partner/ Reseller/ DistributorPartnership with over 300 Select Employee Group employers allowing their employees and families to become Parda members. Includes major employers across Michigan (Consumers Energy, Pfizer, Gordon Food Service, etc.), South Carolina (Chili's, Cracker Barrel, Walmart), and Illinois. No set-up fees, annual fees, or administrative costs for employer partners.
• American Consumer Council (ACC)minorChannel Partner/ Reseller/ DistributorACC is a nationwide non-profit consumer education organization that allows consumers not eligible through a SEG to join Parda. Some residency restrictions apply. No cost to join through ACC.

Scale indicators7 records

Recent moves3 records

Expansion highlights6 records

Direct peers

• BCU (Baxter Credit Union): Federally chartered credit union built around Select Employee Group employer partnerships with consumer banking and lending nationwide; comparable to Parda's SEG-driven membership model and digital-first positioning.
• Michigan Schools and Government Credit Union: Michigan-based credit union anchored by employer-group (school district and government employee) membership, comparable to Parda's SEG-based model with similar digital banking and full-service product suite.
• First Technology Federal Credit Union: Federally chartered credit union organized around technology-industry SEG employer partnerships; comparable in federal-charter cooperative structure, SEG-driven growth model, and emphasis on digital banking capabilities.
• Affinity Plus Federal Credit Union: Minnesota-based federally chartered credit union serving consumer members with similar product breadth (deposits, consumer lending, digital, wealth); closely comparable in structure (federal charter, cooperative, retail focus) and in size tier (multi-billion assets).
• Genisys Credit Union: Michigan-based credit union with multi-branch footprint serving consumer and business members; comparable in geographic anchoring in Michigan and SEG-style membership structure, though typically larger in asset base.
• ELGA Credit Union: Michigan-headquartered credit union serving consumer and business members across multiple branches; similar community-credit-union model with comparable product offerings (deposits, consumer lending, digital banking).
• Patelco Credit Union: California-based federally chartered credit union serving consumer and business members with similar deposit, lending, and digital product suite; comparable as a multi-state, full-service community credit union with overlapping member demographics.
• SchoolsFirst Federal Credit Union: Large California-based federally chartered credit union built around school-employee SEG partnerships with full banking and lending; highly comparable SEG-based membership model and product breadth, though materially larger in scale.
• Lake Michigan Credit Union: Michigan-headquartered federal credit union with multi-billion-dollar asset base serving retail and commercial members across Michigan and beyond; directly comparable as a Michigan-rooted, federally chartered, member-owned cooperative with similar product breadth.

Broad incumbents

• Digital Federal Credit Union (DCU): Large federally chartered digital-first credit union with nationwide membership and full-service product suite; broader incumbent with deeper digital banking capabilities and significantly larger asset base, but overlapping core retail/cooperative value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/pardafcu
• LinkedInlinkedin.com/company/pardafcu
• Instagraminstagram.com/pardafcu/#

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

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 PARDA Federal Credit Union