First Federal Credit Union

What First Federal Credit Union does

First Federal Credit Union is a member-owned, federally insured (NCUA) cooperative financial institution chartered in 1926 in Cedar Rapids, Iowa, where it is the state's second-oldest credit union. It serves consumer and small-business members across five Iowa counties — Linn, Benton, Buena Vista, Clay, and Dickinson — through four physical branches (Cedar Rapids headquarters, Hiawatha, Urbana, and Spencer) supplemented by an extensive digital channel set including online and mobile banking, two-way video/audio Express Teller Machines (ETMs), VideoCU, ChatCU, TextCU, telephone banking, and a free surcharge-free ATM network (PRIVILEGE STATUS in Iowa and MoneyPass nationwide).

The product portfolio spans deposit products (Premier Rewards Checking, Charity Checking, Fed Up Money Market, certificates, IRAs, business accounts, and Overdraft Defender), a full lending menu (15/20/30-year fixed and adjustable-rate mortgages, construction loans, auto loans with cash-back promotions, personal loans, home equity loans/lines of credit up to 100% LTV, student loans, business term loans and lines of credit, and Visa Ca$h Rewards, Premium, and Secure credit cards), and consumer-protection features (Card Shield debit controls, Premium Text Messaging Fraud Alerts, Early Direct Deposit up to two business days early, Zelle and Popmoney P2P payments, and tokenized mobile wallet support via Apple Pay, Google Pay, and Samsung Pay). Targeted promotional products include the Tariff Buster Cash Back Auto Loan, Holiday Loan Special, Disaster Relief Loan at 0% for 120 days, and Shutdown Assistance Loan for furloughed federal employees.

Revenue is generated primarily through net interest income on the loan book (mortgage, auto, home equity, personal, credit card, student, and business lending) plus transaction-based fee streams — overdraft, ATM (out-of-network), wire, and service fees (skip-a-payment, official checks, credit card interest and annual fees). GTM motion is direct-to-consumer and community-driven, with growth fueled by branch expansion, the April 2022 acquisition of Northeast Security Bank's Urbana branch (~$19.0 million in deposits assumed), the June 2022 Spencer branch opening, the 100th anniversary referral program, and ongoing community events. Leadership comprises CEO C. Thomas Chalstrom and Chairman Mike Pickering; the institution has 11-50 employees and is not publicly listed.

Name

First Federal Credit Union

Legal name

First Federal Credit Union

Website

https://firstfedcu.com

Company type

Private

Founded year

1926

Operating status

Operating

Headcount range

11–50 employees

Short description

First Federal Credit Union is a member-owned, NCUA-insured cooperative chartered in 1926 in Cedar Rapids, Iowa, serving consumer and small-business members across five Iowa counties with deposits, loans, and digital banking through four branches and online/mobile/ETM channels.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Personal Credit Institutions (6141), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

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

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking
• Consumer lending
• Deposit accounts
• Digital banking
• Credit union services

Headquarters

HQ city

Hiawatha

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: First Federal Credit Union generates revenue primarily through interest earned on loan products including mortgage loans, auto loans, personal loans, home equity loans/lines of credit, credit cards, student loans, and business loans. Interest rates vary based on creditworthiness and product type.
2. Deposit Account Fees and Charges: Revenue generated from various fees including overdraft fees, ATM fees (for non-network usage), wire transfer fees, and other account service charges as outlined in their fee schedule.
3. Credit Card Fees: Income from credit card products including interest charges on revolving balances, annual fees on premium cards, and transaction fees.
4. Service Fees: Fees for services such as skip-a-payment options, official check fees, and other banking services.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

First Federal Credit Union is a member-owned, not-for-profit financial cooperative chartered in 1926 that provides retail banking products and services to individuals and small businesses. Its core offerings include deposit accounts (checking, savings, money market, certificates, IRAs), consumer and commercial lending (mortgage, auto, home equity, personal, student, business loans), credit cards, and a digital banking ecosystem spanning online banking, a mobile app, Express Teller Machines, and multi-channel contact options. As a federally insured NCUA institution, it serves members in five Iowa counties through physical branches and digital channels.

Product overview

First Federal Credit Union operates as a community-focused financial institution offering a comprehensive digital banking ecosystem alongside traditional branch services. The core platform centers on digital banking through Online Banking and Mobile Banking App, supplemented by specialized payment features including Mobile Wallet (Apple Pay, Google Pay, Samsung Pay), Zelle peer-to-peer payments, and Card Shield debit protection. The product portfolio spans checking and savings accounts (Premier Rewards Checking, Charity Checking, Certificates and IRAs, Fed Up Money Market), diverse lending products (Mortgage Loans, Auto Loans, Personal Loans, Home Equity Loans, Student Loans, Business Loans), and multiple credit card options (Ca$h Rewards, Premium, Secure). Additional services include Express Teller Machines (ETM) with live video assistance, VideoCU/ChatCU/Text CU multi-channel contact options, and Early Direct Deposit. The credit union also runs periodic promotional products like Tariff Buster Cash Back Auto Loans and Holiday Loan Specials. Founded in 1926, the institution serves members in Linn, Benton, Buena Vista, Clay, and Dickinson counties in Iowa.

Differentiator

Problem solved

Functional benefit

Products and services

• Online Banking Web-based digital banking platform enabling members to view account balances, transfer funds between accounts, pay bills online, set up account alerts, view check copies, make loan payments, and access credit card activity in real time.
• Mobile Banking App Native mobile application for iOS and Android bringing digital banking services to smartphones and tablets, including balance viewing, transfers, free ATM locator, Bill Pay, mobile check deposit, and biometric login.
• Premier Rewards Checking Premium checking account with a rewards program offering competitive rates and benefits for qualifying members.
• Charity Checking Specialty checking account designed for charitable organizations with features supporting their financial management needs.
• Certificates and IRAs Term deposit accounts including certificate accounts with fixed rates and Individual Retirement Accounts (IRAs) for long-term savings and retirement planning.
• Fed Up Money Market Money market account offering competitive yields while maintaining liquidity for members seeking to grow savings with limited access to funds.
• Business Accounts Commercial banking accounts including business checking and savings designed for business operations, cash management, and financial tracking.
• Mortgage Loans Home financing products including 15-year, 20-year, and 30-year fixed rate mortgages, construction loans, and adjustable rate mortgages with various term options.
• Auto Loans Vehicle financing for new and used automobiles with competitive rates, including promotional offers such as the Tariff Buster Cash Back Auto Loan with up to $600 cash back at closing.
• Home Equity Loans Home equity financing including fixed-rate loans and lines of credit allowing homeowners to access built-up equity for renovations, debt consolidation, or major purchases.
• Personal Loans Unsecured personal financing for various purposes including debt consolidation, major purchases, and unexpected expenses with rates based on creditworthiness.
• Ca$h Rewards Credit Card Visa credit card offering cash back rewards on purchases with competitive rates and no annual fees for qualifying members.
• Premium Credit Card Enhanced Visa credit card with premium benefits including higher credit limits, travel rewards, and additional cardholder protections.
• Secure Credit Card Credit-building credit card requiring a security deposit, designed to help members establish or rebuild credit history.
• Student Loans Education financing options for members pursuing higher education, with terms and rates designed for students and their families.
• Business Loans Commercial lending products including term loans and lines of credit to support business growth, equipment purchases, and working capital needs.
• Skip a Payment Auto loan payment deferral program allowing eligible members to skip up to two scheduled payments by opening a new checking account with direct deposit.
• Digital Payments Suite of electronic payment options including Zelle for peer-to-peer transfers, credit card online access, and digital wallet compatibility for contactless transactions.
• Mobile Wallet Integration with Apple Pay, Google Pay, and Samsung Pay allowing members to use smartphones for contactless in-store and online purchases using tokenization for enhanced security.
• Card Shield Debit card protection service enabling card on/off controls, spending limits by location/merchant/transaction type, travel plan notifications, lost/stolen card reporting, and transaction dispute capabilities accessible through mobile banking.
• Express Teller Machines (ETMs) Video-assisted teller machines providing real-time two-way video/audio interaction with live tellers for transactions including cashless deposits, withdrawals, fund transfers, and loan payments without requiring an ATM card.
• VideoCU, ChatCU and TextCU Multi-channel contact options including face-to-face video banking via computer or mobile device, live chat on the website, and text messaging to the credit union's phone number for account inquiries.
• Tap & Pay Contactless payment feature allowing members to tap their cards or mobile devices at payment terminals for quick, secure transactions.
• Early Direct Deposit Free service enabling members to receive direct deposit funds up to two business days earlier than the standard schedule when the credit union receives notice from the payer.
• Overdraft Defender Overdraft protection service designed to help members avoid declined transactions and associated fees when account balances are insufficient.
• Tariff Buster Cash Back Auto Loan Limited-time promotional auto loan for 2025-2026 vehicles offering up to $600 cash back at closing (based on 1% of loan amount with $10,000 minimum) and rates as low as 5.99% APR.
• Holiday Loan Special Seasonal $5,000 personal loan with no payments until April 2026 and rates starting at 9.99% APR, designed for holiday expenses.
• Disaster Relief Loan Emergency financing for flood-affected members in Clay, Dickinson, or Buena Vista County providing up to $5,000 at 0% interest for 120 days, transitioning to 6.90%-9.90% thereafter.
• Shutdown Assistance Loan Special financing for U.S. Government employees affected by furloughs, offering up to $5,000 unsecured loans with no interest accrual during the government shutdown period.

Quantifiable outcome

• Home Equity Loan - 60 month term at 5.99% fixed APR ($61.79 per $1,000 borrowed)
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Northeast Security Bank (NSB)coreStrategic or Co-development Partner · 7 April 2022First Federal Credit Union acquired the Urbana, IA branch office of Northeast Security Bank in April 2022. This was only the second-ever transaction in Iowa where a credit union purchased a bank branch. First Federal assumed approximately $19.0 million in deposits and retained all NSB employees. NSB debit card customers were transitioned to First Federal cards.
• Apple PaycoreTechnology or IntegrationFirst Federal Credit Union has integration with Apple Pay mobile wallet, allowing members to add their debit and credit cards to Apple Pay for contactless payments at participating merchants.
• Google PaycoreTechnology or IntegrationFirst Federal Credit Union has integration with Google Pay mobile wallet, allowing members to add their debit and credit cards for contactless mobile payments.
• Samsung PaycoreTechnology or IntegrationFirst Federal Credit Union has integration with Samsung Pay mobile wallet, enabling members to use their First Federal cards for mobile payments at millions of locations accepting contactless payments.
• Adventureland ParkminorGTM or Marketing PartnerPartnership providing First Federal members discounted Adventureland Park tickets for $37.99 (compared to regular pricing) for the 2025 season at Adventureland Resort in Altoona, Iowa.
• Global ReachminorImplementation/ SI/ Consulting PartnerWebsite development partner responsible for First Federal Credit Union's website design and maintenance (footer attribution).

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Dupaco Community Credit Union: Iowa-headquartered member-owned credit union offering deposit accounts, consumer and business lending, and digital services across Eastern Iowa. Comparable cooperative operating model and Iowa community-banking focus.
• Great Western Bank: Community-focused bank with branch presence across Iowa and surrounding states offering deposit, mortgage, and consumer-lending products. Comparable multi-county Iowa footprint and full-service community-banking model.
• University of Iowa Community Credit Union (UICCU): Iowa-based not-for-profit credit union serving members across the Iowa City/Cedar Rapids region with deposit, lending, and digital banking services. Direct comparable in cooperative structure, Iowa footprint, and SMB/consumer member focus.
• Hills Bank and Trust Company: Community bank headquartered in Iowa City with deep Eastern Iowa branch presence, including the Cedar Rapids/Iowa City corridor. Comparable community-banking model, deposit-and-loan product mix, and regional Iowa geographic orientation.
• Veridian Credit Union: Iowa-based member-owned credit union offering deposit, lending, and digital banking across Eastern Iowa including the Cedar Rapids market. Direct competitor for consumer and small-business members in First Federal's core Linn County.
• GreenState Credit Union: Iowa-headquartered community credit union with full retail-deposit, mortgage, and consumer-lending franchise. Directly comparable in operating model (cooperative, member-owned, NCUA-insured) and footprint (Iowa) to First Federal CU.

Regional players

• Raccoon Valley Bank: Iowa community bank serving central Iowa counties with deposit and lending products. Operates in a comparable community-banking niche but primarily in central Iowa counties rather than directly in First Federal's Linn/Benton footprint.
• Ascentra Credit Union: Iowa-headquartered member-owned credit union with branches across Eastern Iowa serving consumer and small-business members. Comparable cooperative model and deposit/lending product set, operating in adjacent Iowa counties rather than identical overlap.

Emerging players

• Ally Bank: National digital-first bank offering deposit accounts, consumer lending, and credit cards with no physical branch dependency. Competes for the same consumer deposit and lending relationships as First Federal CU, particularly with younger members in its Iowa footprint.

Broad incumbents

• Bankers Trust Company: Iowa-based regional bank offering consumer, commercial, and wealth-management services across the state. Larger and broader in scope than First Federal CU but competes for the same Iowa consumer and SMB deposit and lending relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/firstfedcu
• Facebookfacebook.com/firstfederalcreditunion
• Instagraminstagram.com/firstfederalcreditunion
• LinkedInlinkedin.com/company/first-federal-credit-union

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 First Federal Credit Union