Hercules First Federal Credit Union

What Hercules First Federal Credit Union does

Hercules First Federal Credit Union is a federally chartered, member-owned credit union founded in 1946 as Bacchus Plant Credit Union and renamed to its current identity, operating three branches in the Salt Lake City metropolitan area (Taylorsville, Herriman, Riverton) and serving individuals, families, youth/students, small businesses, and retirees across Utah. The institution runs a full-service deposit and lending platform — checking tiers (including a Gold Tier Checking at 4.25% APY), savings and money-fund accounts, savings certificates, Traditional and Roth IRAs, Visa debit/credit/gift cards, mortgages (1st, 2nd, HELOC, reverse), auto/motorcycle/RV loans, signature loans, and small business lending through CUBG Fast Track — distributed through branches, online banking, native iOS/Android mobile apps with Apple Pay and Samsung Pay, phone banking, and the CO-OP shared branching network.

Revenue is generated primarily through interest income on the loan portfolio (auto, mortgage, HELOC, signature, business, RV), supplemented by checking/savings fees, wire and account service charges, Visa interchange, insurance commissions from TruStage and SWBC, and affiliate/referral revenue from the GreenPath Financial Wellness partnership. Member economics are reinforced by a layered benefits ecosystem: Greenlight (youth finance), Ultimate ID+ (identity protection via IdentityForce), Empower Rewards (card rewards launched 2025), Benefits+ discounts, and TruStage/SWBC insurance products, alongside free financial counseling via GreenPath. Distribution leans on community-driven acquisition — youth sports sponsorships, high-school partnerships, and charity initiatives — supplemented by website/SEO, social media, and earned media on ABC4's Good Things Utah. Governance is led by CEO Brett Blackburn and EVP Brett Coats, with VPs overseeing branching services and lending, plus functional managers across compliance, HR, operations, mortgage, consumer lending, collections, and marketing; the institution is NCUA-insured, NMLS-licensed (#939496), and operates under COPPA, CCPA, GDPR, and WCAG 2.0 AA frameworks.

Name

Hercules First Federal Credit Union

Legal name

Hercules First Federal Credit Union

Website

https://herculescu.com

Company type

Private

Founded year

1946

Operating status

Operating

Headcount range

11–50 employees

Short description

Hercules First Federal Credit Union is a federally chartered, member-owned credit union founded in 1946, operating three Salt Lake City-area branches and offering deposit accounts, consumer and mortgage lending, Visa cards, and digital banking to individuals, families, youth, small businesses, and retirees in Utah.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending products
• Mortgage and home equity
• Credit union deposits
• Community financial services

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: The primary revenue stream comes from interest earned on loans including auto loans, mortgages (1st and 2nd), HELOCs, signature loans, business loans, and RV loans. Rates are competitive and members are encouraged to borrow from the credit union rather than elsewhere.
2. Checking and Savings Account Fees: Revenue generated from checking account services, wire transfer fees, and other account-related service charges. Online bill pay is free with a checking account.
3. Visa Card Interchange: Revenue from Visa debit and credit card transactions through interchange fees.
4. Insurance Products Commission: Commission revenue from offering TruStage life insurance and SWBC insurance products (Payment Protection, GAP Advantage, Major Mechanical Protection, PowerBuy Equity Protection) to members.
5. Financial Wellness Partnership Referrals: Partnership with GreenPath Financial Wellness provides referral-based revenue through financial counseling and debt management services offered to members.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Hercules First Federal Credit Union is a federally chartered, member-owned credit union that provides retail banking services to individuals, families, and small businesses in the Salt Lake City metropolitan area. Its core offering spans deposit products (checking tiers, savings, money funds, certificates, IRAs), consumer and commercial lending (auto, motorcycle, RV, signature/personal, 1st and 2nd mortgages, HELOC, reverse mortgages, business loans), and VISA cards (credit, debit, gift). Members access services through three branches, a web banking portal, iOS and Android mobile apps, phone banking, and the CO-OP shared branching network, with deposits insured by the NCUA.

Product overview

Hercules First Federal Credit Union operates as a full-service federally chartered credit union (founded 1946) offering a broad, unified product portfolio organized around four core pillars: deposit accounts, lending, digital banking, and member benefits. The deposit lineup spans checking tiers (Gold Tier Checking at 4.25% APY, Premier Tier, Regular, and Business Checking), savings products (Money Funds Savings, Regular Savings, Savings Certificates, and Youth Savings), and tax-advantaged Individual Retirement Accounts. Lending covers home loans (1st mortgages including conventional and FHA options, 2nd mortgages, HELOC, and reverse mortgages), vehicle loans (auto, motorcycle, and RV with terms up to 180 months), business loans (CUBG Fast Track and commercial vehicle/equipment loans), and signature/personal loans. The digital banking platform encompasses Online Banking (web), Mobile Banking (iOS/Android with Apple Pay and Samsung Pay), Online Bill Pay, and a suite of Financial Calculators. The member benefits ecosystem includes Greenlight (free family finance app for youth), Ultimate ID+ identity theft protection (via IdentityForce), Empower Rewards (credit card rewards), Benefits+ (discounts), TruStage Life Insurance, SWBC insurance products (payment protection, GAP, MMP, PowerBuy), GreenPath Financial Wellness counseling, and the Herc 24/7 virtual chatbot assistant. All services are accessible through the credit union's website, mobile apps, branches, and shared CO-OP network, with membership insured by the NCUA.

Differentiator

Problem solved

Functional benefit

Products and services

• Gold Tier Checking Premium-tier checking account paying 4.25% APY on balances for individual members, accessible via branch, web, and mobile banking with Apple Pay and Samsung Pay support.
• Premier Tier Checking Mid-tier checking account offering enhanced benefits for members maintaining higher balances, with full digital banking access and free Online Bill Pay.
• Regular Checking Standard everyday checking account with free Online Bill Pay and access to all digital banking tools for individuals and families.
• Business Checking Checking account tailored for business members providing deposit services, business loan access, and CUBG Fast Track commercial lending options.
• Money Funds Savings High-yield savings account paying competitive interest on balances above standard savings thresholds for individual members.
• Regular Savings Standard share savings account serving as the foundation account for credit union membership, earning interest on deposited funds.
• Savings Certificates (CDs) Term deposit certificates with various maturities paying fixed interest rates, subject to early withdrawal penalties.
• Youth Savings Account Savings account designed for children and young members to support financial literacy from an early age.
• Individual Retirement Accounts (Traditional and Roth IRAs) Tax-advantaged retirement savings accounts available as Traditional and Roth IRAs for members saving for retirement with potential tax benefits.
• VISA Credit Cards Credit cards branded with the VISA logo offering purchasing power, rewards earning, and Empower Rewards point redemption for members.
• VISA Debit Cards Debit cards linked to a member's checking account for point-of-sale purchases, ATM withdrawals, and online transactions, with Apple Pay and Samsung Pay integration.
• VISA Gift Cards Prepaid VISA cards available for purchase at branches and usable anywhere VISA is accepted as a flexible gifting option.
• 1st Mortgages and First-Time Home Buyer Loans First-lien mortgage loans including conventional mortgages up to 97% LTV, FHA loans with as little as 3.5% down, down payment assistance programs, and specialized first-time home buyer options.
• 2nd Mortgages Second-lien mortgage loans allowing members to access home equity with fixed-rate options and no prepayment penalties for home improvements or debt consolidation.
• Home Equity Line of Credit (HELOC) Revolving line of credit secured by home equity, offering variable-rate borrowing up to 80% combined LTV with interest-only payments during the first 10-year draw period.
• Reverse Mortgages FHA-backed reverse mortgage for homeowners aged 62 and older, converting home equity into accessible cash without requiring monthly mortgage payments until the home is sold or the borrower moves.
• Auto Loans Fixed-rate vehicle loans for new and used cars, trucks, SUVs, and crossovers with terms up to 84 months, available through branches, phone, web, and the AutoSMART shopping platform.
• Motorcycle Loans Loans tailored for motorcycle purchases including cruisers, choppers, and sports bikes, with low rates, flexible terms, and customizable payment options.
• Recreational Vehicle (RV) Loans Loans for boats, motorhomes, ATVs, snowmobiles, and other recreational vehicles with fixed rates and terms up to 180 months, including onsite financing at RV dealers.
• Signature (Personal) Loans Unsecured personal loans for short-term financial needs with terms up to 6 years, competitive rates, no application fees, and no collateral required. Example: 5.84% APR for 60-month term.
• Business Loans Business lending products including the CUBG Fast Track small business loan, commercial vehicle and equipment financing, and commercial real estate loans for local business members.
• Greenlight Family Finance App Family finance and safety mobile app offered free to Hercules members, enabling parents and children to learn about earning, saving, spending, and investing together. Used by 6+ million parents and kids nationally.
• TruStage Life Insurance Term and whole life insurance policies underwritten by CMFG Life Insurance Company made available to Hercules members through TruStage with rates designed for various budgets.
• SWBC Insurance Products Loan and vehicle protection products including Payment Protection, GAP Advantage (vehicle gap coverage), Major Mechanical Protection (extended vehicle warranty), and PowerBuy Equity Protection (total loss coverage).
• GreenPath Financial Wellness Free financial counseling, debt management plans, credit report reviews, student loan counseling, and housing counseling provided through a partnership with national nonprofit GreenPath Financial Wellness.
• Skip-A-Payment Loan payment deferral program allowing members to skip one monthly loan payment during difficult months without impacting account standing, processed via DocuSign.

Quantifiable outcome

• 4.25% APY on Gold Tier Checking (significantly higher than national average)
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• GreenPath Financial WellnesscoreStrategic or Co-development PartnerPartnership with national nonprofit GreenPath Financial Wellness provides members with free financial counseling, debt management services, housing counseling, credit report review, student loan counseling, and financial wellness education. GreenPath has over 60 years of experience and NFCC/HUD-certified counselors available to Hercules members.
• ampliFisupportingTechnology or IntegrationampliFi provides financial technology solutions integrated into Hercules banking services, enhancing digital banking capabilities for members.
• Benefits PlussupportingGTM or Marketing PartnerBenefits Plus membership program provides Hercules members with exclusive discounts and perks on travel, shopping, dining, and local savings.
• CUBG (Corporate US Bank Group)supportingGTM or Marketing PartnerCUBG Fast Track program enables small business loans and commercial vehicle/equipment financing through the credit union alliance network.
• TMC Business ServicessupportingStrategic or Co-development PartnerTMC provides business services integration for Hercules business members, supporting commercial deposit services and business banking needs.
• Ultimate ID+coreTechnology or IntegrationIdentity theft protection program offering $1 million insurance, 3-bureau credit monitoring, dark web monitoring, and fully managed restoration services to protect member identities.
• GreenlightcoreGTM or Marketing PartnerFree family finance and safety app for Hercules members (valued by over 6 million parents and kids). Teaches children to earn, save, spend, and invest wisely. Available free through partnership.
• SWBC InsurancecoreGTM or Marketing PartnerSWBC provides insurance products including Payment Protection, GAP Advantage, Major Mechanical Protection, and PowerBuy Equity Protection to help members protect their loans and vehicles.
• TruStage InsurancecoreGTM or Marketing PartnerTruStage life insurance products underwritten by CMFG Life Insurance Company, offering affordable coverage options designed specifically for credit union members.
• Co-op Credit UnionssupportingChannel Partner/ Reseller/ DistributorShared branching network enabling Hercules members to access branch services and ATMs nationwide through the Co-op network of credit unions.
• AutoSMARTsupportingTechnology or IntegrationOnline vehicle shopping and financing platform integrated into Hercules loan services, allowing members to shop, get pre-approved, and find vehicles through the platform.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Discover Bank:
• Ally Bank: Large digital-first bank offering competitive high-yield savings, checking, auto loans, and mortgages nationwide. Represents a broader incumbent competitor that competes for Hercules members on rate and convenience without geographic or membership restrictions.

Direct peers

• America First Credit Union: The largest credit union in Utah, headquartered in Riverdale, offering checking, savings, mortgages, auto loans, and business banking to members across multiple states. Directly competes with Hercules for the same Salt Lake City consumer and small business market with significantly greater scale and branch coverage.
• Goldenwest Credit Union: Utah-based community credit union offering similar deposit, lending, and business banking products to members in the Salt Lake City and broader Utah market. Comparable in scale and product breadth, making it a direct competitor for member relationships in overlapping geographies.
• Mountain America Credit Union: Large Utah-headquartered federal credit union serving members across the state with a similar full-service product suite including mortgages, auto loans, and business banking. Mountain America is a direct peer as both institutions compete for the same Salt Lake City metro membership base with overlapping product portfolios.
• Deseret First Credit Union: Community-focused federal credit union serving the Salt Lake City area with a comparable product suite including checking, savings, loans, and digital banking. Direct peer competing in the same metro market with similar community-driven positioning.

Regional players

• University Federal Credit Union (UFCU): Utah-based community credit union serving members across the Wasatch Front with similar deposit and lending products. While based in a different primary geography than Hercules, UFCU overlaps in serving Salt Lake City metro residents and competes for similar consumer and small business relationships.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/HerculesCU
• LinkedInlinkedin.com/company/hercules-credit-union

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 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 Hercules First Federal Credit Union