IC Federal Credit Union

What IC Federal Credit Union does

IC Federal Credit Union is a member-owned, federally chartered credit cooperative founded in 1928 and headquartered in Fitchburg, Massachusetts. It serves more than 43,000 members across Massachusetts with approximately $800 million in assets, operating through a hybrid of physical branch locations, a digital banking platform, and the 'radient' mobile application available on Google Play. The credit union offers a full suite of consumer and small-business financial products, including checking accounts, savings accounts (with Just4Kids and Veteran Salute Suite variants), share certificates, mortgages and HELOCs, auto loans (including first-time buyer programs), personal loans, Visa credit and debit cards, and investment and retirement planning services. Insurance products (auto, home, life) are distributed through a referral partnership with TruStage, while card transactions are processed through the Visa network and deposits are insured by the NCUA.

The business model is that of a traditional cooperative lender and deposit-taker: revenue is generated primarily through net interest spread on loans funded by member deposits, supplemented by transaction and interchange fees from Visa card services, referral commissions from TruStage, and professional services fees from investment and retirement planning. Pricing is publicly disclosed across product categories — mortgage rates starting at 5.937% APR, auto loan rates starting at 5.49% APR, and share certificates earning up to 3.75% APY. Distribution is multi-channel, combining in-person branch service, 24/7 digital and mobile self-service, phone-based support, and dedicated business banking outreach. Member acquisition relies on a community-led GTM strategy emphasizing local presence, volunteerism, charitable giving, financial education content, and signature events such as free paper shredding and food drives, rather than paid digital advertising or geographic expansion.

Name

IC Federal Credit Union

Legal name

IC Credit Union

Website

https://icfederalcreditunion.com

Company type

Private

Founded year

1928

Operating status

Operating

Headcount range

51–100 employees

Short description

IC Federal Credit Union is a Massachusetts-based, member-owned cooperative founded in 1928 that provides consumer and small-business banking, lending, and investment services to over 43,000 members through branches and digital channels.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Deposit accounts
• Credit union services
• Mortgage lending

Headquarters

HQ city

Fitchburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Deposit Products: Revenue generated from checking accounts, savings accounts, and share certificates where members deposit funds; credit union leverages these deposits for lending activities and earns the spread between loan interest rates and deposit interest rates paid to members
2. Loan Products: Interest income from auto loans, home loans including mortgages and HELOCs, and personal loans provided to members
3. Credit Card Services: Revenue from Visa credit card transactions and associated fees
4. Insurance Products: Partnership with TruStage for auto and home insurance products, generating referral and commission revenue
5. Investment and Retirement Services: Revenue from investment planning, education planning, IRAs, and retirement planning services offered to members

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

IC Federal Credit Union is a member-owned, not-for-profit financial cooperative serving Massachusetts consumers and businesses with deposit products (checking, savings, share certificates), consumer and business lending (mortgages, HELOCs, auto loans, personal loans, Visa credit cards), and wealth-building services (investment planning, IRAs, education and retirement planning). Services are delivered through physical branch locations across Massachusetts, online banking, the radient mobile app, and phone support. Insurance products are offered through a partnership with TruStage.

Product overview

IC Federal Credit Union operates as a traditional credit union offering a comprehensive suite of financial products and services through both physical branches and digital channels. The core offerings span personal and business banking including checking and savings accounts (with specialized Just4Kids Savings and Veteran Salute Suite variants), share certificates with promotional rates, and a full range of lending products including home loans with HELOC specials, auto loans with first-time buyer programs, personal loans, and Visa credit cards. Digital Banking serves as the primary online platform for account access. Investment and insurance services are provided through partnerships, with TruStage Auto & Home Insurance as the branded insurance partner and various investment products including IRAs and education planning. The Financial Firsts Program supports first-time buyers and cardholders, while Financial Calculators aid planning. The portfolio includes 21 distinct products and programs serving consumers, veterans, and business members.

Differentiator

Problem solved

Functional benefit

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• TruStagecoreGTM or Marketing PartnerTruStage provides auto and home insurance products offered to IC Credit Union members through the Insure & Invest section of the website. This partnership allows the credit union to offer insurance products to its member base as part of a comprehensive financial services offering.
• VisacoreTechnology or IntegrationIC Credit Union offers Visa-branded credit cards and debit cards. Visa provides the payment network infrastructure for card transactions, enabling members to make purchases locally, nationally, and internationally.
• NCUA (National Credit Union Administration)coreOthersNCUA is the independent federal agency that charters and supervises federal credit unions. IC Federal Credit Union operates under NCUA insurance coverage, which protects member deposits up to $250,000 per depositor.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Avidia Bank: Massachusetts-based mutual community bank (formerly Hudson Savings) offering personal, business, and wealth banking services. Operates in an overlapping central-MA market with similar community-led positioning and product suite.
• Workers Credit Union: Member-owned credit union headquartered in Littleton, Massachusetts, serving similar central-Massachusetts communities with deposit, lending, and digital banking products. Direct competitor in the same geographic footprint with comparable community-led GTM.
• Jeanne D'Arc Credit Union: Massachusetts-based community credit union serving consumers and businesses with deposit, loan, and wealth management products. Direct peer with similar cooperative structure, asset scale, and central-MA market overlap.
• Leominster Credit Union: Community credit union based in Leominster, Massachusetts, with overlapping branch geography in north-central MA. Offers similar deposit, lending, and digital banking services to retail and business members.
• St. Mary's Credit Union: Massachusetts community credit union offering personal and business banking, mortgages, and digital banking. Comparable in size, cooperative structure, and regional focus to IC Federal Credit Union.
• Digital Federal Credit Union (DCU): Massachusetts-based, federally chartered credit union with a similar full-service personal and business banking offering. DCU is a direct competitor in the same Massachusetts market with a substantially larger asset base, making it the most relevant peer for benchmarking digital and lending product strategies.

Regional players

• Cambridge Savings Bank: Massachusetts-based mutual savings bank offering personal, business, and wealth management services. Comparable in cooperative mutual structure and Mid-MA market, with a somewhat larger geographic footprint.

Emerging players

• Alliant Credit Union: Digital-first national credit union with competitive deposit and lending rates sourced without a branch network. Comparable in full-suite product offering, but competes on technology and digital experience rather than community presence.

Broad incumbents

• Rockland Trust (Independent Bank Corp): Massachusetts-headquartered community bank with a broad branch network across southern New England. Competes directly with IC Federal Credit Union for retail deposits and small business lending in overlapping Massachusetts geographies, with a much larger balance sheet.
• PenFed Credit Union: One of the largest U.S. credit unions offering nationwide digital banking, deposits, credit cards, and lending. Represents the digital-first scale competition that IC Federal Credit Union must differentiate against as consumer expectations shift toward online banking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ICCreditUnion
• Facebookfacebook.com/icfcu

Revenue estimate

Valuation estimate

Number of profiles

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 IC Federal Credit Union