What Peoples Credit Union does

Peoples Credit Union is a not-for-profit, member-owned cooperative financial institution founded on May 25, 1962, headquartered at 310 First Street, Webster City, Iowa. It serves nearly 8,000 member-owners across eleven Iowa counties (Boone, Calhoun, Franklin, Greene, Hamilton, Hardin, Humboldt, Pocahontas, Story, Webster, Wright) through three branch locations — Webster City (headquarters), Fort Dodge, and Lehigh — and federally insured by the NCUA. The credit union offers a comprehensive consumer banking product set including Advantage Checking and Standard Checking accounts, savings, money market, certificates of deposit, IRAs (Traditional and Roth), auto loans up to 80 months, recreational vehicle loans, mortgages, private student loans and refinancing through a Sparrow marketplace partnership, and MasterCard credit cards (Classic at 13.24% APR and Premium Rewards at unlimited 1.5% cash back). Complementary services include wealth management through a First Community Trust partnership, loan insurance through TruStage, a Member Solutions Department offering hardship accommodations (delay-a-payment, loan extensions, rate reductions, emergency bridge loans), and financial education through Banzai.

Its technology stack is built on a Finastra core banking system, with member-facing channels comprising an iOS/Android mobile banking app (with mobile check deposit, person-to-person transfers, card on/off controls, and bill pay), full-service online banking, 24/7 text banking using keyword-driven workflows, e-Statements, digital wallet support (Apple Pay, Google Pay, Samsung Pay), and SHAZAM's Privileged Status ATM network for surcharge-free withdrawals. Card management is handled via MyCardInfo, and online loan payments are processed through SwivelPay. The mortgage application originates from a dedicated mortgage web center.

The business model operates as a member-owned cooperative generating the bulk of revenue from net interest spread on consumer loans (mortgages, auto, RV, credit cards, personal) minus deposit costs (savings, checking, CDs, IRAs), supplemented by fee income on overdraft protection transfers, non-network ATM surcharges, late payments, and a $20 fee on debit-card loan payments above the free ACH channel. Affiliate referral commissions are earned from Sparrow for student loan customer referrals and from First Community Trust for wealth management services. As a not-for-profit, surplus earnings are returned to members via higher deposit rates (e.g., 2.50% APY on qualifying Advantage Checking balances), lower loan rates, and reduced fees. The go-to-market is direct-to-consumer via the three-branch footprint plus digital self-service channels, with horizontal segmentation across individual consumers, family members of members, students/parents, and members experiencing financial hardship — all restricted by charter to individuals who live, work, or worship within the eleven eligible Iowa counties.

Name

Peoples Credit Union

Legal name

Peoples Credit Union

Website

https://peoples-credit-union.com

Company type

Private

Founded year

1962

Operating status

Operating

Short description

Peoples Credit Union is a not-for-profit, member-owned cooperative bank founded in 1962 and headquartered in Webster City, Iowa. It serves roughly 8,000 member-owners across eleven Iowa counties through three branch locations and comprehensive digital banking channels.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Personal Credit Institutions (6141)

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
• Mortgage financing
• Credit union deposits
• Community banking

Headquarters

HQ city

Webster City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Interest income from consumer loans including mortgages, home equity loans, auto loans, recreational vehicle loans, personal loans, and credit cards. This is the primary revenue driver for the credit union.
2. Deposit Interest Income: Interest earned on member deposits including savings accounts, money market accounts, certificates of deposit, and IRAs. As a not-for-profit cooperative, excess income is returned to members.
3. Fee Income: Various fee income streams including overdraft protection transfer fees, ATM fees for non-network usage, late payment fees, and other service charges as outlined in the fee schedule.
4. Wealth Management Referral: Partnership with First Community Trust for wealth management, retirement, investment, estate planning, and insurance services. Revenue generated through referrals to partner services.
5. Student Loan Marketplace: Partnership with Sparrow providing student loan marketplace. Peoples Credit Union receives compensation from Sparrow for referral of loan customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

Peoples Credit Union is a member-owned not-for-profit cooperative credit union offering deposit products (savings, checking, money market, CDs, IRAs), lending products (mortgages, auto, recreational vehicle, personal loans, and MasterCard credit cards), student loan marketplace access via Sparrow, and wealth management and insurance solutions via First Community Trust. It distributes these services through three Iowa branch locations and a full digital banking suite including mobile app, online banking, text banking, and digital wallets.

Product overview

Peoples Credit Union operates as a not-for-profit cooperative financial institution offering a comprehensive suite of banking and lending products through its branch network in Iowa. The core product portfolio centers on deposit products (Advantage Checking, Standard Checking, Savings, Money Market, CDs, and IRAs) and credit products (Classic MasterCard, Premium Rewards MasterCard, Auto Loans, RV Loans, Mortgage Loans, Private Student Loans, and Student Loan Refinancing). Digital banking services are delivered through the Mobile Banking App, Text Banking, Bill Pay, and E-Statements. The organization also provides complementary services including Wealth Management and Insurance through a First Community Trust partnership, Member Solutions for financial hardship assistance, and educational resources through Banzai Financial Education and Financial Calculators. All products are designed for the member-owner community within the credit union's 11-county service area.

Differentiator

Problem solved

Functional benefit

Products and services

• Advantage Checking High-yield checking account with bonus APY of 2.50% on balances up to $10,000 for qualifying member-owners; requires minimum $100 to open, 12 signature debit purchases, one monthly direct deposit, and e-Statement enrollment per statement cycle.
• Standard Checking Basic checking account with $25 minimum opening balance, no monthly service fee, standard APY on amounts above $200, and includes MasterCard debit card, online and mobile banking, eStatements, and overdraft protection.
• Savings Account (Membership Share) Membership share savings account requiring $25 minimum balance to establish member ownership, with flexible access, interest-bearing deposits, and federal NCUA insurance up to $250,000 per account.
• Money Market Account Savings account designed for large balances without time commitment, earning higher interest than regular savings with anytime deposits and withdrawals.
• Certificate of Deposit (CD) Time deposit product offering higher interest rates in exchange for keeping funds deposited for a fixed term (3, 6, 12, 24, 36 months, or 5 years); longer durations generally pay higher rates.
• Individual Retirement Account (IRA) Tax-advantaged retirement savings account available in Traditional and Roth variants with tax-deferred growth and potentially deductible contributions.
• Classic MasterCard Basic credit card with fixed 13.24% APR, no annual fee, EMV chip technology, and chip-enabled security for budget-focused users.
• Premium Rewards MasterCard Cash rewards credit card earning unlimited 1.5% cash rewards on every purchase, with no annual fee, EMV chip technology, and digital wallet compatibility.
• Auto Loans Vehicle financing for new and used autos with terms up to 72 months on most used vehicles and up to 80 months on vehicles less than 2 years old, with a 6-month minimum term and typically no down payment required.
• Recreational Vehicle Loans Financing for recreational vehicles including campers, motorhomes, boats, motorcycles, and snowmobiles, with flexible terms and rates tailored to member budgets.
• Mortgage Loans Home mortgage financing accessed through a dedicated online mortgage center with application and processing capabilities.
• Private Student Loans (via Sparrow marketplace) Private student loans sourced through the Sparrow marketplace, offering competitive fixed and variable rates, flexible repayment terms, no origination fees, and no prepayment penalties for in-school and refinancing loans.
• Student Loan Refinancing (via Sparrow marketplace) Refinancing option for existing student loans through the Sparrow marketplace, allowing borrowers to compare real pre-qualified rates from multiple lenders to find better terms.
• Wealth Management Services Investment management, retirement planning, IRA and 401(k) rollovers, and estate and trust management services provided through the First Community Trust partnership.
• Insurance Solutions Insurance products including Medicare, life insurance, disability insurance, long-term care insurance, and annuities, delivered through the FCT Insurance partnership.
• Mobile Banking App Mobile banking application for iOS and Android enabling account monitoring, fund transfers, bill payments, mobile check deposit via photo capture, debit card on/off controls, and peer-to-peer money transfers.
• Text Banking Secure 24/7 SMS service allowing members to text questions, request appointments, and receive updates on promotions and branch notices using keywords such as APPOINTMENT, ATM, CREDITCARD, and DEBITCARD.
• Bill Pay Online bill payment service enabling payee setup, scheduled payments, Auto Pay for recurring amounts, and 12 months of payment history, accessible via web and mobile app.
• E-Statements Electronic statement delivery with up to 12 months of statement history accessible through online banking, free of charge, and offering a $10 reward per enrolled account after the third statement.
• Online Loan Payment Online loan payment service via SwivelPay enabling free ACH payments up to $2,000 per transaction or debit card payments up to $500 per transaction, available 24/7.
• Loan Insurance Products Loan protection insurance products including disability insurance (covering loan payments after 14+ days unable to work), credit life insurance (paying off loan upon death) through TruStage, and GAP insurance (covering the difference between loan balance and vehicle cash value when down payment is less than 15%).
• Member Solutions Department (Financial Hardship Assistance) Financial hardship assistance program offering options including delay-a-payment, loan extension, maturity date extension, loan consolidation, interest rate reduction, late fee waivers, reduced payments, payment schedule changes, and emergency bridge loans.

Quantifiable outcome

• Nearly 8,000 member-owners served across 11 counties
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SparrowcoreTechnology or Integration · 1 January 2023Student loan marketplace partnership powered by Sparrow allowing members to compare real, pre-qualified student loan rates from multiple lenders through a single form. Loans are made by Sparrow's lending partners. Peoples Credit Union receives compensation from Sparrow for referral of loan customers. Available for in-school loans and refinancing.
• First Community Trust (FCT)coreStrategic or Co-development Partner · 1 January 2001Partnership with First Community Trust, N.A. to provide members with retirement, investment, estate planning, and trust services. FCT is an independent fiduciary providing services paid from a single fee based on account size without sales or product commissions. Lisa Grefe serves as Wealth Advisor and Trust Officer serving Peoples Credit Union members from the Webster City area.
• TruStageminorGTM or Marketing PartnerCredit Life Insurance offered through TruStage for loan protection in the event of borrower death, providing coverage to pay off outstanding loan balances.
• SHAZAMcoreTechnology or IntegrationSHAZAM provides the Privileged Status ATM network program enabling surcharge-free ATM access at thousands of locations nationwide. Also provides 24/7 dispute service for cardholder issues at (800) 234-5354.
• FinastracoreTechnology or IntegrationCore banking system service provider. Archives user data deleted from the system to facilitate account recovery. Retains archived user data indefinitely for duration of business relationship.

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• BECU: Washington-state community credit union operating as one of the largest CUs in the U.S. with full deposit, lending, and digital banking services. Same member-owned cooperative model but vastly larger scale; serves as a broader incumbent reference point for PCU's long-term scale ceiling and product evolution.
• Connexus Credit Union: Wisconsin-headquartered community credit union serving members nationwide with strong digital banking, lending, and deposit products. Same member-owned cooperative structure but materially larger scale and a more nationally oriented digital acquisition model, positioning it as a broader incumbent peer rather than direct competitor.
• Alliant Credit Union: Chicago-based digital-first credit union serving a nationwide membership with deposits, lending, and credit cards. Comparable cooperative, NCUA-insured model but with much broader national reach and a stronger digital product portfolio, making it a broader incumbent peer that competes for digitally oriented members.
• SchoolsFirst Federal Credit Union: California-headquartered federal credit union serving education professionals with comprehensive banking, lending, and digital services. Comparable member-owned cooperative, NCUA-insured model and full product suite; relevant broader-incumbent peer despite different field-of-membership (education-affiliated vs. community).

Direct peers

• GreenState Credit Union: North Liberty, Iowa-based community credit union with deep Iowa roots that has grown into one of the largest CUs in the state. Same community-cooperative model and Iowa footprint; comparable product suite (deposits, consumer/mortgage lending, digital banking) but materially larger scale, illustrating PCU's potential consolidation path.
• Veridian Credit Union: Iowa-headquartered community credit union serving members across multiple Iowa and Midwest counties with deposit, lending, and digital banking products. Highly comparable cooperative model and overlapping Iowa geography make it the closest direct peer to Peoples Credit Union, though at substantially larger scale.
• Consumers Cooperative Credit Union: Waukegan, Illinois-based community credit union serving members in northern Illinois with deposit, lending, and digital banking products. Comparable cooperative, community-based model and similar mid-sized community CU scale; comparable Midwest geographic footprint though in a different state.
• Dupaco Community Credit Union: Eastern Iowa-headquartered community credit union serving members across Iowa, Illinois, and Wisconsin with full banking, lending, and digital services. Directly comparable member-owned cooperative structure, community-charter model, and Midwest rural/small-metro footprint.
• Des Moines Metro Credit Union: Central Iowa community credit union serving members in the Des Moines metro area with deposit, loan, and digital banking services. Directly comparable community-charter cooperative model, though operating in a more urban Iowa market than Peoples Credit Union's rural north-central Iowa footprint.
• Greater Iowa Credit Union: Ames, Iowa-based community credit union serving central Iowa with similar deposit, lending, and digital banking offerings. Comparable community-cooperative model, Iowa geographic concentration, and member-owned governance structure make it a tight direct peer to Peoples Credit Union.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/peoplescreditunioniowa

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 Peoples Credit Union