HISTORY

PowerNet Credit Union is the largest labor-based credit union in Florida and serves the Building and Construction Trade local Unions and their members throughout the state since 1961. Membership is open to all Florida building and Construction unions, their members, retirees as pensioners or annuitants of said local unions ,  spouses of members that died while a member, and organizations/affiliations of unions which includes employees of the unions and their families.

1961 Credit Union organized as Electricians Local 2017 Credit Union with $45. The original subscribers were: J.G.Cain, Frank Diaz, Richard H. Moon, P.M.Banks, Jr., Charles D. Brantmyer, Clifton P. Smith, W.R.Green, Lee Roy Stone, Jr. and William P. Blair. Arne Pearson appointed as first TreasurerMaximum signature loan increased from $100 to $200Ended first year with member shares of $9,034.61 & Loans of $7,673.94.
1962 Maximum signature loan increased to $300. First Annual meeting Saturday, January 20, 1962 at 10:00am at the Moose Hall, William P. Blair presided.Board declared first dividend for year end... 3%.
1963 Joined the Florida Credit Union League and Credit Union National Association  Name changed from Electricians Local 2017 to Electricians Local 915 Credit Union.  Began offering $2,000 life savings insurance.
1964 John Gernhardt appointed Treasurer by Board of Directors.    Started making automobile loans - required 1/3 down.
1965 First office, letterhead, telephone for the credit union.  Signature loan limit raised to $600
1966 Started 10% share pledge requirement on loans.  Started paying Treasurer on part-time basis.  Member share balances passed $100,000.
1967 Started using credit bureau.    Started offering real estate loans.
1969 Treasurer became full-time Manager.
1970  Joined Tampa Credit Bureau.
1971  Made loan to Tampa Area Electrical Apprenticeship Committee to build their own building.
1973 Signature loan limit raised to $2,000. Assets hit $1 million.
1974  Joined with Local Union 915 to build our own building.
1975 Share insurance raised to $40,000.     Maximum loan amount set at $10,000.      Buddy Wade temporarily replaced John Gernhardt as Manager.  Moved into new building at 5621 Harney Road with Local 915.
1976 Started paying rent to Union.  Kevin Gilbertson replaced John Gernhardt as Manager
1977 Tim McMurry replaced Kevin Gilbertson as Manager. 
1978  First computer purchased for member accounting.
1979  First planning seminar for Official Family.   Assets hit $2 million.  Share loans (fully guaranteed by shares) added for lower rate and larger loan amount.   Began offering temporary disability insurance on loans.  Started maintaining currency on premises for cash transactions.   Started offering Certificates of Deposit (for six months).   Increased minimum share balance to $25.
1980 Started offering home improvement loans.  Increased maximum loans per member to $30,000.  Share insurance increased to $100,000. 
1981  Converted to a new “on-line” computer system with ADOL.    Assets hit $3 million.     Initiated IRA program.
1982 Started offering Share Draft/ Checking accounts.  Share and deposit insurance increased to $250,000.   Added Certificates of Deposit for 12 months.  Maximum loans per member increased to $50,000.
1983 Added “Super” Share Draft Account as an option.   Started offering construction loans.  Began armored car delivery of currency to credit union.
1984  Assets hit $5 million.
1985 Replaced Credit Committee with Credit Manager.  Purchased 5% ownership of ADOL - our data processor.  Merger with UA Local 624 Credit Union completed. Expanded office area to include old Executive Board Room.  Maximum loans per member increased to $150,000.  President completed MBA program at University of South Florida, sponsored by credit union.
1986  Purchased our own telephone system.   Assets hit $10 million.
1987  Assets hit $15 million.
1988  Introduced MasterCard credit card program.  Began making deposits directly to the Federal Reserve.
1989 Expanded operations with new teller area (formerly Union financial Secretary’s office).  Started giving formal financial planning presentations to apprentices.
1990 Board authorized multiple Share accounts for members.  Security cameras installed.  Sold interest in ADOL to FISERV, a publicly traded company.
1991 Started mandated conversion to NCUA Federal Insurance.   Began offering IRA Certificates.  Implemented formal employee appraisal system.   Assets hit $20 million. 
1992 Major mortgage program revision implemented.  Implemented MasterCard credit card annual fee rebate.  Added 30 month Certificates of Deposit. Changed Supervisory Committee positions from elected to appointed.Major remodeling and updating of offices.
1993  Converted to mandatory Federal Deposit Insurance (coverage returned to $100,000)
1994 Implemented home equity loan program.   Awarded 1st Bauer 5-Star Rating (now eligible).   Changed name from Electricians Local 915 to PowerNet Credit Union.  Implemented Presto! ATM program.
1995 Converted to upgraded data processing system.  Added IBEW Local 308, UA Local 111 and Millwrights Local 1000 to credit union family.  Implemented auto leasing program.
1996 Opened part-time office at UA Local 624 in Dover.   Approved 401(k) Plan for employees.
1997 Added Ironworkers Local 397, Boilermakers Local 433, Sheet Metal Workers Local 15, IBEW 108, IUOE Local 925 to credit union family
1998  Added Roth IRA to product list.  Merged Florida IBEW FCU of Jacksonville into credit union (included IBEW Locals 177, 1618, 2358, and 1205; Machinists Local 731; Carpenters Local 627; and Painters Local 164).   Increased maximum loan amount per member to $200,000.  Implemented High Voltage Money Market Account. Increased maximum mortgage term to 30 years.
1999 Implemented “24 X 7” PowerLine Audio Response System.  Installed extensive security system.  Added Asbestos Workers Local 67 to credit union family.  Successfully moved into New Millennium.  Assets hit $30 million.
2000 Added GAP Insurance to product list. Added ChexSystems program.  Added IBEW Locals 1924 and 222 to credit union family. Implemented Debit Card program.  Added CU24, Cirrus, and STAR ATM networks to existing program.  Increased member deposit insurance to $350,000.
2001 Selection of site for PowerNet’s new Main Office in Tampa. Closed Dover Office. PowerNet originates $14 million in first mortgages, it’s largest increase ever in one year.  Assets hit $40 million.
2002 Ground breaking and construction for PowerNet’s new Main Office in Tampa  Grand opening of our new Plant City Branch office at 101 Alexander Street N.  Assets hit $50 million
2003 Completion of PowerNet’s new main office in Tampa    Introduction of 15 and 30 year fixed mortgage products   Introduction of risk based pricing products    Addition of full financial planning services providing investment and insurance products through Money Concepts Capital Corp.  Assets hit $55 million 
2004 Added formal business loan capability to list of loan offerings  Added website access
2005 Added online banking to list of services
2006 Increased loan limits to $450,000 per member, $700,000 jointly   Added Machinist’s District 112 to the field of membership  Increased maximum member credit card limit to $10,000  Assets hit $58 million
2007 Added Sheet Metal Workers Local 435 to the field of membership  Assets hit $62 million
2008 Introduced Identity Theft program  Assets hit $69 million
2009 Added Elevator Constructors Local 74 to the field of membership Assets hit $73 million
2010 Added PowerPay – our online bill pay service to the list of services  Added Florida State Interior Systems Local 632 to the field of membership
2011 Adopted CUNA Mutual’s Member Connect Insurance program  Re-affiliated with the League of Southeastern Credit Unions Celebrated 50-year anniversary
2012 Established PowerNet Wealth management – investment planning, advisory and placement service  Introduced variable rate auto loans
2013 Expanded membership eligibility to all Florida Building and Construction local unions and their members. Added capability for members to design their own credit card

 

Shared Branching services through an alliance with CU Service Centers are available at over 300 credit unions branches in Florida and over 5,000 branches across the United States. Walk into any credit union displaying the CU Service CenterSM logo and access your PowerNet account for deposits, withdrawals and payments. Click here to find out more about shared branching services.

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