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 Treasurer. Maximum signature loan increased from $100 to $200. Ended 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 Shared Branching for members to access their accounts at thousands of credit union facilities across the US and over 300 in Florida.
2014
Don Prue succeeded Tim McMurry as CEO with Tim remaining on board part-time as President. Added Mobile Banking and popmoney (person-to-person transfer) to the list of member services.
2015
Added eStatement option for PowerNet Home Banking users and Mobile Deposit for PowerNet Mobile Banking users. Introduced waiving the PowerNet $1 ATM fee for the first eight (8) transactions. Closed the Plant City Branch. Total Assets hit $75 million.
2016
Tim McMurry retires as President after 40 years of service. Don Prue assumes the duties as President & CEO. Total Assets hit $81 million.
2017
The McMurry Scholarship established and 2 Awarded. Sign agreement to convert to new core processor – CU*Answers. Total Assets hit $87 million.
2018
Convert to new core processor – CUAnswers. It’s ME 247 Online & Mobile App rolled out with Conversion. Total Assets hit $86 million.
2019
Complete first full year in new CUAnswers Core & It’s ME 247. Electronic Access takes off with new systems. Total Assets hit $88 million.
2020
PowerNet operates with restrictions during the outbreak of the COVID-19 pandemic. Decision to invest in electronic access pays huge dividends as it allows members to access info & money seamlessly. Total Assets hit $101 million.
2021
PowerNet reopens normal branch access as COVID-19 pandemic vaccines provide safety net. Electronic access channels continue to grow post pandemic. Total Assets reach $110 million.
2022
PowerNet rolls out EarlyPay, giving members the ability to post direct deposits up to three days early & CourtesyPay, an overdraft protection service. Total Assets hit an all-time high of $112 million.
2023
PowerNet partners with AdCritter to market through Digital & TV Ads using geofencing technologies. PowerNet’s Total Assets hit all-time high of $115 million.
2024
PowerNet introduces A2A Transfer Service allowing members to transfer between PowerNet and other financial institutions through ItsMe247 Online & Mobile banking. PowerNet rolls out Credit Card Alerts & Controls feature.
