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 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. |
| 2023 | PowerNet A2A Transfer Service allowing members to transfer between PowerNet and other financial institutions through ItsMe247 Online & Mobile banking. Rolls out Credit Card Alerts & Controls feature. |
