# GTE Financial

GTE Federal Credit Union, doing business as GTE Financial, is an American credit union headquartered in Tampa, Florida, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Founded in 1935 as the Peninsular Telephone Employees Credit Union to serve employees of the Peninsular Telephone Company, it was renamed GTE Federal Credit Union in 1958 after Peninsular became part of GTE (now merged with Verizon). In August 2012, the credit union rebranded to GTE Financial to reflect its evolution into a full-service financial institution. Operating as a not-for-profit, member-owned cooperative, it follows a "people helping people" mission, offering services like savings, loans, and mobile banking, with profits returned to members rather than shareholders. As of March 31, 2018, GTE had 262,538 members. Today, it operates over 20 community financial centers across the Tampa Bay area and provides access to more than 30,000 free ATMs nationwide through the CO-OP network. While maintaining a strong local presence, GTE Financial extends membership eligibility across the United States for a one-time $10 fee through its partnership with CUSavers, balancing its Tampa Bay roots with a growing national reach.

## History

GTE Financial traces its origins to 1935, when it was established as the Peninsular Telephone Employees Credit Union to serve the employees of the Peninsular Telephone Company in Tampa, Florida.Following the acquisition of Peninsular by GTE (later merged into Verizon), the credit union rebranded as GTE Federal Credit Union in 1958 to reflect its ties to the larger corporation.Over the decades, it expanded its membership and services, culminating in a significant rebranding in August 2012 to GTE Financial, signaling its transformation into a full-service financial institution beyond its telephone company roots.
The credit union marked several notable milestones in recent years. In 2019, GTE completed its first securitization deal, issuing $175 million in securities backed by auto loans, a move that bolstered its financial flexibility. In 2020, it launched a new mobile banking app, enhancing member access with features like instant card replacement.The following year, 2021, saw GTE originate $1 billion in loans, a record that underscored its growth and lending capacity. These developments reflect GTE Financial’s evolution from a niche employee credit union to a modern, community-focused institution with a broad reach.

## Operations

GTE Financial operates as a member-owned, not-for-profit credit union, structured to prioritize member benefits over corporate profits, with all savings insured by the National Credit Union Share Insurance Fund (NCUSIF). It provides a range of financial services, including savings accounts, personal and auto loans, mortgages, and mobile banking, designed to offer competitive rates and higher dividends compared to traditional banks. The credit union maintains over 20 community financial centers across the Tampa Bay area, serving as hubs for in-person banking, and extends convenience through access to more than 30,000 surcharge-free ATMs nationwide via the CO-OP network.
Membership is open to individuals and businesses across the United States, requiring only a one-time $10 fee to join through GTE’s partnership with CUSavers, a nonprofit focused on financial education. Additionally, GTE offers a Community Partner program, allowing local businesses to provide GTE membership as a free benefit to their employees, enhancing its community ties. As of February 2025, its mobile banking platform—launched in 2020—includes features like instant card replacement and digital account management, reflecting a commitment to modern, accessible financial tools.

## Community Involvement

GTE Financial emphasizes community engagement as a core part of its "people helping people" mission, channeling significant resources into local charities and volunteer efforts in the Tampa Bay area. Since 2023, the credit union has donated over $578,015 annually to various causes, building on a history of giving that saw it contribute more than $500,000 in 2021 alone. This commitment earned GTE the Corporate Philanthropist of the Year award from the Tampa Bay Business Journal in 2021. Each month, GTE spotlights a different local charity, encouraging member participation through initiatives like its Future Change app, which rounds up purchases to donate the difference, and direct contributions via Zelle.
Beyond financial support, GTE’s employees play an active role, organizing fundraisers and volunteering time to support these efforts. The credit union’s focus on community extends to its operational model, offering membership benefits to local businesses through the Community Partner program and reinforcing its reputation as a Tampa Bay staple with a heart for giving back.

## Financial Performance

GTE Financial has demonstrated steady growth and financial stability as a member-owned credit union, with key achievements highlighting its lending and operational strength. In 2021, the credit union originated $1 billion in loans, a milestone that underscored its capacity to meet member demand for auto, mortgage, and personal loans. Two years earlier, in 2019, GTE completed its first securitization deal, issuing $175 million in securities backed by auto loans, a strategic move to enhance liquidity and fund further growth. All member deposits remain secure, backed by the National Credit Union Share Insurance Fund (NCUSIF), ensuring no insured savings have been lost.
Revenue estimates for GTE vary widely, with LeadIQ reporting approximately $750 million as of August 2024, though earlier figures from Zippia in 2023 pegged annual revenue at $13 million, suggesting either significant growth or differing calculation methods. Exact financials, including current assets and membership totals beyond the 262,538 recorded as of March 31, 2018, are detailed in quarterly and annual reports available through GTE’s website, though the latest 2024 data was not fully public as of February 2025. These metrics reflect GTE’s evolution into a robust financial institution while maintaining its not-for-profit cooperative roots.

## Workforce and Culture

GTE Financial employs approximately 501 staff members across its operations, primarily centered in Tampa, Florida, as of August 2024 according to LeadIQ. The credit union highlights a diverse workforce, with 57% identifying as minorities and a 52% increase in minority promotions since 2017, figures it shared publicly in early 2025. Employees receive benefits including a 401(k) plan and health coverage, promoted as part of GTE’s commitment to staff well-being in February 2025 announcements.
Employee feedback paints a mixed picture of the workplace culture. Reviews from 2023 and 2024 on Indeed praise opportunities for career growth and GTE’s community-focused mission, with staff often participating in charity events aligned with the credit union’s philanthropy efforts. These insights reflect GTE’s efforts to foster a supportive, engaged workforce while navigating typical workplace dynamics. GTE continually ranks as a top 10 best place to work in Tampa Bay.