A two tier power module has, in one form thereof, a PC board having upper and lower traces with an opening in the insulating material that contains a power device which has upward extending solder bump connections. An upper leadframe is mounted on the solder bumps and the upper tracks of the PC board. Vias in the PC board connect selected upper and lower traces. A control device is mounted atop the leadframe and wire bonded to the leadframe, and the assembly is encapsulated leaving exposed the bottom surfaces of the lower traces of the PC board as external connections. In another form the PC board is replaced by a planar leadframe and the upper leadframe has stepped sections which make connections with the planar leadframe, the bottom surfaces of the planar leadframe forming external connections of the module.