An integrated power module includes a substantially planar insulated metal substrate having at least one cut-out region; at least one substantially planar ceramic substrate disposed within the cut-out region, wherein the ceramic substrate is framed on at least two sides by the insulated metal substrate, the ceramic substrate including a first metal layer on a first side and a second metal layer on a second side; at least one power semiconductor device coupled to the first side of the ceramic substrate; at least one control device coupled to a first surface of the insulated metal substrate; a power overlay electrically connecting the at least one semiconductor power device and the at least one control device; and a cooling fluid reservoir operatively connected to the second metal layer of the at least one ceramic substrate, wherein a plurality of cooling fluid passages are provided in the cooling fluid reservoir.