Pen Air Federal Credit Union (Pen Air) members have voted in favor of converting to a state charter. Effective October 1, the credit union will officially become Pen Air Credit Union.
“Pen Air is currently celebrating our strongest financial position in our history,” says Delbert Lee Morgan, Pen Air Federal Credit Union’s President and Chief Executive Officer. “Changing our charter and expanding the geography we serve is an important step to ensure we continue attracting new members. We remain committed to our existing members who have helped us grow and prosper, while expanding our ability to enhance people’s lives across a larger geographic area,” says Morgan.
The Pen Air Federal Credit Union Board of Directors unanimously approved a recommendation to change from a federal charter to a state charter. Pen Air is a not-for-profit institution and therefore the by-laws require a member vote to approve a change to the charter. The charter vote was held on Wednesday, September 28, 2022.
Pen Air remains federally insured by the National Credit Union Share Insurance Fund (NCUSIF) which is managed by the NCUA and backed by the full faith and credit of the U.S. government.
By converting to a state charter, the credit union can:
Pursue growth opportunities across 17 counties, ranging from Mobile County in Alabama, all the way to Leon and Wakulla Counties in Florida.
Reduce the barriers toward joining by expanding the field of membership. Anyone who lives, works, worships, or goes to school in the approved service area will be eligible to open an account.
Produce additional value for all Pen Air members, such as the addition of convenient branch and ATM locations, the opportunity to provide lower rates on loans, provide higher rates on deposits, and lower fees and more.
For more information regarding the charter change, and other ways in which the credit union is working to enhance the member experience, visit penair.org.
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