Pen Air Credit Union is headquartered in Pensacola and is the 13th largest credit union in the state of Florida. It is also the 183rd largest credit union in the nation. It was established in 1936 and as of December of 2024, it had grown to 378 employees and 129,804 members at 12 locations. Pen Air Credit Union's CD rates are 4X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Pen Air Credit Union is open to anyone by becoming a member of the Friends of the Navy-Marine Corps Relief Society by making a $1 donation. Membership is also open to individuals who live, work, worship, or attend school in the Florida counties of Bay, Calhoun, Escambia, Franklin, Gadsen, Gulf, Holmes, Jackson, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla, Walton, or Washington, OR the Alabama counties of Baldwin or Mobile. Active duty or retired military, federal civil service employee, and employees of several Select Employer Groups are also eligible to join.
See current membership details
What A Wonderful Experience!
I went online and the application process was very easy. I only had one concern at the end of the process when it stated I would need to send a check. I contacted customer service via the chat function and Shakiya said she would help. She was fantastic! She finished the application process at 5pm and the very next morning she had the account opened and sent me the wiring information to fund my new accounts. The CD rates are competitive, the online banking is easy to use, and the customer service from Shakiya was A+. I was a private banker for over a decade and I am all about customer service. I do not write nice reviews unless they are deserved and Shakiya deserves to be recognized. Thank you so much for making this a very easy process!
Dormant Account Fee
I had a CD there. When it came due, I took out the money, but I left $25 in the share savings account to keep it open. I transferred some money to open the add-on CD. I went to log in yesterday, and I couldn't. I spoke to a very helpful and pleasant customer service rep, Jocie. The reason I could not access my account was because I hadn't logged in for 6 months. So I had to re-register for online banking.
She also told me I had been charged a dormant account fee of $30 on November 30, but she credited that back to me.
Lastly, I was easily able to change my beneficiary to a trust (believe me, at one credit union it took numerous calls and finally, a new form) via a docusign document she set up while I was on the phone.
Be Prepared To Get Declined When Applying For A Saving Account
Pen Air CU's CD product has attractive rate. I decided to open a CD account with them. I filed in application online on Dec 28, 2022, for a membership saving account and a 18-month CD account.
They declined my application without any reason today on Dec 29, 2022. This is the exact message I got from them: 'At this time, we are unable to move forward with opening the requested account. We will mail you at the address listed on the application to explain our decision in further detail.'.
Customer service member was gentle but clueless. They had good attitude but were not helpful at all. No reconsideration is available, and I have to move forward since they are 'unable to move forward'...
I am not a FL local resident, and have over 16 years credit history and TU score 745 as Dec 24, 2022.
Honestly, I do not care their 'decision in further detail' since the decision is final.
I have spent hours on researching their product and the CD product deserves 5-star review, as long as an applicant can get approved...
Doesn’T Allow Payments Until 24+ Hours Afterward
This company is trash. You make a instant deposit. They put extremely long holds on everything. They say their chat is open Monday-Friday 7am-7pm for a live chat. This is a complete lie. My check is now on hold through the weekend because they can’t accept it. Holds on spending any money over 1000 dollars and Blame it on you when you ask why you cant spend more. Sorriest bank to ever bank for. Do not recommend.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68734 |
| Year Chartered | 1936 |
| Employees | 378 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.6% |
| Return on Equity - YTD | 7.83% |
| Annual Interest Income | $144.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $2.55B$3.08B |
| Loans | Q4 2024vs Q4 2023 | $1.53B$1.49B |
| Deposits | Q4 2024vs Q4 2023 | $2.13B$2.22B |
| Equity Capital | Q4 2024vs Q4 2023 | $202MM$183.3MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $29.5MM$31.5MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $12.1MM$15.8MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |
