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Our HeritageThe History of Innovations Federal Credit UnionYou’ll probably be glad to hear that we don’t keep your money in a desk drawer anymore.But once upon a time in 1952, your credit union began as a desk drawer in a small office in the U.S. Navy Mine Countermeasures Station in Panama City Beach, Florida. Manned by E.L. Sanderson, the credit union opened once a week to offer basic share accounts and loans. At that point, Innovations wasn’t even called Innovations. Instead, we were known as the USNMCS Federal Credit Union, and our field of membership included only employees of the Navy Base. When our first year ended, we had $40,000 in assets and were proudly serving 432 members. We were small, but we were already gathering some very loyal fans. We grew. In the 1960s, we moved into a larger office space in Building 110 at the Navy Base. We hired paid staff and increased the hours of operation. Technology was updated. Instead of posting transactions by hand, we started posting by machine. By the end of the decade, we had 1,455 members and assets of $1 million. (We also began wearing giant bellbottoms, but that’s another story.) By the 1970s, we were growing by leaps and bounds. To handle the leaps, we added more services and more staff. To handle the bounds, we proudly built our first real stand-alone branch at 910 Thomas Drive. Word spread quickly. While it took seventeen years for the credit union to reach our first $1 million in assets, our second million was reached in only four years. During the 1980s, a new-fangled contraption called the Automated Teller Machine came into our lives. We accepted the technology enthusiastically and installed the very first ATM in Bay County. (Trust us; it caused a stir.) Our number of branches also grew. After opening a new 23rd Street Branch in 1987, we expanded the Thomas Drive office and added safe deposit boxes. We also opened our field of membership. Instead of limiting credit union membership to employees of the Navy Base and their families, we started branching out and helping more people in the community. By the 1990s, we added even more members through Select Employee Groups. Suddenly, we were meeting a much more diverse group of financial needs. Members wanted mortgage services and new ATM networks. They wanted an enhanced audio response system and telephone Bill Pay. And of course, we knew our members certainly deserved all that. So we added all of those services—plus a new credit union website for good measure. We were really moving towards technology as the new century arrived. Internet Banking and telephone acct access made an impressive debut in 2001, forever changing the way our members manage their money. We underwent a major data processing conversion in 2003, improving internal processes and making a huge impact on the quality and speed of our member service. Which was great, because membership expanded even more rapidly once we became a community charter. In December 2003, we could proudly offer our membership to anyone who lived, worked, worshipped, volunteered or went to school in Bay County. Over the years, our name had changed several different times due to re-designations at the Navy Base. We decided to get rid of the acronyms and go with a new look and a progressive new name: Innovations Federal Credit Union. Expansion continued. After all, with a name like Innovations, we couldn’t just sit there. We remodeled the Thomas Drive facility in 2005, opened a branch in Lynn Haven, and purchased property on Back Beach Road. We also merged with Gulf Coast Postal Federal Credit Union in October 2005, which gave us an additional branch on Jenks Avenue in downtown Panama City. The 23rd Street Branch was remodeled in 2006—but we didn’t go with the same old, same old. We created a new dialog tower banking concept. It uses the latest technology to process transactions, but it still emphasizes the member service that members really deserve. And with a newsstand, coffee bar, and wireless Internet access, it’s a pretty cushy place to do your banking. We didn’t want to keep businesses out of the Innovations loop, so we added Member Business Solutions, savings accounts, checking accounts, loans, debit cards and additional partnerships were created—just to make our business members happy. By 2007, Innovations was seriously living up to the name. We created and launched our Sparking Change brand. We opened another ATM on the Back Beach Road property. And by mid-year of 2007, Innovations' assets exceeded $105 million with approximately 12,000 members. Ever mindful of our members' need for around-the-clock access to their accounts, we introduced an extensive series of eServices throughout 2008, including:
Of course, with all of these awesome (and free!) member-friendly electronic services online, it became pretty obvious that we needed a much more user-friendly and streamlined website to match. So, we launched the "new and improved" innovationsfcu.org in late summer 2008. But you already knew that because you're looking at it right now. In 2009, you could have called us "Renovations." First, we completely remodeled our Jenks Avenue Branch to infuse our fresh, modern, "Sparking Change" brand. Next, we opened our new Callaway Branch to better serve the financial needs of our many members who live and/or work in this popular area. And last, but certainly not least, in April of 2009, we cut the ribbon on our bright, shiny new 4,500 square foot branch in Lynn Haven. Replete with the latest technology and filled with warmth and energy, the Lynn Haven Branch offers members an evolution in the concept of "banking" with state-of-the-art dialog towers (no teller windows), a coffee bar and a wireless Internet café. Obviously, residents of Bay County had been waiting for this type of "banking" experience. Innovations grew 13.4% in 2009 over 2008, surpassing the $150 million mark in total assets. Sure, this significant growth has been very gratifying. But we also recognize that the most awesome brand and the latest technology don't mean a thing if we do not provide the best member service to match. So in early 2009, we created and launched our Member Service Standards Program, establishing 11 "rules" that govern how we do business, from the top down. Here they are. I will:
You know what they say about "all work and no play," right? So to cap off a truly incredible 2009, we did something delightfully new and fun to say, "Happy Holidays," to our members and friends. In case you haven't seen it yet, our Holiday Lip Dub went viral and pulled in over 6,000 views in just a few months (be sure to read all of the comments visitors posted after watching the video). How to cap a year like the one we had in 2009? Well, for one thing, our efforts to communicate what an innovative, caring financial institution we are continue to connect with Bay County residents. By the end of the 1st Quarter 2010, we've already surpassed the 16,000-member mark. What's in store for the rest of 2010? We're in the process of a substantial makeover of our Thomas Drive Branch and we've got some other really awesome announcements that we're not quite ready to share yet. Stay tuned... Member NCUA Institution • sparkingchange.com |
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