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Our Heritage

The history of Innovations Federal Credit Union

You’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 bell bottoms, 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 account 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. This branch grew so much we had to move it to a bigger facility in January 2015.

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.

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.

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 top 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 continued to connect with Bay County residents. By 2010, we had already surpassed the 16,000-member mark.

Never one to rest on our laurels, we immediately jump-started spring with an extensive renovation of our Thomas Drive Branch. It now looks as vibrant and is as member-centric as our other branches. Of course, we incorporated the “Spark Change” look and feel throughout with dynamic graphics and bright, cheerful colors. More importantly, we tore out the old teller line and introduced state-of-the-art dialog towers to promote greater communication between Members and our Member Service Representatives. In April 2013, we opened our Back Beach branch. This is our sixth branch location serving members on the west side of Bay County.

Our 2009 Holiday Lip Dub was a pretty tough act to follow. But we did it. On May 22nd, in conjunction with the grand opening of Northwest Florida Beaches International Airport, we staged a Flash Mob in the midst of the festivities. Yep. For four fantastic minutes, Innovations dancers rocked it out to the surprise and delight of the crowd. The Flash Mob was so popular, we performed an encore several weeks later at Friday Fest. To see us at our “spark changing” best and view all of our videos, go to youtube.com/sparkingchange.

In the early months of 2014, we introduced Octane Business Solutions, fueled by Innovations. Octane is a service for small businesses in Bay County to help them get started and grow through a full line of business products and services.

Toward the end of 2014, we were getting the Lip Dub bug again and created a holiday video to one of our most ambitious productions to date, “Carol of the Bells.” The lyrics were challenging, to say the least, but our team was up for the task and we had a blast putting it together. We hope you have as much fun watching it.

In early 2015, we celebrated the Grand Opening of our Downtown Panama City branch, located at 1038 Harrison Avenue, which replaced our Jenks Avenue branch. The new location offers a bigger space, additional parking, drive-thru lanes and a drive-up ATM.

Also in 2015, we unleashed our collective creativity with the release of three new high-energy television commercials featuring Auto Loans, VISA® Credit Cards and Membership Benefits. Take a look and a listen. (Warning: the music in these spots may be addictive and could cause side effects such as head bobbing, foot pounding and spontaneous air guitar playing.)

Fast-forwarding to the end of 2016, we wanted to do something a little more intricate with our choreography for our Holiday Lip Dub. So after an exhaustive search for the perfect idea, we took our cues from Pentatonix’s White Winter Hymnal, practiced our little hearts out, and came up with something we think is rather spectacular. Take a look and feel free to sing along with us if you know the words.

And your credit union continues to grow. As of December 2016, we have grown to nearly $179 million in assets and we serve close to 19,000 members. Our goal is not to be the biggest but the very best in serving our membership. Stay with us and visit this site often so that you’ll always have the latest and greatest connection to all that Innovations has to offer.

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