Pensacola News Journal recently highlighted the growth of credit unions — particularly the largest two in the city, Navy Federal Credit Union and Pen Air Federal Credit Union.
Below is an excerpt from that article.
Both Navy Federal Credit Union and Pen Air Federal Credit Union are undergoing expansions of their offices and hiring more employees, with Navy Federal working to double the square footage of its campus and reach 10,000 employees and Pen Air constructing a new corporate campus with the hopes of eventually growing by another 100 employees.
Area experts said there are a number of reasons why credit union growth is taking place in Pensacola, namely a strong economy that’s leading to growing financial institutions across the country. Kevin Krieger, professor of finance at the University of West Florida, said factors like community interest in the institutions’ job growth, increasing accessibility to credit unions and military support have all helped spur expansion.
‘When the economy is good and people are borrowing money and people are saving, that tends to make credit unions and commercial banks grow,’ said Greg Prescott, a visiting assistant professor at UWF, who previously had a career in commercial banking. ‘In recent years, yes, the credit unions have grown.’
Also featured in: Pensacola News Journal