1950s: Humble Beginnings

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 Innovtions. 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.

1960s: Growing Roots

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 and we even started using a machine to post transactions. By the end of the decade, we had 1,455 members and assets of $1 million.

1970s & 1980s: Embracing Change

By the 1970s, we were growing by leaps and bounds. We proudly built our first real stand-alone branch at 910 Thomas Drive. 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. Our number of branches also grew. In 1987, we opened the 23rd Street Branch and we expanded the Thomas Drive office. 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.

1990s: Expanding Horizons

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.

2000s: Technological Revolution

We were really moving towards technology as the new century arrived. Online Banking and telephone account access made an impressive debut in 2001, forever changing the way our members manage their money. 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 changed several different times due to re-designations at the Navy Base. In 2005, 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 that 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. We didn't want to keep businesses out of the Innovations loop, so we added Member Business Solutions.

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.

2010s: Innovating and Adapting

In 2009, 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. We cut the ribbon on our bright, shiny new branch in Lynn Haven in April.

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. 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 was our sixth branch location serving members on the west side of Bay County.

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 year 2017 saw many changes for us. We updated our website to make it more visually appealing, easier to navigate and totally mobile friendly. Since a large percentage of our members now use their smartphones for just about everything, we wanted to make sure you have a great user experience when using your Innovations mobile app.

One very sad change for us in 2017 was the passing of our long-standing Chairman of the Board of Directors, James R. "Jim" Kott passed away on May 1st.

In 2018, we moved the Callaway branch to 123 N. Tyndall Parkway in Panama City to better serve our members who live and work there. Hurricane Michael struck the Bay County area on October 10th and definitely left an impact on everyone. Immediately after the hurricane, member service became the top priority. Even though we faced many challenges like the rest of the area, we knew we needed to open as quickly as possible for our members.

Hurricane Michael recovery efforts remained ongoing in 2019 as our 23rd Street Branch was fully restored and opened in early March. We were also honored with several accolades in 2019 including having our Callaway Branch receive the "Apple of our Eye" Award from the Bay County Chamber of Commerce in February and being named as one of the Best Credit Unions to Work for by Credit Union Journal in September. The year ended on another positive note as we were selected for the Seminole Top 100 list which recognizes the fastest-growing Florida State University alumni-owned or alumni-led businesses.

2020s and Beyond: Embracing the Future

2020 began on a nice trajectory. However, no one could have imagined the year that was about to unfold. A global pandemic due to the COVID-19 virus was declared in March 2020. At all times the safety and soundness of the credit union along with the safety of both our members and Team Members became our highest priority.

Highlights from 2021 include opening our new branch on 23rd Street and selling the property that was the prior 23rd Street branch. We also gave our Lynn Haven branch a much-needed facelift.

On September 1, 2022, Innovations converted our charter from a Federal to a State-chartered credit union. Included in this conversion is a slight name change from Innovations Federal Credit Union to Innovations Financial Credit Union. It's a small but meaningful change in terms of expanding our membership base to serve surrounding communities, including our neighbors in Holmes, Washington, Jackson, Calhoun, Gulf, and Walton counties.

In 2024, we expanded further, adding Okaloosa, Franklin, and Liberty counties to our membership base and opening our first branch outside Bay County on Main Street in Chipley. We also acquired First National Bank Northwest Florida, marking an exciting chapter in our growth.

As we look ahead, Innovations Financial Credit Union remains committed to embracing new opportunities, enhancing member experiences, and expanding our reach to serve even more communities. With a focus on innovation and member satisfaction, we're excited to continue our journey of growth and excellence in the years to come.

#SparkChange