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The first loan participation Pen Air Federal Credit Union was involved in teamed the cooperative up with a regional bank.

It was a big deal within the industry because it was one of the first times that a credit union partnered with a bank on a participation transaction, said Tom Furr, assistant vice president of lending, at the $1.2 billion Pen Air FCU in Pensacola, Fla.

That bank was later taken over by another bank and the acquisition ended the relationship, Furr recalled. The commercial real estate landscape has changed since the landmark deal as large banks have ramped up their efforts to outdo their local rivals.

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