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PenAir Credit Union and Star City Federal Credit Union announced Thursday that they have received regulatory approval to finalize their merger, which will officially take effect on May 1. The merger will expand PenAir’s reach into Southwest Virginia and bring enhanced financial services to members of both institutions.
“We are excited to officially welcome Star City members into the PenAir family,” Delbert Lee Morgan, president/CEO of PenAir Credit Union in Pensacola, Fla., said “Our goal is to make a real difference in Virginia by uniting our shared values and commitment to serving and uplifting our communities.”
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Star City Federal Credit Union in Roanoke, Va., which has long served employees of Elbit Systems of America, will become part of PenAir, allowing its members access to a wider array of digital tools, financial products and enhanced service.
“This merger allows us to offer enhanced financial solutions while maintaining the personalized service our members have always valued,” Michael Browning, Chairman of Star City Federal Credit Union, said. “Together with PenAir, we are building a stronger credit union that prioritizes our members’ needs and the communities we serve.”
The transition will be automatic for Star City members, with account information and digital access updates shared directly in the coming weeks.
PenAir, founded in 1936 and holding more than $2.6 billion in assets, serves 129,804 members across Florida and Alabama and now extends its mission of community enrichment and economic empowerment into Virginia.
Of note, Morgan was recently interviewed on the “Shared Accounts With CU Times” podcast, where he spoke of PenAir’s recent expansions.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
