by Max Marbut
Staff Writer
When VyStar Credit Union went to City Council in January to ask for a lease on 5,000 square feet of space at the Ed Ball Building, they were bucking the trend.
Many financial institutions are responding to the growing popularity of direct payroll deposits, ATM withdrawals and applying for loans on the Internet by down-sizing their branches and closing their teller windows. VyStar took a different track and made the decision to move up and out of the 500 square-foot branch at 121 W. Forsyth St. that had been the credit union’s Downtown home for two years.
“We were excited to get the new space because we had been looking for more space since we opened our Downtown branch, and the Ed Ball Building has a tremendous history. We’ve been watching what is happening Downtown. We’re excited about it and want to be a part of it,” said Terry R. West, VyStar president/CEO.
West joined the institution as Vice President of Member Services 19 years ago and took over its top executive management job in 1991. He said the things he learned when he started are just as important today, especially when it comes to the main difference between a credit union and a bank.
“Our members own us. We’re here to work for them every day. We realize we provide an essential service but we also realize (our members) have other options.”
West added that while the mechanics of finance have changed, the basic concept that has allowed the credit union to grow from 12 members and a mere $60 on the financial statement to more than 350,000 members and $3 billion in assets in little more than 50 years remains the same.
“While people want to use the technology available, they still want personal service. They want to know who they are doing business with and they want the opportunity to do business face-to-face.
“Over the years, we have stayed highly focused on the current and future financial needs of our members,” he said.
In addition to several loan officers and personal financial professionals available, the new branch also has five tellers and 792 safe-deposit boxes.
The relocation and expansion was, “A move to improve personal service,” said James Urban, vice president of the Downtown branch.
Urban has been a VyStar executive since he was caught in the America Online downsizing a year ago. Prior to moving into his new office Downtown, he managed VyStar’s branch on Philips Highway.
“It’s all about serving people’s financial needs, from helping a young person buy their first car to helping people plan for their retirement. Finance is not the most important part of life, but it affects all parts of people’s lives.”
West said the credit union’s expansion Downtown isn’t the only project in the pipeline. What began as a single office at NAS Jacksonville now covers 15 counties in North Florida including Putnam, where a new branch recently opened in Palatka.
“In addition to the new branch that will open later this year at Oakleaf Plantation, we’re also opening in Gainesville and Ocala. We are permitting a branch in Palm Coast and we have bought property for a new branch in Starke.”
He also said residential growth on the Southbank might lead to a branch there sometime in the future.
VyStar will celebrate its new Downtown branch with a three-day event June 20-22.
“We have gotten nothing but positive response from our members who work Downtown and want to invite everyone to come see our new home,” said Urban.
VyStar Credit Union: by the numbers
1952
Jax Navy Federal Credit Union chartered at Naval Air Station Jacksonville.
1957
Assets exceeded $1.6 million, membership reached 6,789.
1978
Cecil Field branch opened and membership reached 64,216.
1983
Orange Park branch opened and assets exceeded $200 million.
1986
Roosevelt branch and operations center (now VyStar’s Call Center) opened, assets reached $319.5 million with more than 110,000 members.
1991
Assets reached $500 million.
1995
Assets topped the $1 billion mark.
1997
Arlington and Northside branches opened, membership passed 200,000.
2000
Eagle Harbor branch opened, assets exceeded $2 billion.
2001
Jax Navy became a state-chartered credit union and dropped “Federal” from the name and it became the largest state-chartered financial institution headquartered in Florida.
2002
Jacksonville Beach branch opened; celebrated 50th anniversary with transition to community credit union and name change to VyStar Credit Union.
2005
New branches opened on Kernan Blvd., Normandy Blvd., Beach Blvd. and 9A and Downtown.
2007
Branch opened in Palatka and the Downtown branch moved to the Ed Ball Building.
• More than 350,000 members.
• In excess of $3 billion in assets.
• 1,000 employees
• 17th-largest credit union in the nation.
Source: (VyStar Credit Union Annual Report)