Penn East Federal Credit Union

How was the Credit Union started?

Penn East Federal Credit Union was chartered on May 3, 1938 as “Scranton, Pennsylvania Teachers Federal Credit Union” and was awarded charter number 2742. On June 28, 1974, the name was changed to “Scranton and NE Educational Federal Credit Union”. The final name change occurred on December 21, 1994 when the credit union changed its name to “Penn East Federal Credit Union”.

The founder was Mark Raymond who ran the credit union from its founding in 1938 until his death in 1973. Upon his death, the management of the credit union fell to his wife, Mildred Raymond, who ran the credit union from 1973 through 1980. The Raymonds ran the credit union from the living room of their home.

What can I expect from the Credit Union today?

From those modest beginnings, the credit union has grown to be a full-service financial institution and the third largest credit union in Lackawanna County. Penn East Federal Credit Union now has five locations and a community charter. Anyone who lives or works in Lackawanna, Luzerne, and Wyoming Counties can join the credit union.

Where can I learn more?

https://penneastfcu.org/