VyStar Credit Union, is a member-owned financial cooperative that is headquartered in Jacksonville, Florida. It offers a comprehensive selection of products, including deposit and loan services for consumers and businesses, as well as investments, insurance, retirement planning and financial counseling. Founded in 1952 as Jax Navy Federal Credit Union, VyStar is the largest mortgage lender and the fourth-largest financial institution in Northeast Florida. It is regulated by the Florida Office of Financial Regulation and federally insured by the National Credit Union Share Insurance offered by the National Credit Union Administration.
History
Originally named Jax Navy Federal Credit Union, VyStar was chartered in April 1952 by 12 founding members with $60 at Naval Air Station Jacksonville. The mission of the founding members was to provide civil service and military personnel and their families a safe place to save and borrow money. After a modest beginning, Jax Navy Federal quickly became a trusted financial institution. One year later, 1,100 members had joined, and by the end of the decade, membership had grown to 9,178. By September 1995, assets had reached $1 billion as membership and branch locations continued to be added. In 2002, Jax Navy celebrated its 50th anniversary with a rebranding effort that included a name change to VyStar Credit Union and approval from the State of Florida to expand its field of membership to anyone who lived or worked in Duval, Clay, Nassau, St. Johns or Baker counties. In 2015, VyStar surpassed 500,000 members. In 2019, VyStar relocated its headquarters from the Cascone Building on Jacksonville’s Westside to the VyStar Tower, a 23-story high-rise on the Northbank of the St. Johns River. At the time, the move was the largest corporate relocation to downtown Jacksonville since 2011.
Organization
VyStar is a not-for-profit financial cooperative owned by its members and governed by a volunteer Board of Directors. As of February 2020, VyStar has 59 full-service branches, 16 high school branches and serves more than 700,000 members with approximately $9 billion in assets, making it the 16th-largest credit union by asset size among the more than 5,500 credit unions in the U.S. and the second-largest credit union headquartered in Florida. VyStar also has more than 230 ATMs located in Northeast and Central Florida and access to more than 20,000 surcharge-free ATMs in the U.S., Canada and Mexico. VyStar has more than 1,900 employees, making it one of Northeast Florida’s largest employers.
Membership
VyStar membership is extended to anyone who lives or works in the 49 contiguous counties of Central to North Florida, in addition to the Southeast Georgia counties of Camden, Charlton, Glynn and Ware. In August 2019, VyStar announced its purchase of Citizens State Bank, a Florida state-chartered bank headquartered in Perry, Florida, with $280 million in assets. At the time, CSB had four locations—two in Gainesville and one each in Perry and Steinhatchee.
