Pen Air’s new CEO no stranger to the corner office

Pen Air Federal Credit Union in Pensacola, Fla., hired Delbert Lee Morgan as its new president and chief executive.

Delbert Lee Morgan, president and CEO of Pen Air Federal Credit Union

Morgan most recently spent eight years as president and CEO of ValleyStar Credit Union in Martinsville, Va. Before that he was president and CEO of Southeastern Federal Credit Union for more than 10 years.

“I am eager to make the move to Pen Air Federal Credit Union. I am proud of my career achievements within the credit union community and look forward to leading a new organization, serving the membership and the opportunities that lie ahead,” Morgan said in a press release.

The $2.1 billion-asset institution did not immediately respond to questions about the status of former CEO William Scarborough.

Robert Jacobson, chairman of the Pen Air board, said in the press release that the new CEO “is a proven leader and his strong background of both financial expertise and industry experience will ensure the credit union’s continued excellence and first-class service to our membership.”

Pen Air FCU earned roughly $9.6 million in 2020, a little more than half of the $18.7 million the company earned the year before, according to National Credit Union Administration call report data.

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