Penn East 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 and original manager was Mark Raymond who ran the credit union from its founding in 1938 through 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. From those humble beginnings, the credit union has grown to be a full-service financial institution and the third largest credit union in Lackawanna County. On December 21, 2004, Penn East Federal Credit Union obtained a community charter that includes Lackawanna, Luzerne and Wyoming counties. Penn East Federal Credit Union is committed to improving the financial well being of its members and serving the community by providing members with quality products and services, providing world-class service, maintaining a financially sound organization and preserving an equitable workplace for its employees while upholding the highest ethical standards. This credit union is federally insured by the National Credit Union Administration.