PenFed Adds Nearly $1B in 2014
Pentagon Federal Credit Union celebrated the New Year by adding $963 million in growth, bringing total assets for the Alexandria, Va.-based institution to $17.8 billion.
PenFed, which serves members of the national defense community and those who support it, said it plans to expand its operation in 2015 in Florida’s panhandle to better serve Eglin Air Force Base.
The credit union said it will add positions to its Niceville, Fla., branch location with plans to hire employees in the areas of IT, finance, mortgage processing, member services, real estate and administrative support. It will also open a new branch in the area.
“With regard to our growth near Eglin, we are very keen on bringing our value proposition of nationally leading certificate rates and extremely low loan rates to better serve the entire Eglin community,” James Schenck, PenFed’s president/CEO, said. “This period of growth is generating excitement among our employees. They’re really getting the opportunity to be a part of building the future of the organization.”
The growth plans for Eglin also include mergers and acquisitions, and the development of business partnerships with other credit unions in the area, PenFed announced Monday.
The credit union serves 1.3 million members worldwide.