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The $16.9 billion Pentagon Federal Credit Union in Alexandria, Va., said James Schenck will succeed Frank Pollack as president/CEO of the 1.3 million-member institution on April 1.

Pollack joined PenFed, now the nation’s third-largest credit union, in 1978 and became president/CEO in 2001. PenFed grew from $3.2 billion at the time to its current size while at the same time reducing its operating expense ratio by more than 47%, PenFed said.

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