It took more than 50 years for Pentagon Federal Credit Union toreach $1 billion in assets. But every year since 2001, theAlexandria, Va.-based credit union has been generating an averageof approximately $1 billion in assets per year.
And it's set to reach $20 billion in assets by May 1, making itthe third credit union in the nation to reach that milestone. TheVienna, Va.-based Navy Federal Credit Union is No. 1, with $73.2billion in assets, and SECU of Raleigh, N.C., is second with $31.8billion in assets.
In a recent interview with CU Times, the 49-year-oldPenFed President/CEO James R. Schenck (pictured) said the keyto the credit union's explosive growth has been and continues to beits lower-than-peer operating cost structure, which has enabled itto compete on product pricing for its 1.3 million members.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
