It took more than 50 years for Pentagon Federal Credit Union to reach $1 billion in assets. But every year since 2001, the Alexandria, Va.-based credit union has been generating an average of approximately $1 billion in assets per year.
And it's set to reach $20 billion in assets by May 1, making it the third credit union in the nation to reach that milestone. The Vienna, Va.-based Navy Federal Credit Union is No. 1, with $73.2 billion in assets, and SECU of Raleigh, N.C., is second with $31.8 billion in assets.
In a recent interview with CU Times, 49-year-old PenFed President/CEO James R. Schenck said the key to the credit union's explosive growth has been and continues to be its lower-than-peer operating cost structure, which has enabled it to compete on product pricing for its 1.3 million members.
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