PenFed Credit Union has bought a marketing agency, which it plans to run as an independent subsidiary that will continue as the agency of record for the Tysons, Va., credit union.
PenFed ($23.7 billion in assets, 1.7 million members) announced Wednesday that it purchased WHITE64, which has served as PenFed's marketing and advertising agency since 2014. The announcement did not say how much PenFed paid for the Tysons, Va., agency.
Under the terms of the agreement, WHITE64 will retain its name and operate as a virtually autonomous unit rather than an in-house agency. White64 will continue serving existing clients while also seeking new business in all sectors. Kerry Beutel will continue as its president and chief operating officer, while Matt White, formerly its chairman and CEO, will continue serving as president of the agency.
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PenFed has been WHITE64's largest client, helping the nation's third-largest credit union rebrand from Pentagon Federal Credit Union to PenFed, and launching the PenFed "Great Rates Across America" campaign.
"Matt White and his team at WHITE64 have fueled PenFed's growth since our rebranding in 2014," said PenFed President/CEO James Schenck. "I see that value is not only for us, but for WHITE64's entire roster of clients. This acquisition is designed to empower the agency to offer its best-in-class marketing services to national, state and local clients, including other credit unions."
WHITE64 was founded in 1964 as Nolan Duffy and White by E. James White. Besides PenFed, WHITE64's clients include CFP Board, Washington Metro, Koons Automotive Group, Luray Caverns, Bio Industries, Hilton, Visit Fairfax, Wolf Trap and Navy Mutual.
Matt White, son of the retired co-founder, said the partnership will increase agency's competencies in the increasingly important and growing areas of advanced data, research and analytics.
"It's going to help us provide our current clients with a greater array of services, while also helping us attain the scale we need to attract new clients who are seeking a full-service agency with a wide range of integrated capabilities," White said.
Under terms of the agreement, WHITE64's entire 50-plus-member staff will remain intact, and its headquarters will remain in its current location in Tysons. White expects the agency to add staff as they expand capabilities in the areas he cited.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
