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Acquisition announcement.

PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its taxi medallion loans.

The NCUA approved the emergency merger, which became effective Jan. 1. Progressive ($382.8 million in assets, 2,897 members as of Sept. 30, 2018) lost $69.5 million in the 12 months ending Sept. 30, up from a $65.5 million loss for the preceding 12 months.

Jim DuPlessis

A journalist for decades.

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