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This photo shows the Textron Aviation 560XL series midsize business jet similar to what PenFed purchased. This photo shows the Textron Aviation 560XL series midsize business jet, which is similar to what PenFed purchased. (Source: Textron Aviation)

When Chip Filson was reading the 2020 annual report of the $26.7 billion Pentagon Federal Credit Union in McLean, Va., one new line item caught his eye: $10.5 million for “aircraft equipment.”

“Which I assume means an airplane,” the founder and former CEO and Chair of Callahan & Associates, wrote in his Aug. 9 Just A Member blog. “That amount could buy a whole lot of plane. Not sure why a credit union should have its own plane. Perhaps it could be used to survey the credit union’s national field of membership acquired in its merger with Progressive Credit Union.”

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Peter Strozniak

 

Credit Union Times

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