Pentagon Federal Credit Union

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Pentagon Federal Credit Union
TypeCredit union
IndustryFinancial services
Founded1935
Headquarters7940 Jones Branch Drive, McLean, Virginia, United States
Number of locations
50
Area served
Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families
Key people
Edward B Cody, Board of Directors Chairman
James Schenck, President and CEO
ProductsSavings; checking; consumer loans; mortgages; credit cards; investments
Websitepenfed.org

Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.

In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards[1] and other financial services.

Membership[]

Pentagon Federal Credit Union historically had a limited membership to individuals sharing the common bond defined in its credit union charter, mostly membership in organizations related to national defense. In 2018, PenFed acquired the New York-chartered Progressive Credit Union, which had failed due to taxi medallion loans in New York City[2] but which had an open field of membership charter allowing anyone nationwide to join.[3][4]

A list of some past eligible memberships include the following:[5]

Competition[]

PenFed is among a few financial services companies that specialize in serving the military—it competes with other military credit unions, such as Navy Federal Credit Union, as well as with some large banks, including Bank of America-Military Bank and USAA.

Locations[]

Branches are located in the Washington, D.C., area (including Maryland and Virginia); California; Florida; Georgia; Hawaii; Nebraska; New Jersey; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.

Pentagon Federal operates several call centers in Omaha, Nebraska; Papillion, Nebraska; Eugene, Oregon; and San Antonio, Texas.

In 2003, Pentagon Federal joined Allpoint, a surcharge-free network of automated teller machines.[6]

Expansion[]

In 2017, Pentagon Federal initiated merger talks with Scranton, Pennsylvania-based Valor Credit Union. Valor reported net losses of $2.4 million and $2.25 million in last year’s second and third quarters, which initiated talks of merger with PenFed.[7] The merger was approved by Valor members, and on April 1, 2017, Valor officially merged with PenFed.[8]

In February 2019, McGraw-Hill Federal Credit Union announced plans to merge with PenFed,[9] completing to convert customers to those of PenFed on May 1, 2019.[10] The former McGraw-Hill branch in East Windsor, New Jersey branch currently operates as a PenFed branch as of September 2019.

PenFed Foundation[]

The PenFed Foundation was founded in 2001 by leadership from PenFed Credit Union.[11][12]

The mission of the PenFed Foundation for Military Heroes is to empower military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity.[13][14][12]

The PenFed Foundation has helped more than 140,000 military families since 2001.[15]

In April 2019, four-star Retired General John W. “Mick” Nicholson, Jr. became president of the PenFed Foundation.[16]

In March 2020, the PenFed Foundation became the first veteran service organization to launch a COVID-19 emergency relief program open to all service members and veterans and received 6,000 applications in four days.[17][18]

In June 2020, CNN included PenFed Foundation in its list of nonprofits to support during the COVID-19 pandemic.[19]

The PenFed Foundation was recognized as one of Survey Monkey’s top 4 organizations providing COVID-19 relief.[20]

The PenFed Foundation was also honored as the Nonprofit of the Year in July 2020 by the Northern Virginia Chamber of Commerce.[21]

In August 2020, Business Insider recommended PenFed Foundation as one of 8 nonprofits to donate to during the COVID-19 pandemic.[22]

In August 2020, PenFed Foundation was also named a Top 20 Nonprofit Champion by Military Spouse Magazine.[23]

References[]

  1. ^ "New rules won't affect all credit cards the same way Card issuers warn of high fees under new law, but credit unions largely unaffected". Marketwatch. May 26, 2009. Retrieved 2009-11-16.
  2. ^ DuPlessis, Jim (January 2, 2019). "PenFed Acquires Progressive". Credit Union Times. Retrieved January 22, 2021.
  3. ^ Pentagon Federal Credit Union. "2019 Annual Report" (PDF). p. 37. Retrieved January 22, 2021.
  4. ^ Ghosh, Palash; Reosti, John (January 4, 2019). "PenFed's latest expansion move sets off another banker battle". American Banker. Retrieved January 22, 2021.
  5. ^ "Membership". penfed.org.
  6. ^ "Pentagon Federal Credit Union Joins National Surcharge-Free ATM Network; Members Gain Convenient Access at 23,000 Well-known Retail Outlets". Pentagon Federal Credit Union press release via PR Newswire. April 2, 2003. Retrieved 2009-11-16.
  7. ^ WRITER, JON O'CONNELL, STAFF. "Valor Credit Union pursuing merger with Pentagon Federal". Retrieved 2017-01-26.
  8. ^ "Valor Federal Credit Union". Retrieved 30 July 2018.
  9. ^ "New Jersey Credit Union Plans Merger With PenFed". Credit Union Times. 2019-02-12. Retrieved 2019-09-18.
  10. ^ "Welcome to the Family McGraw-Hill Federal Credit Union". Pentagon Federal Credit Union. Retrieved 2019-09-18.
  11. ^ "Washington Justice and PenFed Credit Union Partner to Support Veterans". The Esports Observer. 2021-01-05. Retrieved 2021-02-19.
  12. ^ a b "About Us". The PenFed Foundation. 2018-05-28. Retrieved 2021-02-19.
  13. ^ "-PenFed Foundaiton COVID-19 Emergency Fund". www.radio.com. 2020-04-06. Retrieved 2021-02-19.
  14. ^ "How to Get Down Payment Assistance for a Mortgage". news.yahoo.com. Retrieved 2021-02-19.
  15. ^ Foundation, PenFed. "PenFed Foundation Raises a Record $803,000 for Veterans and Military Community at 16th Annual Military Heroes Golf Classic". www.prnewswire.com. Retrieved 2021-02-19.
  16. ^ "Retired Four-Star General John W. Nicholson, Jr. Named PenFed Foundation President". PenFed Credit Union. Retrieved 2021-02-25.
  17. ^ wpowell (2020-05-07). "PenFed Credit Union - Coronavirus (COVID-19) Response". U.S. Chamber of Commerce Foundation. Retrieved 2021-02-25.
  18. ^ "PenFed Foundation Receives $100,000 Donation from MidCountry Bank To Further Mission of Financially Empowering Military Community". MidCountry Bank. Retrieved 2021-02-25.
  19. ^ "A guide to helping and getting help during the coronavirus crisis". www.cnn.com. Retrieved 2021-03-05.
  20. ^ "Four incredible organizations show quick action, resilience, and creative thinking during times of crisis". SurveyMonkey Apply. Retrieved 2021-03-05.
  21. ^ "PenFed Foundation Receives Northern Virginia Chamber of Commerce 2020 'Nonprofit of the Year' Award". PR Newswire.
  22. ^ Ward, Marguerite. "8 nonprofits helping Americans struggling because of the coronavirus pandemic that you can donate to right now". Business Insider. Retrieved 2021-03-12.
  23. ^ "Military Spouse August/September 2020". editions.mydigitalpublication.com. Retrieved 2021-03-12.

External links[]

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