PenFed Credit Union in Alexandria, Va., announced two mergers Wednesday, one with NAVFAC Federal Credit Union in Honolulu, Hawaii, and one with AAFES FCU in Dallas.
In both cases the two smaller CUs will merge under the PenFed brand. The NAVFAC merger will expand PenFed's presence in Hawaii, where it already has operations at Tripler Army Medical Center and Fort Shafter and will add more than 2,000 new members to PenFed. Through the deal with AAEFS, PenFed will add 6,500 new members and nearly $92 million in assets, and expand its field of membership to include the Army and Air Force Exchange Service's 35,000 employees. Altogether, PenFed has over 1.4 million members and $19 billion in assets.
"The support for our members—particularly those in the Western Pacific region— will be greater as a result of our partnership with NAVFAC Federal Credit Union," said PenFed chief executive and president James Schenck in a Dec. 2 news release.
The Virginia credit union will also gain access to new markets through the deal: AAFES Federal operates more than 2,440 facilities in 33 countries, five U.S. territories and all 50 states.
"PenFed and AAFES Federal Credit Union were such a natural combination because of their respective membership bases," PenFed senior vice president for mergers and acquisitions Ricardo Chamorro said in a Dec. 2 news release. "Additionally, this partnership with AAFES Federal Credit Union extends our reach into every country where AAFES employees serve, expanding our international operations."
