Growth strategies

PenFed Completes Merger With Energy FCU

By Joseph Kellard January 03, 2017, 3:11 p.m. EST 1 Min Read

Pentagon Federal Credit Union in Alexandria, Va has completed its acquisition of Energy Federal Credit Union.

PenFed announced Monday that it acquired Energy FCU's full-service branch in Rockville, Md., $102 million in assets and 39 employees. PenFed will also welcome the credit union's 11,000 members. The financial terms of the deal were not disclosed.

"This is the beginning of a relationship that will help the members and employees do better financially," PenFed President and CEO James Schenck said in a news release. "PenFed's low rates, world-class member experience and mobile technology will provide added value for the members and greater opportunities for the employees."

The $21 billion-asset PenFed already serves U.S. Department of Energy employees at two locations in Washington, D.C., and Germantown, Md., and more than 1.5 million members globally.

PenFed has made several acquisitions since December 2015, when it announced mergers with NAVFAC Federal Credit Union in Honolulu, Hawaii, and AAFES FCU in Dallas. Last February, the credit union merged with Fort Gordon and Community CU in Augusta, Ga., and it purchased Belvoir Federal Credit Union in Woodbridge, Va., in March. PenFed agreed to buy Alamo Federal Credit Union of San Antonio, Texas, in June, and High Plains Federal Credit Union in Clovis, N.M., in September.

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