PenFed Expands More Into NavyFed Market
ALEXANDRIA, Va. – Pentagon FCU said this afternoon it is now serving 50,000 members of the Navy League of the U.S., ratcheting up its competition with the nation’s largest credit union, nearby Navy FCU.
“The membership of the Navy League compliments our core constituents and further validates our mission to deliver best in class financial products to all of DoD and the service organizations that support the U.S. military,” said Roderick Mitchell, chief operating officer for PenFed, which recently added more than 100,000 members of the Marine Corps League and Marine Corps League Auxiliary, groups already served by NavyFed. “Ahoy! Welcome aboard to the League."
The news comes as NavyFed was opening its 214th branch near New Jersey’s Fort Dix and the Naval Air Engineering Station Lakehurst. NavyFed has added almost 200,000 new members since expanding to all branches of the military in 2008.
The two credit union giants have been among the most active players in the heated metropolitan Washington markets, with high-profile ad campaigns promoting their low-rate mortgages and card programs.
NavyFed is the nation’s largest credit union with $45 billion in assets and PenFed is the third largest with $15 billion.
The Navy League is a non-profit organization dedicated to educating U.S. citizens about the importance of sea power to U.S. national security, and supports the men and women of the sea services – the Navy, Marine Corps, Coast Guard, and United States-flag Merchant Marine – and their families.