ALEXANDRIA, Va. – Pentagon FCU announced yesterday its PenFed Realty has acquired Prudential Carruthers Realtors, a leading real estate broker in the Washington metro area with more than 800 brokers.
After completion of the deal PenFed will rename the company Prudential PenFed Realty, which will employ more than 1,100 real estate sales professionals and 35 office locations in the Baltimore/Washington metropolitan area.
The expansion will allow PenFed to better serve the real estate needs of the many members of the military and Department of Defense in the D.C. metropolitan area and further enhance PenFed's market presence with the installation of ATMs in each of the new branch offices.
"We view this as a great opportunity for our sales professionals and employees to be a part of an organization which brings great value and service to the consumer," said Tom Carruthers III, president of Prudential Carruthers Realtors who will join PenFed's corporate staff as vice president for real estate mergers and acquisitions.
Financial terms of the transaction were not disclosed.
PenFed Realty, which is wholly owned by the $15 billion credit union, opened in 2006 in the D.C. metropolitan area, and then established a foothold in the San Antonio (last year it acquired Exit Slater Realtors in San Antonio to provide real estate services in the Texas market) and Fayetteville, North Carolina markets. Over the past few years, PenFed Realty has increased its presence in multiple states by growing its Affinity Program in which it offers eligible members a closing cost rebate while providing them a full-service REALTOR experience.
