Pentagon Federal Credit Union held its 82nd annual meeting Monday night, and on Tuesday released a statement saying it had “exceptional growth” both in 2016 and through the first quarter of 2017.
James Schenck, president and CEO of PenFed, based in Tysons, Va., said the credit union increased its net new membership by 110,000 in 2016, ending the year with 1.48 million members. He said as of May 2017, PenFed has more than 1.5 million members.
Total assets grew by $1.8 billion from $19.5 billion in 2015 to $21.3 billion in 2016. Total assets were up an additional $1.1 billion in the first quarter of 2017. Schenck also reported on the safety and soundness of the institution, noting PenFed is well capitalized at 10.2%, exceeding industry regulations of 7% for a well-capitalized institution.
To serve its growing membership, Schenck said PenFed expanded its workforce by more than 260 employees in 2016, ending the year with 2,164 employees.
“We are able to achieve this growth on behalf of our members because of the extraordinary commitment and talent of PenFed employees. The trust and confidence our members place in PenFed is what keeps us moving forward,” Schenck said. “I am honored and humbled to represent the men and women who fight our nation’s wars and to serve our communities.”
More than 350 PenFed members and more than 50 employees attended the meeting, as did Dan Berger, president and CEO of the National Association of Federal Credit Unions.
Ed Cody, PenFed’s chairman of the board, told members, “PenFed continues to create new partnerships and develop even better products, services and solutions for your financial needs. At the core of our membership are our nation’s defenders, the brave men and women who are serving around the world to defend us and our way of life. They share a common set of values – integrity, loyalty, selfless service, courage. Those are values that all businesses should model, and I hope you can see those values operative in how we serve you.”
PenFed Foundation highlights
Cody provided an update on the PenFed Foundation and made a $3,000 contribution on behalf of PenFed to the Foundation. Highlights included:
- In 2016 the Military Heroes Fund provided 346 grants totaling $340,506 in emergency financial assistance to wounded warriors and their families;
- The Dream Makers provided 113 grants totaling $538,047 to help first-time homebuyers make down payments on their homes.
- The Asset Recovery Kit program provided 2,522 interest-free loans totaling $1,160,432 to service members as a safe alternative to payday lenders.
- A partnership with the U.S. Department of Veterans Affairs to end Veteran homelessness, which included 461 grants for rent and utility payments, transportation vouchers and critical household items valued in excess of $457,000
Cody presented the 2017 Chairman’s Award to Bill Vinson, who is retiring after serving for 32 years on the PenFed board of directors, and to Laurie Horstmann, PenFed’s vice president of business integration and a 22-year career employee with PenFed.
Vinson is a retired Army Lt. Col. A Vietnam War Veteran, Vinson was a decorated aviator who received the Distinguished Flying Cross, the Bronze Star and the Purple Heart.
The PenFed board of directors elected the following directors to three-year terms: vice chairman of the board Walter P. Fairbanks; retired Army Col. Ronald P. Hudak; the Honorable Frederick F.Y. Pang; Sandra (Sam) L. Patricola; and retired U.S. Air Force Lt. Col. John A. Rolando. Alfred Rudolph was nominated to serve a one year term.
