Pen-Fed President/CEO outlines unprecedented growth

“During the first half of 2022, PenFed posted the strongest membership growth in our credit union’s 87-year history. We attracted a total of 287,000 net new members over the first six months. Many of them joined thanks to current members who share their stories about PenFed’s great rates and world-class service, according to James Schenck, president and CEO.

Pen-Fed now has more than 2.8 million members and is one of America’s fastest-growing financial institutions, Schenck added,

Since the beginning of 2022, he noted:

• PenFed members’ savings grew $3.1 billion or 14 percent.

• PenFed members’ loans grew $3.5 billion or 13 percent.

• PenFed ended the second quarter with $740 million of capital above the required regulatory net worth. “This means we have built a very strong capital buffer that will keep our credit union safe and sound.”

True to the credit union philosophy of “People Helping People,” Schenck said PenFed donated nearly $1.2 million to charitable organizations during the first half of 2022.

“Most recently, we partnered with America’s VetDogs to provide life-changing service dogs for veterans with disabilities; we aligned with the National Alliance on Mental Illness to provide mental wellness during our nation’s mental health crisis; and we sponsored the first graduating class of the Red Tail Flight Academy to train the next generation of pilots to carry on the legacy of the Tuskegee Airmen,” he added.

“We achieved all this while keeping operating expenses $5 million under budget year-to-date. We are spending our credit union’s money wisely,” he concluded.