PenFed Reports Record Capital, Membership Growth and Community Contributions at 85th Annual Meeting

TYSONS, Va., July 16, 2020 /PRNewswire/ -- At its 85th Annual Meeting last evening, PenFed Credit Union's Chairman of the Board, Ed Cody, reported on record capital, membership growth and community contributions during 2019. PenFed President and CEO, James Schenck, provided an optimistic update on record milestones and growth achieved during the first half of 2020. 

"PenFed's 2019 growth allowed us to surpass the major milestones of attaining $26 billion in assets and serving over 2 million members in 2020, and we are well positioned for another strong year," Schenck said. "During the first six months of 2020, our year on year lending is up over 71% and we are ahead of our budgeted earnings numbers. We arranged for contactless real estate closings and funded a record volume of mortgages while keeping up with members' demand for auto loans, credit cards, and refinanced auto and student loans."

In his Chairman's update, Cody reported that PenFed increased net new membership by nearly 9%, ending 2019 with 1.9 million members. In 2019, PenFed's capital grew to a record $2.69 billion and total assets grew by $300 million to $24.8 billion. 

With a current net worth ratio of 10.6%, PenFed holds far more in capital than required to qualify for the federal regulatory rating of "Well Capitalized" and PenFed's capital cushion is at an all-time high of $2.75 billion.

In 2019, PenFed made enhancements to PenFed online (www.penfed.org) and the PenFed mobile app, empowering members to complete virtually any transaction anytime, anywhere.  PenFed also added new branches in Puerto Rico and New Jersey, streamlined the mortgage application and approval process, expanded its Regional Financial Service Centers and began staffing the newest Service Center in San Antonio, Texas.

PenFed assisted over 5,000 families with mortgages and processed over $1 billion in home equity loans. Members who used the PenFed Real Estate Rewards program saved over $4.9 million when purchasing their homes.

Cody highlighted PenFed's commitment to the diverse communities it serves through donations topping $1.4 million to charities around the country. General John W. "Mick" Nicholson, Jr., President of the PenFed Foundation, provided an update on the PenFed Foundation and its commitment to serving our nation's defenders through:

• Raising more than $3 million through our partners to help military families.
  
  
• Helping over 200 military families achieve home ownership through Dream Makers grants (15 more than the year before).
  
  
• Supporting more than 1,200 beneficiaries with emergency financial assistance and caregiver support (a 27% increase).
  
  
• Supporting five veteran-owned businesses with nearly $1 million in planned investments.

This year's annual meeting was the first to be held virtually and was broadcasted to all members who registered.

Cody presented two Chairman's Awards for Employee of the Year. The first went to Associate Vice President of Real Estate & Construction, Eddie Carafa, for his 28 years helping PenFed take perfect care of its members in all of its branches and service centers. The second went to Vice President of Operations Strategy Integration, Nicole LaCamp, for serving employees so they can better serve members.

The Chairman's Director of the Year Award was presented to Sandra "Sam" Patricola for her 15 years of outstanding volunteer service as a member of the Board of Directors and unwavering support as the current Treasurer of the Board of the PenFed Foundation Board of Directors. The first-ever Chairman's Team of the Year Award was presented to the 28-member Pandemic Event Support Team for its continued response to COVID-19 and dedication to ensuring the safety and wellbeing of PenFed employees and members.

"Credit unions are all about people helping people, and PenFed has a diverse community. I am proud of our dedicated volunteers and employees who are incredibly committed to serving our communities," said Cody. "No matter what challenges we face in the coming years, PenFed has the financial strength, focused strategy and dedicated staff to continue providing best-in-class member services and supporting our communities across America and around the world."

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

SOURCE PenFed Credit Union