Pentagon Federal Credit Union

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Pentagon Federal Credit Union
Credit union
Industry Financial services
Founded 1935
Headquarters 2930 Eisenhower Ave, Alexandria, Virginia, 22314 United States
Number of locations
31
Area served
Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families
Key people
Edward B Cody, Board of Directors Chairman
James Schenck, President
Products Savings; checking; consumer loans; mortgages; credit cards; investments
Website penfed.org

Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in Alexandria, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of over $22 billion and approximately 1.5 million members as of March 2017.

In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards[1] and other financial services.

Membership[edit]

As with all credit unions, membership in Pentagon Federal Credit Union is limited to individuals sharing the common bond defined in its credit union charter. The field of membership at Pentagon Federal Credit Union is:

Competition[edit]

Pentagon Federal is among a few financial services companies which specialize in serving the military—it competes with other military credit unions, such as Navy Federal Credit Union, as well as with some large banks including Bank of America-Military Bank and USAA.

Locations[edit]

Branches are located in the Washington, D.C. area which includes Virginia and Maryland; Florida; Georgia; Hawaii; Nebraska; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.

Pentagon Federal operates three call centers, including Omaha, Nebraska,[2] Eugene, Oregon, and Puerto Rico.

In 2003, Pentagon Federal joined Allpoint, a surcharge-free network of automated teller machines.[3]

In 2017, Pentagon Federal initiated merger talks with Scranton-based Valor Credit Union. Members of the credit union have received ballots to vote on whether their credit union should merge with PenFed. Valor Credit Union reported net losses of $2.4 million and $2.25 million in last year’s second and third quarters which initiated talks of merger with PenFed.[4]

References[edit]

  1. ^ "New rules won't affect all credit cards the same way Card issuers warn of high fees under new law, but credit unions largely unaffected". Marketwatch. May 26, 2009. Retrieved 2009-11-16. 
  2. ^ "Pentagon Federal Credit Union expands in Omaha". Nebraska.tv. July 8, 2009. Retrieved 2009-11-16. 
  3. ^ "Pentagon Federal Credit Union Joins National Surcharge-Free ATM Network; Members Gain Convenient Access at 23,000 Well-known Retail Outlets.". Pentagon Federal Credit Union press release via PR Newswire. April 2, 2003. Retrieved 2009-11-16. 
  4. ^ WRITER, JON O'CONNELL, STAFF. "Valor Credit Union pursuing merger with Pentagon Federal". Retrieved 2017-01-26. 

External links[edit]