National Military Family Association Penfed Federal Credit Union
 | |
| Type | Credit union |
|---|---|
| Manufacture | Financial services |
| Founded | 1935 |
| Headquarters | 7940 Jones Branch Drive, McLean, Virginia, U.s.a. |
| Number of locations | 50 |
| Expanse served | Air Forcefulness, Ground forces, Coast Baby-sit, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families |
| Key people | Edward B Cody, Lath of Directors Chairman James Schenck, President and CEO |
| Products | Savings; checking; consumer loans; mortgages; credit cards; investments |
| Website | penfed.org |
Pentagon Federal Credit Matrimony, widely known by its abbreviated proper noun PenFed, is a The states federal credit spousal relationship headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Spousal relationship Administration (NCUA). PenFed is the nation's tertiary largest federal credit union, with assets of $25 billion and more than than 1.8 million members as of July 2018.
In add-on to a diverseness of loans, savings, and eolith accounts, PenFed as well offers credit cards[i] and other fiscal services.
Membership [edit]
Pentagon Federal Credit Marriage historically had a express membership to individuals sharing the common bond divers in its credit union charter, mostly membership in organizations related to national defence. In 2018, PenFed acquired the New York-chartered Progressive Credit Union, which had failed due to taxi medallion loans in New York City[ii] just which had an open field of membership charter allowing anyone nationwide to bring together.[3] [four]
A list of some past eligible memberships include the following:[5]
- Active duty members from the U.S. Regular army, U.Due south. Navy, U.Due south. Marine Corps, U.S. Air Forcefulness and U.S. Coast Guard.
- Reserve and National Guard members.
- Retired members of Agile Duty, Reserves, and the National Guard.
- Current and retired civilian employees of the Department of Defence force.
- Electric current and retired agents of the Department of Homeland Security
- Current and retired employees of the United states Public Health Service
- Employees and volunteers of the American Red Cantankerous
- Members of the National Military Family Association
- Members of the Air Force Association
- Members of the United States Coast Guard Auxiliary
- Members of the Military Officers Association of America
- Members of Paralyzed Veterans of America
- Members of the United States Ground forces Warrant Officers Association
- Members of the Marine Corps League
- Members of the Navy League of the Usa
- Members of the Reserve Officers Association
- Members of Jewish War Veterans of the U.s. of America
- Members of Veterans of Foreign Wars
- Members of Vietnam Veterans of America
- Pentagon edifice employees
- Employees of the Transpotomac Plaza or Culvert Eye in Alexandria, VA
- Individuals who are assigned to, work at, or receive benefits from, any defence force or armed forces-based institution
- Family members of those in the field of membership, including: grandparents, parents, spouse, siblings, children (including adopted, foster and stepchildren), grandchildren, and household members
- Family members and employees of Pentagon Federal Credit Wedlock itself
Competition [edit]
PenFed is among a few financial services companies that specialize in serving the armed forces—it competes with other military credit unions, such as Navy Federal Credit Matrimony, every bit well as with some large banks, including Banking company of America-Military Banking concern and USAA.
Locations [edit]
Branches are located in the Washington, D.C., area (including Maryland and Virginia); California; Florida; Georgia; Hawaii; Nebraska; New Jersey; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.
Pentagon Federal operates several call centers in Omaha, Nebraska; Papillion, Nebraska; Eugene, Oregon; and San Antonio, Texas.
In 2003, Pentagon Federal joined Allpoint, a surcharge-gratis network of automated teller machines.[6]
Expansion [edit]
In 2017, Pentagon Federal initiated merger talks with Scranton, Pennsylvania-based Valor Credit Union. Valor reported net losses of $2.4 one thousand thousand and $2.25 million in last yr'southward second and third quarters, which initiated talks of merger with PenFed.[7] The merger was canonical by Valor members, and on Apr 1, 2017, Valor officially merged with PenFed.[8]
In February 2019, McGraw-Hill Federal Credit Union announced plans to merge with PenFed,[9] completing to convert customers to those of PenFed on May one, 2019.[10] The former McGraw-Loma branch in Due east Windsor, New Bailiwick of jersey branch currently operates as a PenFed branch as of September 2019.
PenFed Foundation [edit]
The PenFed Foundation was founded in 2001 by leadership from PenFed Credit Spousal relationship.[11] [12]
The mission of the PenFed Foundation for Military machine Heroes is to empower war machine service members, veterans and their communities with the skills and resource to realize financial stability and opportunity.[xiii] [14] [12]
The PenFed Foundation has helped more than 140,000 military families since 2001.[15]
In April 2019, four-star Retired General John W. "Mick" Nicholson, Jr. became president of the PenFed Foundation.[16]
In March 2020, the PenFed Foundation became the first veteran service organization to launch a COVID-19 emergency relief program open to all service members and veterans and received vi,000 applications in 4 days.[17] [18]
In June 2020, CNN included PenFed Foundation in its list of nonprofits to support during the COVID-19 pandemic.[19]
The PenFed Foundation was recognized as i of Survey Monkey'south height 4 organizations providing COVID-19 relief.[20]
The PenFed Foundation was likewise honored as the Nonprofit of the Year in July 2020 past the Northern Virginia Chamber of Commerce.[21]
In August 2020, Business Insider recommended PenFed Foundation every bit i of 8 nonprofits to donate to during the COVID-nineteen pandemic.[22]
In Baronial 2020, PenFed Foundation was likewise named a Top 20 Nonprofit Champion by Military Spouse Magazine.[23]
References [edit]
- ^ "New rules won't bear upon all credit cards the same style Carte issuers warn of high fees under new law, but credit unions largely unaffected". Marketwatch. May 26, 2009. Retrieved 2009-11-xvi .
- ^ DuPlessis, Jim (January 2, 2019). "PenFed Acquires Progressive". Credit Marriage Times . Retrieved January 22, 2021.
- ^ Pentagon Federal Credit Union. "2019 Annual Report" (PDF). p. 37. Retrieved Jan 22, 2021.
- ^ Ghosh, Palash; Reosti, John (January 4, 2019). "PenFed's latest expansion motility sets off another broker battle". American Banker . Retrieved Jan 22, 2021.
- ^ "Membership". penfed.org.
- ^ "Pentagon Federal Credit Marriage Joins National Surcharge-Costless ATM Network; Members Gain Convenient Access at 23,000 Well-known Retail Outlets". Pentagon Federal Credit Matrimony press release via PR Newswire. Apr ii, 2003. Retrieved 2009-11-16 .
- ^ WRITER, JON O'CONNELL, STAFF. "Valor Credit Marriage pursuing merger with Pentagon Federal". Retrieved 2017-01-26 .
- ^ "Valor Federal Credit Union". Retrieved 30 July 2018.
- ^ "New Jersey Credit Matrimony Plans Merger With PenFed". Credit Union Times. 2019-02-12. Retrieved 2019-09-eighteen .
- ^ "Welcome to the Family McGraw-Hill Federal Credit Union". Pentagon Federal Credit Spousal relationship. Retrieved 2019-09-xviii .
- ^ "Washington Justice and PenFed Credit Union Partner to Support Veterans". The Esports Observer. 2021-01-05. Retrieved 2021-02-19 .
- ^ a b "About Us". The PenFed Foundation. 2018-05-28. Retrieved 2021-02-19 .
- ^ "-PenFed Foundaiton COVID-19 Emergency Fund". www.radio.com. 2020-04-06. Retrieved 2021-02-19 .
- ^ "How to Go Down Payment Assistance for a Mortgage". news.yahoo.com . Retrieved 2021-02-nineteen .
- ^ Foundation, PenFed. "PenFed Foundation Raises a Tape $803,000 for Veterans and Armed services Community at 16th Annual Military Heroes Golf Classic". www.prnewswire.com . Retrieved 2021-02-19 .
- ^ "Retired Four-Star General John W. Nicholson, Jr. Named PenFed Foundation President". PenFed Credit Matrimony . Retrieved 2021-02-25 .
- ^ wpowell (2020-05-07). "PenFed Credit Union - Coronavirus (COVID-19) Response". U.South. Bedchamber of Commerce Foundation . Retrieved 2021-02-25 .
- ^ "PenFed Foundation Receives $100,000 Donation from MidCountry Bank To Further Mission of Financially Empowering Military Customs". MidCountry Bank . Retrieved 2021-02-25 .
- ^ "A guide to helping and getting assistance during the coronavirus crunch". www.cnn.com . Retrieved 2021-03-05 .
- ^ "Iv incredible organizations show quick action, resilience, and artistic thinking during times of crisis". SurveyMonkey Apply . Retrieved 2021-03-05 .
- ^ "PenFed Foundation Receives Northern Virginia Chamber of Commerce 2020 'Nonprofit of the Year' Award". PR Newswire.
{{cite spider web}}: CS1 maint: url-status (link) - ^ Ward, Marguerite. "eight nonprofits helping Americans struggling considering of the coronavirus pandemic that you tin can donate to correct now". Business organization Insider . Retrieved 2021-03-12 .
- ^ "Military Spouse Baronial/September 2020". editions.mydigitalpublication.com . Retrieved 2021-03-12 .
External links [edit]
- Official website
- National Credit Marriage Administration
Source: https://en.wikipedia.org/wiki/Pentagon_Federal_Credit_Union
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