America's second largest federal credit union
welcomes over 66,000 new members and maintains over $3 billion in regulatory net worth.
TYSONS, Va., July 31,
2024 /PRNewswire/ -- PenFed Credit Union, the
nation's second-largest federal credit union, finished the first
half of 2024 with increased liquidity and capital. PenFed also
finished the first half with nearly 3 million members, $33.5 billion in assets and over $3 billion in regulatory net worth.
"We are ahead of our 2024 business plan and continue to execute
on our key priorities of building liquidity and capital," said
PenFed President and CEO James Schenck. "PenFed is
proud to deliver on our promise to members by paying top dollar on
certificates. During the first half of 2024, PenFed paid out
$422 million in member dividends, up
from $308 million in the first half
of 2023, a 37% increase. Being a credit union with the mission of
people helping people, we continue to take perfect care of our
membership by providing market leading rates to our savers and our
borrowers."
PenFed's first half of 2024 financial highlights
include:
- PenFed's total cash and investments increased to 12.5% of total
assets, an increase of 228 basis points year over year.
- PenFed's regulatory net worth capital ratio increased from
9.10% at year-end to 9.57% end of June, an increase of 47 basis
points.
- PenFed's year-to-date net income was $46
million. Over the past 5 years, PenFed has increased its
regulatory net worth by $612 million
with over $792 million in net
income.
- PenFed reduced total operating expense by $22 million year-over-year, which represents a 5%
reduction.
- Driven by offering great rates to our members, member share
deposits were up $141 million year
over year.
- PenFed closed the quarter with over $871 million of capital in excess of
required regulatory net worth to be well capitalized.
In addition to accomplishing key business milestones, PenFed
donated over $800,000 to 29 charitable organizations during
the first half and will continue to support the communities where
its employees live and work throughout the year.
Recently PenFed Credit Union joined Beaches Habitat for
Humanity as a top sponsor and broke ground on a home for a
veteran. PenFed employees and community members will build the home
for a local veteran in need of affordable housing as part of the
new 44-unit Atlantic Beach,
Florida community. PenFed is proud to support Beaches
Habitat for Humanity because everyone deserves a place to live,
especially our nation's heroes.
Looking forward, Schenck said, "PenFed will continue to take
care of its members with outstanding rates and service provided by
world-class financial professionals and by keeping the institution
safe and sound with strong capital and liquidity. PenFed will also
continue to have a positive impact on society through its
philanthropic giving. Being a federal credit union and governed by
dedicated volunteer board members, PenFed can always play the
long-game and take care of its constituents throughout all rate
environments."
About PenFed Credit Union
Established in 1935,
Pentagon Federal Credit Union (PenFed) is America's second-largest
federal credit union, serving 2.9 million members worldwide
with over $33.5 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 X. Interested in working for PenFed? Check us
out on LinkedIn. We are proud to be an Equal
Employment Opportunity Employer.
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SOURCE PenFed Credit Union