PenFed Credit Union Highlights Record Growth In 2022

by
posted on July 28, 2022
Penfed Credit Union Record Growth F

In a note to its members, PenFed President and CEO James Schenck highlighted the record number of people who joined the credit union during the first half of 2022, marking the strongest growth in the company's 87-year history. During those six months, 287,000 new members joined PenFed, making it one of the fastest-growing financial institutions in the nation.

"On behalf of PenFed’s Board of Directors and more than 4,000 financial professionals who are dedicated to serving you, we send you our heartfelt thanks for your membership," Schenck wrote. "You can always count on PenFed, each and every day, through every economic cycle."

PenFed also supports American Rifleman through its sponsored content in the magazine, highlighting the service and sacrifice of American military personnel in World War II, the Korean War and Vietnam.

In addition to membership growth, which brought the total number of PenFed members up to 2.8 million, Schenck also highlighted positives like the $3.1 billion saved by its members or the $3.5 billion in members' loan growth. Additionally, the institution ended its second quarter with $740 million in capital above the required regulatory net worth, ensuring that it's maintaining a strong capital buffer to remain sound and preserve its members' savings.

Alongside its strong financial performance, PenFed has also made strong efforts to spend wisely and give back to its communities. Operating expenses remain under $5 million, and the company donated almost $1.2 million to charitable organizations, like America's VetDogs and the National Alliance on Mental Illness. It also sponsored the first graduating class of the Red Tail Flight Academy, which seeks to train the next generation of pilots to carry on the legacy of the Tuskegee Airmen.

For more details on PenFed's membership benefits, visit penfed.org.

Latest

Taurus Deputy Rifleman Review 1
Taurus Deputy Rifleman Review 1

Rifleman Review: Taurus Deputy

Recently, Taurus USA introduced a throwback in the form of its Deputy, a single-action revolver that would be more at home during the days of the Old West than in 2025.

New For 2025: Canik Mete MC9 Prime

Based on Canik's popular Mete MC9 concealed-carry pistol, the MC9 Prime is an entirely upgraded platform that incorporates modifications requested by U.S. consumers.

Rifleman Q&A: Argentinian Auction Piece

"I purchased this .22-cal., six-shot, double-action revolver with a very good bore at auction. The barrel is 1.5" long, octagonal and engraved. Can you tell me more about it?"

The Rifleman Report: Magnificent Milestones

The last major milestone that I remember marking our nation’s founding, the 1976 bicentennial, occurred when I was a high schooler, a year before I enlisted in a nearby military academy’s Junior ROTC program.

 

NRA Partners With Specialists To Enhance Hearing Health

Start Hearing and SoundGear have partnered with the NRA to promote hearing health, safety and protection among members.

Bill Bachenberg Elected NRA President, Doug Hamlin Unanimously Reelected as NRA Executive Vice President & CEO

Today, the Board of Directors of the National Rifle Association of America (NRA), elected Bill Bachenberg of Pennsylvania as President of the NRA and Doug Hamlin as NRA Executive Vice President & CEO.

Interests



Get the best of American Rifleman delivered to your inbox.