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

Model 1841 Mississippi rifle closeup right-side view sidelock hammer brass trigger guard wood stock AMERICAN RIFLEMAN text bottom right
Model 1841 Mississippi rifle closeup right-side view sidelock hammer brass trigger guard wood stock AMERICAN RIFLEMAN text bottom right

I Have This Old Gun: Model 1841 Mississippi Rifle

Of all the U.S. military arms of the mid-19th century, one of the most interesting, effective and well-built was the Model 1841 rifle, often called simply the "Mississippi rifle."

New For 2025: Springfield Armory 2020 Heatseeker

A new Model 2020 rifle from Springfield Armory, the Heatseeker, will come wrapped in an aluminum Coyote Brown-colored chassis from Sharps Brothers featuring M-Lok modularity and more.

I Have This Old Gun: Forehand & Wadsworth British Bull-Dog

Many eagle-eyed NRA members viewing the 1993 Western “Tombstone” no doubt recognized the Forehand & Wadsworth British Bull-Dog so deftly welded by actress Joanna Pacula, portraying Big Nose Kate, during a contemptuous card game between Doc Holliday and Ed Bailey.

Medal Of Honor Marine Receives Henry Repeating Arms Tribute

Henry Repeating Arms presented a Spirit of the Corps 250th Anniversary Tribute Edition rifle to Maj. Gen. Livingston for going above and beyond the call of duty on May 2, 1968, during the Battle of Dai Do in Vietnam.

Preview: Duramag 1911 DS Magazines

Duramag’s 1911 DS Magazines are compatible with numerous 9 mm Luger-chambered 2011-style handguns on the market.

Colt Monitor: The FBI’s “Fighting Rifle”

In the years between the World Wars, a rare variation of the Browning Automatic Rifle proved its reputation as an effective, devastating automatic rifle for combat between the country’s lawmen and its outlaws.

Interests



Get the best of American Rifleman delivered to your inbox.