In a message to its millions of members, PenFed Credit Union CEO James Schenck highlighted the company's successful 2024, even amid what he noted as "mixed economic data." Despite that, PenFed paid out $811 million in member dividends in 2024, a 17 percent increase over 2023, and the company noted its community involvement, charitable donations and veteran support initiatives, all of which remained priorities for the PenFed Foundation throughout 2024.
PenFed prioritizes its support of communities where its employees live and work, and in 2024, the company donated $1.8 million to 69 charitable organizations. Its veteran and community support initiatives even combined in one special project in Jacksonville, Fla., where dozens of PenFed employees came together to build a home for a Navy veteran as part of a Beaches Habitat for Humanity project.
More than 7,000 veterans and their families benefited from PenFed's veteran-support initiatives in 2024. Through its Military Heroes Program, which provides grants that support the transition from service to civilian life, the company gave more than $1 million last year. Additionally, more than 90 grants were given to veterans and veteran service organizations. PenFed also provided support to 15 veteran business owners through its Veteran Entrepreneur Program, helping them to grow their start-up companies.
Through its PenFed Foundation, the company also supported American Corporate Partners' veteran mentorship program, which connects post-9/11 veterans and eligible military spouses with professionals, enabling them to build their business skills and putting them on the path towards a long-term career.
To learn more about the benefits of PenFed, visit the credit union's site here. To learn more about the PenFed Foundation's mission to support service members as they transition to civilian life, visit the foundation's site here.
