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Celebrating Success at PenFed Credit Union's Annual Meeting

On May 22, 2025, PenFed Credit Union, one of America's largest federal credit unions, hosted its annual meeting, illustrating a year of remarkable achievements and dedication to its members. The event, held at PenFed's headquarters in Tysons, Virginia, was also accessible through an audio conference, allowing a vast audience of employees, board members, and members to partake in the proceedings.

PenFed President and CEO, James Schenck, opened the meeting highlighting impressive numbers reflecting the credit union’s growth. With a member base that has surpassed 2.9 million, the credit union welcomed over 117,000 new members in 2024, making a substantial impact on its community. Notably, PenFed members benefited from $811 million in dividends over the past year, marking a significant increase of 17% from 2023's payouts of $696 million. This commitment to returning value to members stands as a testament to PenFed's core mission.

"At PenFed, we gauge our success not just in financial metrics but in the help we extend to our members," Schenck emphasized during his address. Demonstrating this ethos, PenFed contributed over $1.8 million to more than 60 charitable organizations across the regions it serves. In doing so, PenFed not only supports its members but also enriches the broader community through meaningful contributions.

The meeting also spotlighted PenFed's commitment to innovation in the digital banking sphere, showcasing over 600 enhancements made to their digital banking platforms, including a revamped mobile app. These changes are aimed at providing seamless, secure, and efficient experiences for members utilizing online services. With the significant volume of transactions — over 36 million core banking actions each month — it's crucial that PenFed continue to elevate its technological offerings.

In alignment with the credit union's member-focused philosophy, Schenck clarified the defining traits of credit unions. Unlike traditional banks that prioritize shareholder profits, credit unions, particularly PenFed, aim solely to serve their members. This devotion translates into lower loan rates, higher dividend yields, and minimal or non-existent fees, which altogether work to foster financial ease for members.

PenFed Chairman, Ed Cody, took a moment during the meeting to recognize five exemplary employees for their outstanding contributions to the credit union. Each honoree was celebrated for their unique impact on PenFed:

• - Bruno Buccolo, Director of Collateral Support and Servicing, for streamlining consumer loan servicing and generating $500,000 in savings.
• - Matt West, VP of Home Loans Default Consumer Mortgage, honored for his contributions to the growth of the mortgage servicing division.
• - Carmen Rosas, Senior Manager of Model Risk Management, acknowledged for improving model risk governance and developing essential reporting systems.
• - Monica Brooks, AVP of Branch Operations, validated for her leadership and fostering community involvement.
• - Brian Keeler, Senior Team Lead for Learning and Development, recognized for implementing cost-saving training measures in collections.

Chairman Cody shared, "Recognizing these individuals is an enjoyable privilege for me. The successes of PenFed wouldn't be possible without our exceptional teams and partners in the financial sector."

Established in 1935, PenFed Credit Union is committed to serving nearly 3 million members with assets over $31 billion. Offering a variety of financial products, including competitive certificates, checking accounts, credit cards, and loans, PenFed ensures its members are always prioritized in its operations. For members and potential new employees interested in contributing to this impactful mission, PenFed holds a reputation not just for financial services but also as a supporter of community and personal advancement.

To stay updated on upcoming initiatives and community engagements, visit PenFed.org and follow PenFed on Facebook and X.