PenFed touts substantial membership, loan growth for 2020 | Credit Union Journal – About Your Online Magazine

The Pentagon Federal Credit Union saw a large lending spike in 2020, especially in its mortgage division.

McLean-based Va, a credit union, originated more than $ 8.2 billion in mortgages last year, up 202% from 2019, the $ 26.3 billion asset company said in a statement. to the press on Wednesday.

Also among the highlights of the results of the credit union in 2020 is the addition of 389 thousand new members, an increase of 159% compared to 2019. Sperry Associates FCU on Long Island and Post Office Credit Union in Madison, Wisconsin, they both merged into PenFed in 2020. A PenFed representative did not immediately answer questions about how much member growth was attributable to mergers.

“Partnering with other credit unions over the past five years has allowed us to rebuild infrastructure, update technology systems and hire some of the best leaders in the industry, while building a strong capital position,” said the President and CEO James Schenck. “In combination with our merger partners, we have built an engine that will provide PenFed with a long-term strategic competitive advantage. “

James Schenck, President and CEO of PenFed Credit Union

James Schenck, President and CEO of PenFed Credit Union

Photo courtesy of PenFed

The company also reported a 16% year-over-year increase in its consumer loan division, which originated more than $ 8.4 billion in loans.

Total loan origination exceeded $ 16.6 billion, an increase of 67% compared to 2019.

PenFed was the third largest credit union insured by the federal government at the close of the third quarter, the most recent information available, according to data from the National Credit Union Administration. Earned about $ 106.3 million in the first three quarters of 2020, down 24% from $ 139.5 million in the same period last year, according to data from the National Credit Administration’s call report .

Paula Fonseca