ALEXANDRIA, Va.—PenFed Credit Union has absorbed two credit unions via mergers.
PenFed is merging in the $91-million AAFES FCU in Dallas, which has a field of membership that includes 35,000 employees of the Army and Air Force Exchange Service. AAFES employees operate more than 2,440 facilities in more than 33 countries, 50 states and five U.S. territories. The credit union has 6,500 members.
“Becoming part of the PenFed family will have an overwhelmingly positive impact that our members will notice right away,” said AAFES FCU CEO Cheryl Gibson. “As a part of the PenFed team, we’re able to offer members the value of low-cost auto loans and mortgages, great credit products and the convenience of mobile transactions. Our members are going to experience a new level of credit union service and value through this partnership.”
Separately, PenFed is also merging in the $28-million NAVFAC Federal Credit Union of Honolulu, Hawaii, where PenFed already has a number of operations. NAVFAC’s potential membership includes approximately 19,000 Naval Facilities Engineering Command employees and 14,000 Navy Exchange (NEX) Retail Stores and Services employees, worldwide. The credit union has 2,000 members.
“We are looking forward to joining the PenFed family and are confident our members will be pleased by the first-class level of commitment, service and value they will receive from PenFed,” said NAVFAC Federal Credit Union CEO Christopher Renteria.