ALEXANDRIA, Va.—PenFed Credit Union donated $25,000 toward the construction of the Americans in Wartime Museum. The site of the museum is located on a 70-acre parcel of land in Prince William County, Virginia, 22 miles south of Washington, D.C.
The Americans in Wartime Museum is a not-for-profit cultural and educational institution dedicated to honoring those who have served in all branches of the United States military and on the home front, from World War I to the present. The Museum will serve to educate the public—especially younger generations— through individual stories that bring to life the personal experiences of those touched by war.
“It is important to honor and remember the sacrifices made by both those who have worn the uniform and their families,” said PenFed President/CEO James Schenck. “It is because of those sacrifices that our nation enjoys freedom and prosperity today.”
Above right, PenFed President and CEO James Schenck and Americans in Wartime Chairman of the Board of Trustees Allan Cors.
Separately, PenFed’s Chairman of the Board Ed Cody decisively went off script and made an impromptu yet heartfelt tribute to members of America’s Greatest Generation during the credit union’s 81st annual meeting at the Springfield, Virginia Waterford Conference Center.
“Before I called the meeting to order, I was alerted to the fact that there was at least one World War II veteran in attendanc,” said Cody. “I figured there had to be more, as we knew that there were 50-year members and even one 68-year member present. When the lady and the four gentlemen who served in World War II stood to be recognized, I could feel the emotion wash over the audience. Standing right before us was an amazing group of people who, in their youth, stared evil in the face, refused to blink and did their part to save the world.”
Cody honored the World War II veterans with an excerpt from an address that President Ronald Reagan delivered during the 40th anniversary of the Allied invasion of Normandy. The chairman also recognized veterans of every American conflict since World War II, as well as those who were currently serving on active duty.
Throughout the evening, PenFed showcased the work of its charitable arm, the PenFed Foundation. A moving video presentation provided a dramatic, personal glimpse into the life of Julie Keys, whose son Adam suffered wounds from an improvised explosive device in Afghanistan. Adam became a triple amputee as a result of those wounds. Julie left her job and spent five years living in a hotel in order to be close to the medical facility where Adam recovered.
For her commitment and care during the recovery of her son, Keys was presented with the PenFed Foundation’s Hero at Home Award during the 2016 Night of Heroes Gala earlier this month.
“We want our members to know they are connected to something greater than a financial institution. PenFed is a community leader that genuinely cares about helping people do better,” said President and CEO James Schenck, shown speaking an annual meeting at right.
Schenck played down the importance of the sustained growth PenFed has experienced during his time at its helm and the nearly $2 billion in growth the credit union saw in just the last year. He said, “If I look back in ten years and we’ve grown PenFed from $16 billion to $75 billion, what will matter and what I will remember, will be the men and women I had the opportunity to visit with in this room tonight.”
“I’ll remember the emotion on their faces when those World War II veterans stood up so proudly and I’ll never forget the tears in their eyes when the video of the Keys family played.”
“I will be most proud of all the things PenFed did to take the initiative to be a community leader. Last year alone, we gave back $4 million. I truly have one of the most outstanding jobs in America,” said Schenck.
Representatives from NCUA, CUNA, the National Credit Union Foundation and NAFCU
During the meeting, PenFed announced the recent re-election of three of its incumbent directors. Ed Cody, Army Reserve Lt. Col. Philip Romanelli and retired Army Col. James Quinn were elected to new three-year terms. The board welcomed newly-elected director, retired Army Lt. Col. Ronald Spear.
Schenck’s financial report highlighted the fact that there are fundamental differences between banks and credit unions. “If I were a bank CEO, my primary role would be to get the most out of my customers in order to provide the highest rate of return to my shareholders.” I have a much better job as a credit union CEO. My whole job centers around helping you, our members, do better financially,” he said.