SOURCE: Pentagon Federal Credit Union

Pentagon Federal Credit Union

March 03, 2010 13:25 ET

PenFed Hits High Note With Strong 2009 Earnings

ALEXANDRIA, VA--(Marketwire - March 3, 2010) -  Pentagon Federal Credit Union (PenFed) today announced banner earnings for 2009. The announcement ends the year on a high note for the credit union in an otherwise challenging economic environment for many financial institutions worldwide. 

"For the past decade, our strategy has been to be the low-cost provider offering exceptional value at best market rates. By keeping our expenses and loan losses low, PenFed has delivered maximum return to our members," said Frank Pollack, President, PenFed.

For 2009, PenFed's dividend payout was the highest of any of the major defense credit unions in the United States. PenFed's operating expenses were the lowest among the major defense credit unions and were the second lowest among the ten largest credit unions in America. PenFed's operating expenses were one third that of the average credit union and half that of the average bank. "We are committed to strong, consistent growth, more importantly; we are committed to balanced growth and earnings to maintain a consistently strong capital position," Pollack said. 

Within its peer group of credit unions with assets of $1 billion or greater, Callahan & Associates, a consulting firm, ranked PenFed in the top three each of the past five years and twice awarded PenFed a number one ranking in the past five years.

Fast approaching a membership of 1 million strong, PenFed has consistently rated at the highest level of safety and soundness by their regulator, the National Credit Union Administration (NCUA). "It is our job as stewards of our members' money, to always be prepared, to have thought through the risks, the alternatives, and the best course of action before such action is ever necessary," Pollack said.

About Pentagon Federal Credit Union

Pentagon Federal Credit Union, established in 1935, has more than 950,000 members and assets in excess of $14.5 billion, and provides worldwide service to Army, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel; members of the VFW; employees or volunteers of the American Red Cross; and others in the defense community and their families. 

The December 31, 2009 financial statements audited by Grant Thornton LLP and other information about Pentagon Federal Credit Union can be found at www.penfed.org

Contact Information

  • Media Contact:

    PenFed
    Amy Doane
    Direct: (541) 225-6606
    E-mail:Email Contact