PenFed Credit Union Announces Record Volume of Mortgage and Consumer Lending in Q2

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TYSONS, Virginia, Jul 19, 2021 / PRNewswire / – PenFed Credit Union, the country’s second-largest federal credit union, today released financial results showing the most successful quarter in the organization’s 86-year history. PenFed sets a record in the second quarter of 2021 $ 4.3 billion in mortgages and record $ 3.8 billion consumer loans, bringing the results from the beginning of the year to $ 7.3 billion as well as $ 6.1 billion, respectively. Personal loans include auto loans, credit cards, personal loans and refinanced student loans.

“We measure success by helping our 2.3 million members improve their finances,” said PenFed President and CEO. James Schenck… “Manufacturing $ 8.1 billion The loan disbursements in the second quarter are the result of PenFed’s value proposition of great rates for everyone, the inspired leadership in our mortgage and consumer lending teams, and the dedication to membership of the 3,200 finance professionals who are propelling PenFed forward. ”

Among the main results of PenFed in the second quarter of 2021:

  • PenFed has surpassed $ 27.6 billion in assets.
  • Membership grew to over 2.3 million, adding 108,608 new members.
  • The mortgage division emerged $ 4.3 billion, Quarterly PenFed Record. This represents an increase of 110% compared to the second quarter of 2020 and includes the volume of equity capital raised in the amount of $ 301 million
  • Consumer lending division was established $ 3.8 billion, Quarterly PenFed Record. This represents an increase of 118% over the second quarter of 2020.
  • PenFed credit cards had the strongest quarter ever – nearly $ 1.2 billion new money.
  • PenFed’s net worth to assets ratio rose to 10.77%, well above the 7.00% required by the National Credit Union to maintain a good capitalization. PenFed’s capital cushion is now at an all-time high: $ 1.0 billion

“PenFed is proud to have donated almost $ 1.2 million charities in the first half of 2021, concluded Schenck. “As we continue to grow, we will continue to help the communities in which our members and employees live and serve.”

About PenFed Credit Union
Founded in 1935, the Pentagon Federal Credit Union (PenFed) is America’s second largest federal credit union, serving 2.3 million members worldwide. $ 27.6 billion in assets. PenFed Credit Union offers market leading certificates, checks, credit cards, personal loans, mortgages, car loans, student loans and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook, and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We pride ourselves on being an Equal Employment Opportunity Employer.

SOURCE PenFed Credit Union

Related links

http://www.PenFed.org



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