PenFed Credit Union Reports Record Second Quarter Mortgage and Consumer Lending Volume | state

TYSONS, Virginia, July 19, 2021 / PRNewswire / – PenFed Credit Union, the nation’s second-largest federal credit union, today released financial data highlighting the strongest quarter in the institution’s 86-year history. In the second quarter of 2021, PenFed set a record $ 4.3 billion in mortgages and a record $ 3.8 billion in consumer loans, bringing the annual total to $ 7.3 billion and $ 6.1 billion, respectively. Consumer loans include auto loans, credit cards, personal loans, and refinanced student loans.

“Helping our 2.3 million members become more successful financially is how we measure success,” said PenFed President and CEO Jacques Schenck. “Manufacturing $ 8.1 billion The value of second quarter loan origination is the result of PenFed’s value proposition for everyone, inspired leadership within our mortgage and consumer lending teams, and dedication to service. members of the 3,200 financial professionals who drive PenFed forward.

Among the highlights of PenFed in the second quarter of 2021:

  • PenFed exceeded $ 27.6 billion in assets.

  • Membership grew to over 2.3 million, adding 108,608 net new members.

  • The mortgage division is born $ 4.3 billion, a quarterly record from PenFed. This represents a growth of 110% from the second quarter of 2020 and includes the home equity origination volume of $ 301 million.

  • The consumer loans division is born $ 3.8 billion, a quarterly record from PenFed. This represents a growth of 118% compared to the second quarter of 2020.

  • PenFed credit cards had their strongest quarter with 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 Administration to stay well capitalized. PenFed’s capital cushion is now at an all time high: $ 1.0 billion.

“In addition to having accomplished these key business milestones, PenFed is proud to have donated nearly $ 1.2 million to charities in the first half of 2021, ”concluded Schenck. “As we continue to grow, we will continue to give back to the communities where our members and employees live and serve. “

About PenFed Credit Union

Founded in 1935, the Pentagon Federal Credit Union (PenFed) is the second largest federal credit union in the United States, serving 2.3 million members worldwide with $ 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 are proud to be an equal employment opportunity employer.

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SOURCE PenFed Credit Union

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