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PenFed, AAFES Credit Union merge.

BANKING AND CREDIT NEWS-December 8, 2015-PenFed, AAFES Credit Union merge


PenFed Credit Union said it has expanded its pricing power and leading edge technology through a partnership with AAFES Federal Credit Union of Dallas, Texas.

PenFed said it gains access to a new field of membership that includes 35,000 employees of the Army and Air Force Exchange Service, and a great branch network with outstanding service; whereas AAFES FCU gains access to PenFed's products, low loan rates and high dividend yields for its members. Additionally, AAFES FCU gains increased community investment, marketing dollars and technology for its members, as well as expanded job opportunities and responsibilities for its employees. AAFES employees operate more than 2,440 facilities in more than 33 countries, 50 states and five US territories.

The PenFed-AAFES Federal Credit Union partnership will result in PenFed Credit Union's care of nearly 6,500 new members, the entire AAFES Federal Credit Union staff and almost USD92 million in assets.

PenFed Credit Union is one of the largest credit unions in the country, serving 1.4 million members worldwide; with USD19 billion PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members' interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join.

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 8, 2015
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