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US Credit Unions PenFed, AAFES FCU Close Merger.

MANews-(C)2009-2015

4 December 2015 - US-based credit unions PenFed Credit Union and AAFES Federal Credit Union have merged, the companies said.

With the deal, Virginia-based PenFed gains access to a new field of membership that includes 35,000 employees of the Army and Air Force Exchange Service, and a branch network with outstanding service;.

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 was formed after months of discussions and planning, and will result in PenFed Credit Union's care of nearly 6,500 new members, the entire AAFES Federal Credit Union staff and almost USD 92m in assets.

Established in 1935 as the War Department Credit Union, PenFed Credit Union is one of the largest credit unions in the country, serving 1.4m members worldwide; with USD 19bn in assets.

Its mission has been to provide superior financial services in a cost effective manner, while being responsive to members' needs. 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.

Country: USA

Sector: Banking/Financial Services

Target: AAFES Federal Credit Union

Buyer: PenFed Credit Union

Vendor:

Deal size in USD:

Type: Merger

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Date:Dec 4, 2015
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