PenFed Credit Union

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Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

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3.5

Overall Excellence Rating

Industry

Financial Services

Category

Banking & Lending

ESG/Ethical Impact

As we reflect on the past year, it has clearly been a challenging time for financial institutions around the globe. In the current market environment, it is important to adopt strategic goals and actions that drive responsible growth. I am pleased to report to you that throughout these challenging economic times, PenFed continues to operate safely and soundly. The following pages of this report provide the details of how we delivered on our mission to help you achieve your financial well- being. In 2022, our focus on operating efficiency, building capital, maintaining sufficient liquidity, and minimizing risk has resulted in the sustained growth of our membership and shares. Clearly, it was a successful year for the institution and you, our members. We have a strong balance sheet and a solid risk management regime that drives our financial performance. As noted in our President’s report, we achieved growth of over $4.6 billion in shares while maintaining asset quality and growing our capital to a solid net worth position. PenFed is laser focused on providing great rates and assisting you, our membership in achieving your financial goals. As technology in the financial industry continues to evolve, we know that we must continue to enhance our delivery systems to you. To operate in this competitive environment, continuous improvement is mandatory. Although our mobile and online access systems are robust, we seek to innovate and build-upon the member experience. When members contact our service centers, the response times have been greatly improved to best serve you! Also, we continue to be active in the communities that we serve. In 2022, PenFed donated more than $2.2 million to charities. We have addressed issues such as food insecurity, behavioral health, and housing. The PenFed Foundation has raised funds to assist military families through grants and programs to improve their lives. The PenFed Foundation operates a Veteran Entrepreneur Investment Program to assist veteran-owned businesses to obtain the training and funding necessary to succeed. I am very proud of the efforts of our credit union and the PenFed Foundation teams in furthering our mission of people helping people.

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Awards Received

2023

Revenues

$18,200,000.00

Website Traffic

Employee Rating

3.6

Customer Rating

3.1

Company Size

1000-5000

ESG Risk Rating

3

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