PenFed Credit Union, the nation’s second-largest federal credit union, hosted a ribbon-cutting ceremony for its new financial center opening soon in Hatillo, and announced the launch of a financial education partnership for high school students in Puerto Rico today.
“The best way to help Puerto Rico is by investing and creating jobs,” said James Schenck, President/CEO of PenFed Credit Union and CEO of PenFed Foundation. “After Hurricane Maria hit in September of 2017, we knew we had to do something not only to help those in need of immediate short-term assistance – but also to help contribute to a long-term brighter future for Puerto Rico. As Americans, we must stand together – and PenFed continues to stand with the resilient people of Puerto Rico.”
PenFed remains committed to supporting the restoration of Puerto Rico following the hurricane that took the lives of thousands of people, injured many more and caused nearly $95 billion in damages. The new financial center will create dozens of jobs in the Hatillo community and provide tens of thousands of residents in north-central Puerto Rico access to some of the best deposit and loan rates in all of the United States.
PenFed currently serves nearly 200,000 members in Puerto Rico through two branches in San Juan and one in Fort Buchanan. The new financial center at 801-825 Calle Jardin in Hatillo has the potential to be the largest of all. PenFed has had a presence on the island for 13 years. Puerto Ricans currently have over $400 million in deposits and nearly $200 million in loans with PenFed.
PenFed also launched a partnership with EVERFI, a leading education company, as part of the ribbon-cutting event in Hatillo. This partnership will allow PenFed to bring an innovative and scalable financial education technology platform at no cost to public and private K-12 schools across Puerto Rico. Students will gain access to a proven curriculum teaching them how to make smart financial decisions and achieve success in life. This innovative program is called “Tu Dinero, Tu Sueño” (“Your Money, Your Dreams”).
“Following Hurricane Maria, PenFed was the first credit union to step forward and make a commitment to revitalizing the island of Puerto Rico,” said Ray Martinez, President, Financial Education, EVERFI. “I am proud to now call PenFed a partner in our endeavor to bring financial education to students in communities across the island. By providing students with the critical skills and knowledge they need to achieve their most ambitious dreams for their future, PenFed Credit Union’s Tu Dinero, Tu Sueño program is poised to make a significant impact in the lives of students in disaster-stricken communities and help empower communities across the island.”
PenFed is working with 10 public and private schools in San Juan, Hatillo, Bayamón, and Guaynabo committed to implementing the “Tu Dinero, Tu Sueño” program with over 500 students.
The ribbon-cutting event was attended by community leaders including:
- Carlos Johnny Mendez, President and Speaker of the Puerto Rico House of Representatives;
- Jose Rodriguez Cruz, Mayor of Hatillo;
- Joel Franqui Atiles, Representative, Puerto Rico House of Representatives District 15;
- Jose Gonzalez Mercado, Representative, Puerto Rico House of Representatives District 14;
- and Major General (Retired) Felix Santoni, Civilian Aide to the Secretary of the Army Emeritus.
Video from the event can be found here.
Following Hurricane Maria, PenFed supported its members in Puerto Rico by providing loan payment relief for borrowers facing hardships caused by the natural disaster. PenFed employees received $150,000 in aid packages that included a disaster relief stipend, two weeks’ worth of meals and portable power generators.
PenFed also teamed up with Gary Sinise Foundation to host a benefit concert that raised national awareness of Puerto Rico’s ongoing hurricane recovery needs and delivered a night of relief and entertainment for survivors on the island.
PenFed Credit Union leadership and local officials cut the ribbon for the new PenFed Hatillo Financial Center during a ceremony on Saturday, January 12.
The PenFed Credit Union Hatillo Financial Center located at 801-825 Calle Jardin