PenFed Credit Union, the nation’s second largest federal credit union, today released financials highlighting the strongest quarter in the institution's 86-year history. In first-quarter 2021, PenFed originated a record $3.00 billion in mortgage loans and a record $2.29 billion in consumer loans. Consumer loans include auto loans, credit cards, personal loans and refinanced student loans.
“Helping our 2.2 million members do better financially is how we measure success,” said PenFed President and CEO James Schenck. “Making $5.3 billion worth of loan originations in the first quarter is the result of PenFed’s value proposition of great rates for everyone, inspired leadership within our mortgage and consumer lending teams, and the dedication to member service of the 3,000 financial professionals who power PenFed forward.”
Among PenFed’s highlights in first-quarter 2021:
- PenFed surpassed $27 billion in assets.
- Membership grew to over 2.2 million.
- The mortgage division originated $3.00 billion, a PenFed quarterly record. This represents 127% growth over 2020.
- The consumer lending division originated $2.29 billion, a PenFed quarterly record. This represents 40% growth over 2020.
- PenFed credit cards had their strongest quarter ever with over $1 billion of new money.
- Home equity origination volume was $251 million.
“In addition to accomplishing these key business milestones, PenFed is proud to have donated nearly $1 million to charitable organizations during our first quarter of 2021,” Schenck concluded. “As we continue to grow, we will continue to give back to the communities where our members and employees live and serve.”