PenFed Credit Union finishes first quarter with increased liquidity and capital

America’s second largest federal credit union welcomes 33,000 new members and maintains over $3 billion in regulatory net worth.

TYSONS, VA (April 16, 2024)PenFed Credit Union, the nation’s second-largest federal credit union, finished the first quarter of 2024 with increased liquidity and capital. PenFed also finished the quarter with nearly 3 million members, $34.6 billion in assets and over $3 billion in regulatory net worth.

“We are ahead of our 2024 business plan and continue to execute on our key priorities of building liquidity and capital,” said PenFed President and CEO James Schenck. “PenFed is proud to deliver on our promise to members by paying top dollar on certificates. During the first quarter of 2024, PenFed paid out $209 million in member dividends, up from $140 million in the first quarter of 2023, a 50% increase. Being a credit union with the mission of people helping people, we continue to take perfect care of our membership by providing market leading rates to our savers and our borrowers.”

PenFed first quarter 2024 financial highlights include:

  • PenFed’s total cash and investments increased to 12.6% of total assets, an improvement of 240bps year-over-year.
  • PenFed’s regulatory net worth capital ratio increased from 9.10% at year-end to 9.26% end of March, an increase of 16 basis points.
  • PenFed’s year-to-date net income was $23 million. Over the past 5 years, PenFed has increased its regulatory net worth by $645 million with over $811 million in net income.
  • PenFed reduced total operating expense by $29 million year-over-year, which represents a 14% reduction.
  • PenFed’s external borrowings declined $1.6 billion year-over-year, as external borrowings were replaced with member share deposits, driven by offering great rates to our members. Member share deposits were up $750 million or 3% year over year.
  • PenFed closed the quarter with over $786 million of capital in excess of required regulatory net worth.

In addition to accomplishing key business milestones, PenFed donated over $423,000 to 10 charitable organizations during the first quarter and will continue to support the communities where its employees live and work throughout the year.

PenFed is proud to give back to the communities we serve. April is Financial Literacy Month and PenFed recently celebrated our commitment to invest in the future of Puerto Rico by hosting a financial literacy event at a local school as part of our strategic partnership with EVERFI. The partnership provides over 4,000 public and private K-12 school students in 39 schools across Puerto Rico access to its proven curriculum at no cost to the schools. The program teaches students how to make smart financial decisions and achieve success in life. PenFed has provided this education to students on the island over the past five years and this was the fourth financial literacy event which PenFed has held in high schools in Puerto Rico.

Looking forward, Schenck said, “PenFed will continue to take care of its members with outstanding rates and service; hiring, inspiring and retaining world-class financial professionals; keeping the institution safe and sound with strong capital and liquidity; and having a positive impact on society through its philanthropic giving. Being a federal credit union and governed by dedicated volunteer board members, PenFed can always play the long-game and take care of its constituents throughout all rate environments.”

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $34.6 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.


Abagail Chambers
Account Coordinator
+1 724 366 0397

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