PenFed Credit Union Highlights Continued Success and Incredible Value Provided to Members During 2024 Annual Meeting

 PenFed Credit Union, the nation’s second-largest federal credit union, highlighted its continued success in further increasing deposits, liquidity and capital in 2023 and the incredible value PenFed provides to the community at its 2024 annual meeting.

The meeting was held at PenFed headquarters and via audio conference on the evening of May 15 with members, employees, and the board of directors in attendance.

PenFed President/CEO James Schenck highlighted that PenFed is more than 2.9 million members strong. In 2023, the credit union welcomed over 230,000 new members and paid out over $695 million in dividends to members. PenFed also loaned over $13 billion to members as they realized their dreams of home ownership, the purchasing of a vehicle and other significant milestones in life.

“Most importantly, at PenFed we measure success not just by financial results, but by how many people we’ve helped,” said Schenck. “We are people helping people. PenFed is especially proud to have donated over $2.4 million in 2023 to support over 100 charitable organizations in the communities where we live and serve.”

Schenck’s remarks also emphasized PenFed’s launch of its state-of-the-art digital banking platform to deliver an enhanced member experience. The platform boasts a modern and intuitive design that is web-friendly and seamlessly adapts to desktop, mobile and tablet devices. The new platform received over 100 million logins in 2023.

PenFed Chairman Ed Cody recognized employees and a business partner of the year for their outstanding service and contributions to the credit union. This year’s award recipients are:

  • Employee of the Year: Michele M. Hart, VP property management global fixed assets, recognized for executing innovative initiatives across PenFed properties that save hundreds of thousands of dollars annually.
  • Employee of the Year: Alicia Nealon, SVP chief compliance officer, recognized for demonstrating outstanding compliance expertise while managing many external regulatory matters and regularly presenting on compliance and BSA/AML topics to PenFed’s board, executive team and at industry events.
  • Employee of the Year: Rob Cochran, VP enterprise fraud operations, recognized for detecting and preventing $160 million in fraud loss while enhancing risk review and reporting.
  • Employee of the Year: Dawn Gill, VP mortgage servicing business controls, recognized for establishing the risk and control framework that is used by several business lines across the enterprise.
  • Employee of the Year: Sara Hyde, VP financial transformation, recognized for leading and coordinating the remediation efforts that addressed regulatory risk.
  • External Business Partner of the Year: Jerry Clark, Clark & Associates, recognized for creating PenFed’s signature branch design and for providing cost savings and innovative solutions.

“As Chairman, every year on behalf of our board, I have the privilege and fun of recognizing individuals who have made extraordinary contributions to the success of PenFed,” said Cody. “We could not succeed without great teams – and PenFed is blessed with some of the best employees and business partners in the financial industry.”

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 over $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.

SOURCE PenFed Credit Union

Leave a Reply

Your email address will not be published.