TYSONS, Va., — PenFed Credit Union liked the work done for it by its marketing and advertising agency enough to purchase the company.
PenFed announced it has acquired WHITE64, which has served as the CU’s marketing and advertising agency since 2014. Under the terms of the agreement, WHITE64 will retain its name and operate as a virtually autonomous unit rather than an in-house agency, PenFed said. Matt White will continue serving as president of the agency, which will continue serving existing clients while also seeking new business in all sectors.
“Matt White and his team at WHITE64 have fueled PenFed’s growth since our rebranding in 2014,” said PenFed President and CEO James Schenck in a statement. “I see that value is not only for us, but for WHITE64’s entire roster of clients. This acquisition is designed to empower the agency to offer its best-in-class marketing services to national, state and local clients, including other credit unions. We’re thrilled to have WHITE64 officially become part of the PenFed family.”
Winning Value Proposition
Added White, “This partnership is all about continuing to build upon the winning value proposition to our existing and new clients by being able to deliver full-service offerings and results across all media platforms in the days and years ahead. It’s going to help us provide our current clients with a greater array of services while also helping us attain the scale we need to attract new clients who are seeking a full-service agency with a wide range of integrated capabilities.”
Under terms of the agreement, WHITE64’s entire 50-plus-member staff and C-level executive suite will remain intact, and the agency will continue to conduct business as usual as a separate limited liability company. The company’s headquarters’ offices will remain in their current location in Tysons, Va.