TYSONS, Va.–PenFed Credit Union is reporting the first quarter of 2021 was the strongest in its 86-year history, including the origination of a record $3-billion in mortgage loans and a record $2.29 billion in consumer loans.
During Q1, PenFed reported:
* It surpassed $27 billion in assets
* Membership grew to over 2.2 million
* The $3-billion in mortgage loans represents 127% growth over 2020.
* The $2.29 billion in consumer loans 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.
‘Value Proposition’
“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.
“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 continued. “As we continue to grow, we will continue to give back to the communities where our members and employees live and serve.”