SAN ANTONIO–Pentagon FCU has announced plans to open a new $48-million financial center here that will create approximately 570 jobs.
In an announcement by Texas Gov. Greg Abbot, the state of Texas will provide a $2.5 million grant to PenFed from its deal-closing Texas Enterprise Fund. The grant includes a bonus for hiring veterans.
"PenFed's decision to expand their reach in San Antonio serves as yet another testament to what makes Texas great — our talented workforce and robust economic climate," Abbott said in a statement.
PenFed CEO James Schenck added in a statement the credit union was seeking "a pro-business, military-friendly state" for the new center.
"We ultimately chose San Antonio because the city and the surrounding area provide a highly skilled diverse talent pool and world-class amenities to support PenFed's leading position as a destination employer," Schenck said in a statement.
The U.S. military has had a significant presence in San Antonio for decades, and includes Joint Base San Antonio, which is made up of two Air Force bases, in addition to an Army medical center and an Air Force intelligence headquarters.