TYSONS CORNER, Va.—PenFed Credit Union said it worked over the New Year’s weekend to complete its merger with the $102-million Energy FCU in Rockville, Md.
The merger brings with it 11,000 new members and 36 new employees.
“This is the beginning of a relationship that will help the members and employees do better financially,” said PenFed President and CEO James Schenck. “PenFed’s low rates, world-class member experience and mobile technology will provide added value for the members and greater opportunities for the employees.”
PenFed Executive Vice President and Affiliated Businesses President Shashi Vohra, who facilitated partnerships with eight credit unions in the past 14 months, said, “Energy Federal Credit Union members and employees will find a natural home with PenFed. We were already serving U.S. Department of Energy employees at two locations in Washington, D.C., and Germantown, Maryland. Now we will open PenFed’s full services to all of Energy Federal Credit Union’s select employee groups.”
The $21-billion PenFed has 1.5 million members.