ALEXANDRIA, Va.—After growing assets by nearly $1 billion in 2014, Pentagon FCU has announced plans to expand into Northwestern Florida.
Last year PenFed grew by $963 million to close the year at $17.8 billion in assets. Growth this year will be focused near Eglin Air Force Base. The CU explained it will expand in the area via acquisitions and business partnerships with other credit unions.
PenFed plans to add positions to its Niceville, Fla., branch, hiring employees in the areas of IT, finance, mortgage processing, member services, real estate agents and administrative support. It will also open a new branch in the area. The CU said expansion will focus on its core mission, serving those in the national defense community and all who support them.
“This period of growth is generating excitement among our employees. They’re really getting the opportunity to be a part of building the future of the organization,” said PenFed President and CEO James Schenck in a release. "With regard to our growth near Eglin, we are very keen on bringing our value proposition of nationally leading certificate rates and extremely low loan rates to better serve the entire Eglin community.”
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