TYSONS, Va.– PenFed Credit Union has been selected by the Northern Virginia Chamber of Commerce as the Greater Washington Good Business of the Year in the large business category. The annual award honors companies that serve as powerful champions for good in the Washington community.
The award, which also recognizes PenFed for empowering employees to participate in corporate social responsibility efforts, was presented at an event that brought together more than 600 business and community leaders from across the Greater Washington area.
“PenFed is deeply honored to be recognized by the Northern Virginia Chamber of Commerce for our efforts to make a positive impact in our communities,” said PenFed President and CEO James Schenck. “Our employees and volunteers give more of themselves each day than they ever ask in return. We live by the credit union philosophy of ‘People Helping People.’ We work to bring people together for the greater good of the community. When we take on a mission with passion, we believe that together as a team, we are unstoppable.”
As part of an ongoing commitment to social good, PenFed donates 2% of the credit union’s annual net income to dozens of charitable organizations, with the majority going to military charities. Since the PenFed Foundation was created in 2001 to raise additional financial support for veterans, active-duty service members, families and caregivers, the PenFed Foundation has delivered more than $30 million.
Among PenFed’s initiatives:
- The PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) was launched in 2018 with a Foundation contribution and matching funding of up to $1 million from PenFed Credit Union. The program provides veteran-owned start-ups with seed capital to build and grow their businesses, creates a robust network for veteran-owned businesses to succeed and enables the PenFed Foundation to perpetually reinvest returns in future veteran-owned businesses.
- In 2018, along with Serve Our Willing Warriors (SOWW), the PenFed Foundation opened the PenFed Foundation Home at Bull Run Warrior Retreat in Haymarket, Virginia. The home provides an expense-free respite for wounded warriors, their families and caregivers.
- PenFed Credit Union also sponsors a Military Appreciation Section at Nationals Park, donating more than 7,100 Major League Baseball tickets to the military community in 2018 and nearly 8,000 in 2019.
At right, Jamie Gayton, PenFed's Executive Vice President of Member Operations, accepts the Good Business award from Kenneth Lyles, Northern Virginia Regional Program Manager, along with Miranda Jones, PenFed's Military & College Recruit Lead, and Charlie Miles, PenFed's Director of Military Employment Programs.