TYSONS, Va.—PenFed Credit Union highlighted stronger capital, increased earnings and continued balance sheet growth during its 2026 annual meeting, where executives said the credit union remains ahead of plan this year while continuing to invest heavily in technology, member service and community support.
During the meeting, held May 13 at PenFed headquarters and via audio conference, President and CEO James Schenck thanked members, particularly service members, veterans and military families, emphasizing that serving the military community remains central to PenFed’s mission and identity.
Schenck reported PenFed has grown to nearly 2.8 million members and delivered what he described as strong financial performance in 2025 while maintaining a focus on safety, soundness and member value. He said the credit union strengthened capital levels, increased earnings and continued offering competitive rates and financial products aimed at helping members meet their financial goals.
“At PenFed, success is measured by more than financial results,” Schenck said. “We measure success by the lives we impact and the people we help.” He noted PenFed donated $1.3 million in 2025 to 65 charitable organizations supporting veterans, military families and children facing life-threatening illnesses.
According to Schenck, PenFed entered 2026 with continued momentum, reporting nearly $29 billion in assets, more than $3 billion in net worth and strong year-to-date earnings through the first quarter. He said the results reflect disciplined leadership, responsible growth and continued commitment to members.
PenFed also pointed to ongoing investments in digital banking, artificial intelligence-driven technology and strategic partnerships designed to improve the member experience and deliver faster, more personalized service. Schenck said those investments are helping the credit union better serve members while continuing to maintain operational efficiency and value.
Board Chairman Ed Cody also recognized six Employees of the Year during the annual meeting, honoring staff members for achievements ranging from IT leadership and procurement savings to commercial credit performance, collections improvements and member service operations. “We could not succeed without great teams — and PenFed is blessed with some of the best employees and business partners in the financial industry,” Cody said.