ALEXANDRIA, Va.—In a night filled with gratitude for the credit union’s members and praise for its employees, wrapped in a patriotic theme, James Schenck, president and CEO of PenFed Credit Union reported steady growth for 2014 during PenFed’s 80th annual meeting of its membership Tuesday.
From the stage at the Springfield, Va., Waterford Conference Center, and with Bruce Springsteen’s legendary anthem “Born in the USA” playing over the speakers, Schenck reflected on his recent trip to Ireland for the Defense Credit Union Council’s Overseas Conference.
“Every time I travel abroad, I really enjoy and appreciate learning about foreign cultures and history. Yet—it always strikes me that no matter how modern, industrialized or civilized other nations may be, there is just no place like home—the United States of America.”
Before reporting on the financial health of the credit union, PenFed said Schenck made a point to reaffirm his commitment to PenFed’s 1.3-million members and its 1,500 employees. “I am passionately adamant that we take perfect care of our members, our institution, our employees; and that we give back to the communities that we serve,” he said.
Also at the meeting, PenFed announced the reelection of three of its directors: The Hon. Bruce Kasold, Colonel, USA (Ret.) Bill Siegert, and Lieutenant Colonel, USA (Ret.) Bill Vinson to new three year terms.
Schenck’ s financial report illustrated the role that steady growth plays in maintaining the safety and soundness of PenFed, while giving it the ability to offer market-leading products to its members and provide professional development for its employees.
“When I was appointed to serve as your president and CEO last year, PenFed was primed and prepared for sustainable growth. In 2014, we grew at a rate of nearly 10%, and saw earnings of nearly $138 million, up from $116 million the year before. Our capital position increased from 9.99% to 10.24%. I’m proud to report that your credit union is well capitalized, and has received the highest ratings for safety and soundness from our regulators,” said Schenck.